Guideline Value for Munvar Avenue 3rd Street

Munvar Avenue 3rd Street guideline value

The current guideline value of Munvar Avenue 3rd Street is Rs 4,950 per sq.ft. 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 3rd Street has changed

The guideline value for Munvar Avenue 3rd Street has seen several revisions over the years. In 2003, the value was Rs 245 per sq.ft, which increased significantly to Rs 600 per sq.ft in 2007. Following this, the value rose dramatically to Rs 4,500 per sq.ft in 2012. However, it then decreased to Rs 3,015 per sq.ft in 2017. In 2023, the value increased to Rs 4,500 per sq.ft, and the most recent revision in 2024 set the value at Rs 4,950 per sq.ft, marking a 10% increase from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by 1920%. The register does not have a figure for the year 2002 for this street.

Guideline values in Issa Pallavaram

In Issa Pallavaram village, there are 110 streets under the Pallavaram SRO that carry 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 3rd Street's 2024 guideline value is above this median.

• Munvar Avenue 2nd Street: Rs 4,950 per sq.ft (2024)
• Munvar Avenue 1st 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 3rd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,950 per sq.ft, the total guideline value would be Rs 49,50,000. The stamp duty at 7% would amount to Rs 3,46,500, and the registration fee at 2% would be Rs 99,000, bringing the total 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.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Munvar Avenue 3rd Street?

The Sub Registrar Office that covers Munvar Avenue 3rd Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, 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 in the registration process of 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, it is essential to be aware of the guideline value, as it can affect the overall transaction costs. Buyers should ensure that the sale price is in line with the guideline value to avoid complications during registration.

Frequently asked questions

What is the current guideline value of Munvar Avenue 3rd Street?

The current guideline value of Munvar Avenue 3rd 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, with several revisions in between, including a decrease in 2017.

What is the land classification of Munvar Avenue 3rd Street?

The land classification of Munvar Avenue 3rd Street is Mixed Type - I.

Where is the Pallavaram Sub Registrar Office located?

The Pallavaram Sub Registrar Office is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone.

How is stamp duty calculated for properties in Munvar Avenue 3rd Street?

Stamp duty is calculated at 7% of 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.