Guideline Value for Muthamil Nagar (Tamil Nadu Housing Board Residential)

Muthamil Nagar (Tamil Nadu Housing Board Residential) guideline value

The current guideline value for Muthamil Nagar (Tamil Nadu Housing Board Residential) is Rs 3,300 per sq.ft, effective from 1 July 2024. This area is located in Kodungaiyur village, under the Madhavaram SRO, and is classified as Residential Special Type - I.

How the guideline value of Muthamil Nagar (Tamil Nadu Housing Board Residential) has changed

The guideline value for Muthamil Nagar has seen several revisions over the years. The earliest recorded figure is from 2012, where the value was Rs 3,000 per sq.ft. This was followed by a decrease to Rs 2,010 per sq.ft in 2017, marking a decline of 33%. In 2023, the value increased to Rs 3,000 per sq.ft, and then further rose to Rs 3,300 per sq.ft in 2024, reflecting a 10% increase from the previous year.

From 2017 to 2023, there was a significant increase of 49%, bringing the value back to Rs 3,000 per sq.ft. Overall, from 2012 to 2024, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Kodungaiyur

In Kodungaiyur, there are 1,318 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,900 to Rs 4,000 per sq.ft, with a median value of Rs 2,700 per sq.ft. The guideline value for Muthamil Nagar is above this median.

• Muthamil Nagar South Avenue: Rs 3,800 per sq.ft (2024)
• Muthamil Nagar VIIIth Block 191st Street: Rs 3,300 per sq.ft (2024)
• Muthamil Nagar North Avenue: Rs 3,800 per sq.ft (2024)
• Muthamil Nagar VIIIth Block 192nd Street: Rs 3,300 per sq.ft (2024)
• Muthamil Nagar IVth Block 99th Street: Rs 3,300 per sq.ft (2024)
• Muthamil Nagar VIIIth Block 193rd Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Muthamil Nagar (Tamil Nadu Housing Board Residential)

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, making the total cost for these fees Rs 2,97,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher.

For more information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Muthamil Nagar (Tamil Nadu Housing Board Residential)?

The Muthamil Nagar area falls under the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more details.

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

The guideline value is a critical factor in the registration process for property transactions in Kodungaiyur. It serves as the minimum price at which properties can be registered, ensuring that the transaction is recorded accurately for legal and taxation purposes.

When buying or selling property, the guideline value helps determine the applicable stamp duty and registration fees, which are based on this value or the sale price, whichever is higher. This ensures that all parties are aware of the financial implications before finalizing the transaction.

Frequently asked questions

What is the current guideline value of Muthamil Nagar?

The current guideline value of Muthamil Nagar (Tamil Nadu Housing Board Residential) is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,000 per sq.ft in 2012 to Rs 2,010 per sq.ft in 2017, then back to Rs 3,000 per sq.ft in 2023, and finally to Rs 3,300 per sq.ft in 2024.

What is the land classification of Muthamil Nagar?

Muthamil Nagar is classified as Residential Special Type - I, which indicates its designation for residential purposes within the Tamil Nadu Housing Board.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles registrations for properties in the Muthamil Nagar area.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price of the property, whichever is higher. For example, for a 1,000 sq.ft plot at Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000, leading to specific fees based on that amount.