Guideline Value for Muthaiyal Nagar

Muthaiyal Nagar guideline value

The current guideline value of Muthaiyal Nagar is Rs 3,900 per sq.ft, effective from 1 July 2024. This area is located in Adambakkam village and falls under the Alandur SRO. The land classification for this street is Residential Class I Type - III.

How the guideline value of Muthaiyal Nagar has changed

The guideline value for Muthaiyal Nagar has seen several revisions over the years. In 2002, the guideline value was Rs 330 per sq.ft. It increased to Rs 376 per sq.ft in 2003, marking a 14% rise. By 2007, the value jumped significantly to Rs 900 per sq.ft, reflecting a 139% increase. The value remained at Rs 900 per sq.ft until 2012, when it rose to Rs 3,500 per sq.ft, a substantial increase of 289%.

In 2017, the guideline value was revised to Rs 2,345 per sq.ft, which was a decrease of 33%. The value then increased to Rs 3,500 per sq.ft in 2023, showing a 49% rise. The latest revision in 2024 set the guideline value at Rs 3,900 per sq.ft, representing an 11% increase from the previous year. There are no figures available for Muthaiyal Nagar in the years not mentioned.

Guideline values in Adambakkam

In Adambakkam, there are 569 streets under the Alandur SRO that carry a 2024 guideline value, ranging from Rs 2,800 to Rs 11,000 per sq.ft. The median guideline value is Rs 3,900 per sq.ft, which is equal to the current guideline value of Muthaiyal Nagar.

• Murugan Nagar/Street: Rs 3,900 per sq.ft (2024)
• Muthiyal Reddy 1st Street: Rs 3,900 per sq.ft (2024)
• Muthiyal Reddy Street: Rs 3,900 per sq.ft (2024)
• Muthiyal Reddy Street 2nd Lane: Rs 3,900 per sq.ft (2024)
• Muthiyal Reddy Street First Lane: Rs 3,900 per sq.ft (2024)
• Mullai Street: Rs 3,900 per sq.ft (2024)

Stamp duty and registration fee for property in Muthaiyal Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 3,900 per sq.ft, the total guideline value would be Rs 39,00,000. The stamp duty at 7% would amount to Rs 2,73,000, while the registration fee at 2% would be Rs 78,000. Together, the total cost for these fees would be Rs 3,51,000. It is important to note that duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Muthaiyal Nagar?

The Sub Registrar Office that covers Muthaiyal Nagar is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for more information.

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

The guideline value is a crucial factor during property registration in Adambakkam. It serves as a benchmark for determining the stamp duty and registration fees that must be paid when buying or selling property. This value is set by the government and is updated periodically to reflect changes in the market.

When a property is sold, the buyer must pay stamp duty based on the higher of the guideline value or the sale price. This ensures that the government receives appropriate revenue from property transactions. Understanding the guideline value is essential for both buyers and sellers in the real estate market.

Frequently asked questions

What is the current guideline value of Muthaiyal Nagar?

The current guideline value of Muthaiyal Nagar is Rs 3,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 330 per sq.ft in 2002 to Rs 3,900 per sq.ft in 2024, showing an overall increase of 1082% over the years.

What is the land classification for Muthaiyal Nagar?

The land classification for Muthaiyal Nagar is Residential Class I Type - III.

Where can I find the Alandur Sub Registrar Office?

The Alandur Sub Registrar Office is located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

How is stamp duty calculated for properties in Muthaiyal Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 39,00,000, the stamp duty would be Rs 2,73,000 at 7%.