Guideline Value for Muthamil Nagar 1st Block 14th Street

Muthamil Nagar 1st Block 14th Street guideline value

The current guideline value of Muthamil Nagar 1st Block 14th Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Kodungaiyur village, under the Madhavaram SRO, and is classified as Residential Special Type - I.

How the guideline value of Muthamil Nagar 1st Block 14th Street has changed

Over the years, the guideline value of Muthamil Nagar 1st Block 14th Street has seen several revisions. The 2012 revision set the value at Rs 3,000 per sq.ft, which decreased to Rs 2,010 per sq.ft in the 2017 revision. This was a decline of 33%. The value then increased significantly to Rs 3,000 per sq.ft in the 2023 revision, and further rose to Rs 3,300 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

From the 2017 revision to the 2023 revision, there was a notable increase of 49%. 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

Kodungaiyur has a total of 1318 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,900 to Rs 4,000 per sq.ft as per the 2024 revision. The median guideline value for these streets is Rs 2,700 per sq.ft, positioning Muthamil Nagar 1st Block 14th Street above this median.

• Muthamil Nagar 1st Block 13th Street: Rs 3,300 per sq.ft (2024)
• Muthamil Nagar 1st Block 15th Street: Rs 3,300 per sq.ft (2024)
• Muthamil Nagar 1st Block 12th Street: Rs 3,300 per sq.ft (2024)
• Muthamil Nagar 1st Block 16th Street: Rs 3,300 per sq.ft (2024)
• Muthamil Nagar 1st Block 11th Street: Rs 3,300 per sq.ft (2024)
• Muthamil Nagar 1st Block 17th Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Muthamil Nagar 1st Block 14th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value is 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, bringing the total to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Muthamil Nagar 1st Block 14th Street?

The Muthamil Nagar 1st Block 14th Street falls under 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 Kodungaiyur

The guideline value plays a crucial role in the registration process of property transactions in Kodungaiyur. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring transparency in property dealings.

When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees. Buyers should be aware that these costs are based on the guideline value or the sale price, whichever is higher, impacting the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Muthamil Nagar 1st Block 14th Street?

The current guideline value of Muthamil Nagar 1st Block 14th Street 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 2023 to Rs 3,300 per sq.ft in 2024, marking a 10% increase. It was Rs 2,010 per sq.ft in 2017, which was a significant rise from Rs 3,000 per sq.ft in 2012.

What is the land classification of Muthamil Nagar 1st Block 14th Street?

Muthamil Nagar 1st Block 14th Street is classified as Residential Special Type - I. This classification affects the guideline value and property usage.

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 the registration of properties in the area.

How is stamp duty calculated for properties in this area?

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 33,00,000, the stamp duty would be Rs 2,31,000 at a rate of 7%.