Guideline Value for Muthalamman Nagar

Muthalamman Nagar guideline value

The current guideline value of Muthalamman Nagar, located in Korukanthangal village, is Rs 500 per sq.ft, effective from 1 July 2024. This area falls under the Gooduvancheri SRO and is classified as Residential Special Type - I.

How the guideline value of Muthalamman Nagar has changed

The guideline value for Muthalamman Nagar has seen several revisions over the years. In 2007, the value was Rs 160 per sq.ft, which increased significantly to Rs 500 per sq.ft in 2012. However, by 2017, the value had decreased to Rs 335 per sq.ft. The most recent revisions show that the value remained at Rs 500 per sq.ft in both 2023 and 2024, indicating no change between these two years.

From 2017 to 2023, the guideline value increased by 49%. Overall, from 2007 to 2024, the guideline value has risen by 213%, highlighting significant changes in the valuation over the years.

Guideline values in Korukanthangal

In Korukanthangal, there are 25 streets under the Gooduvancheri SRO that carry a 2024 guideline value ranging from Rs 500 to Rs 500 per sq.ft, with a median of Rs 500 per sq.ft. Muthalamman Nagar's 2024 figure is equal to this median value.

• M.R. Nagar Part-II: Rs 500 per sq.ft (2024)
• M.R. Nagar: Rs 500 per sq.ft (2024)
• M.M. Nagar: Rs 500 per sq.ft (2024)
• Maruthi Nagar: Rs 500 per sq.ft (2024)
• Mahalakshmi Nagar: Rs 500 per sq.ft (2024)
• Mahalakshmi Avenue: Rs 500 per sq.ft (2024)

Stamp duty and registration fee for property in Muthalamman Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 500 per sq.ft, the total guideline value would be Rs 5,00,000. The stamp duty at 7% would amount to Rs 35,000, and the registration fee at 2% would be Rs 10,000, bringing the total fees to Rs 45,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Muthalamman Nagar?

The Muthalamman Nagar area is covered by the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration process when buying or selling property in Korukanthangal. It serves as a benchmark for determining the stamp duty and registration fees that must be paid to the government.

When a property is sold, the buyer must pay the stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Muthalamman Nagar?

The current guideline value of Muthalamman Nagar is Rs 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 160 per sq.ft in 2007 to Rs 500 per sq.ft in 2012, then decreased to Rs 335 per sq.ft in 2017. It remained at Rs 500 per sq.ft in both 2023 and 2024.

What is the land classification for Muthalamman Nagar?

Muthalamman Nagar is classified as Residential Special Type - I, which indicates its intended use for residential purposes.

Where is the Gooduvancheri Sub Registrar Office located?

The Gooduvancheri Sub Registrar Office is located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, in the Chengalpattu registration zone.

How is the stamp duty calculated for property in Muthalamman Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 5,00,000, the stamp duty at 7% would be Rs 35,000, and the registration fee at 2% would be Rs 10,000.