Guideline Value for Munvar Avenue 2nd Street

Munvar Avenue 2nd Street guideline value

The current guideline value of Munvar Avenue 2nd Street is Rs 4,950 per sq.ft, effective from 1 July 2024. This street is located in Issa Pallavaram village, under the Pallavaram SRO, and is classified as Mixed Type - I land.

How the guideline value of Munvar Avenue 2nd Street has changed

The guideline value for Munvar Avenue 2nd Street has seen several revisions over the years. In 2003, the guideline value was Rs 245 per sq.ft, which increased to Rs 600 per sq.ft in 2007. Following this, there was a significant jump to Rs 4,500 per sq.ft in 2012, but this was followed by a decrease to Rs 3,015 per sq.ft in 2017. The value then rose sharply to Rs 4,500 per sq.ft in 2023, and finally, the current value is Rs 4,950 per sq.ft as of the 2024 revision.

The changes between these revisions are notable. From 2003 to 2007, the guideline value increased by 145%. However, from 2012 to 2017, it decreased by 33%. The value then saw a significant increase of 49% from 2017 to 2023, and has increased by 10% from 2023 to 2024. Overall, from 2003 to 2024, the guideline value has increased by 1920%.

Guideline values in Issa Pallavaram

In Issa Pallavaram, there are 110 streets under the Pallavaram SRO that have a 2024 guideline value ranging from Rs 2,200 to Rs 11,000 per sq.ft, with a median value of Rs 3,300 per sq.ft. Munvar Avenue 2nd Street's 2024 guideline value is above this median.

• Munvar Avenue 1st Street: Rs 4,950 per sq.ft (2024)
• Munvar Avenue 3rd Street: Rs 4,950 per sq.ft (2024)
• Munvar Avenue: Rs 4,950 per sq.ft (2024)
• Munuswamy Mesthri Street: Rs 3,300 per sq.ft (2024)
• Munuswamy Mesthri Cross Street: Rs 3,300 per sq.ft (2024)
• Munusamy Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Munvar Avenue 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,950 per sq.ft, the total guideline value amounts to Rs 49,50,000. The stamp duty at 7% would be Rs 3,46,500, and the registration fee at 2% would be Rs 99,000, bringing the total cost for these fees to Rs 4,45,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Munvar Avenue 2nd Street?

The Sub Registrar Office covering Munvar Avenue 2nd Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the Chengalpattu registration zone. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Issa Pallavaram

The guideline value is a crucial factor when registering property transactions in Issa Pallavaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value helps in establishing a fair price for the transaction, as it reflects the official valuation set by the government. Buyers and sellers should be aware of these values to ensure compliance with local regulations during the registration process.

Frequently asked questions

What is the current guideline value of Munvar Avenue 2nd Street?

The current guideline value of Munvar Avenue 2nd Street is Rs 4,950 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 245 per sq.ft in 2003 to Rs 4,950 per sq.ft in 2024, reflecting a significant increase over the years.

What is the land classification of Munvar Avenue 2nd Street?

Munvar Avenue 2nd Street is classified as Mixed Type - I land, which indicates its suitability for various types of development.

Where can I find the Sub Registrar Office for Munvar Avenue 2nd Street?

The Sub Registrar Office for Munvar Avenue 2nd Street is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

How is the stamp duty calculated for property transactions?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 49,50,000 would incur a stamp duty of Rs 3,46,500 at the rate of 7%.