Guideline Value for Mutha Royal Nagar

Mutha Royal Nagar guideline value

The current guideline value of Mutha Royal Nagar is Rs 2,500 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village, under the Madhavaram SRO, and is classified as Commercial Class I Type - III.

How the guideline value of Mutha Royal Nagar has changed

The guideline value for Mutha Royal Nagar has seen several revisions over the years. In 2012, the value was set at Rs 2,300 per sq.ft, which then decreased to Rs 1,541 per sq.ft in 2017. Following this, the value increased significantly to Rs 2,300 per sq.ft in 2023, and further to Rs 2,500 per sq.ft in 2024. There are no figures available for the years 2002, 2003, and 2007 for this street.

From 2012 to 2017, the value decreased by 33%. However, from 2017 to 2023, there was a notable increase of 49%. The overall change from 2012 to 2024 reflects a modest increase of 9% in the guideline value.

Guideline values in Madhavaram

In Madhavaram village, there are 1,946 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft, with a median value of Rs 1,600 per sq.ft. Mutha Royal Nagar's 2024 guideline value is above this median.

• Muthumariamman Koil Lane (Ward-19): Rs 1,600 per sq.ft (2024)
• Muthumariamman Koil Street (Ward-23): Rs 1,600 per sq.ft (2024)
• Muthumariamman Koil st (Ward No.19): Rs 1,600 per sq.ft (2024)
• Naga Lakshmi Nagar: Rs 1,600 per sq.ft (2024)
• Nagambal Avenue (Ward No.24): Rs 1,300 per sq.ft (2024)
• Nagappa Estate (Ward-30): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Mutha Royal Nagar

For a 1,000 sq.ft plot at the current rate of Rs 2,500 per sq.ft, the guideline value amounts to Rs 25,00,000. The stamp duty at 7% would be Rs 1,75,000, and the registration fee at 2% would be Rs 50,000, bringing the total to Rs 2,25,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for further assistance.

Which Sub Registrar Office covers Mutha Royal Nagar?

The Sub Registrar Office that covers Mutha Royal Nagar is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is an essential factor during the registration of property transactions in Madhavaram. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that the government receives appropriate revenue from property sales.

When buying or selling property, the guideline value helps both parties understand the minimum value at which the property should be registered. This value is crucial for legal documentation and compliance with local regulations.

Frequently asked questions

What is the current guideline value of Mutha Royal Nagar?

The current guideline value of Mutha Royal Nagar is Rs 2,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,300 per sq.ft in 2023 to Rs 2,500 per sq.ft in 2024, which is an increase of 9%. It was Rs 1,541 per sq.ft in 2017, showing a significant increase of 49% by 2023.

What is the land classification of Mutha Royal Nagar?

Mutha Royal Nagar is classified as Commercial Class I Type - III, indicating its suitability for commercial activities.

How is the stamp duty calculated for properties in Mutha Royal Nagar?

The stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a plot valued at Rs 25,00,000, the stamp duty would be Rs 1,75,000.

Where can I find the Sub Registrar Office for Mutha Royal Nagar?

The Madhavaram Sub Registrar Office, which covers Mutha Royal Nagar, is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.