Guideline Value for Munvar Avenue

Munvar Avenue guideline value

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

How the guideline value of Munvar Avenue has changed

The guideline value of Munvar Avenue has seen significant changes over the years. In the 2003 revision, the value was Rs 245 per sq.ft, which increased to Rs 600 per sq.ft in 2007. This was followed by a substantial rise to Rs 4,500 per sq.ft in 2012, but it then dropped to Rs 3,015 per sq.ft in 2017. The 2023 revision set the value at Rs 4,500 per sq.ft, and the latest 2024 revision has increased it to Rs 4,950 per sq.ft.

From 2023 to 2024, there was a 10% increase in the guideline value. The jump from 2017 to 2023 was 49%, while the value decreased by 33% from 2012 to 2017. The increase from 2007 to 2012 was a remarkable 650%, and from 2003 to 2007, it rose by 145%. Overall, from 2003 to 2024, the guideline value has increased by 1920%. The register has no figure for the year 2002 for this street.

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's 2024 figure is above this median.

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

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, totaling Rs 4,45,500. Duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Munvar Avenue?

The Sub Registrar Office that covers Munvar Avenue 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 further assistance.

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 when buying or selling property in Issa Pallavaram. It determines the minimum value at which a property can be registered, ensuring that the transaction is recorded at a fair value.

When a property is sold, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the revenue collected by the government reflects the true value of the property being transferred.

Frequently asked questions

What is the current guideline value of Munvar Avenue?

The current guideline value of Munvar Avenue 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 increased from Rs 245 per sq.ft in 2003 to Rs 4,950 per sq.ft in 2024, with various fluctuations in between.

What is the land classification of Munvar Avenue?

Munvar Avenue is classified as Mixed Type - I land, which indicates its diverse usage potential.

What are the stamp duty rates for properties in Munvar Avenue?

The stamp duty for properties in Munvar Avenue is charged at 7% of the guideline value or sale price, whichever is higher.

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, in the Chengalpattu registration zone.