Guideline Value for Muthamil Nagar 1st Block 16th Street

Muthamil Nagar 1st Block 16th Street guideline value

The current guideline value for Muthamil Nagar 1st Block 16th 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 16th Street has changed

Over the years, the guideline value for Muthamil Nagar 1st Block 16th Street has seen several revisions. The earliest recorded figure is from 2012, which was Rs 3,000 per sq.ft. In 2017, the value decreased to Rs 2,010 per sq.ft, marking a decline of 33%. The value then increased significantly to Rs 3,000 per sq.ft in 2023, followed by a further increase to Rs 3,300 per sq.ft in 2024, reflecting a 10% rise.

From 2012 to 2024, the overall change in the guideline value is an increase of 10%. The jump from Rs 2,010 per sq.ft in 2017 to Rs 3,000 per sq.ft in 2023 represents a substantial increase of 49%. It is important to note that there are no recorded 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 for 2024 ranging from Rs 1,900 to Rs 4,000 per sq.ft. The median guideline value in this area is Rs 2,700 per sq.ft, placing the 2024 guideline value of Muthamil Nagar 1st Block 16th Street above this median.

• Muthamil Nagar 1st Block 15th Street: Rs 3,300 per sq.ft (2024)
• Muthamil Nagar 1st Block 17th Street: Rs 3,300 per sq.ft (2024)
• Muthamil Nagar 1st Block 14th Street: Rs 3,300 per sq.ft (2024)
• Muthamil Nagar 1st Block 18th Street: Rs 3,300 per sq.ft (2024)
• Muthamil Nagar 1st Block 13th Street: Rs 3,300 per sq.ft (2024)
• Muthamil Nagar 1st Block 19th Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Muthamil Nagar 1st Block 16th Street

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, while the registration fee at 2% would be Rs 66,000, bringing the total fees to Rs 2,97,000. It is important to note that stamp 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 detailed calculations.

Which Sub Registrar Office covers Muthamil Nagar 1st Block 16th Street?

The Muthamil Nagar 1st Block 16th Street falls under the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. For more information, you can find your SRO.

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

The guideline value is a crucial factor in property transactions in Kodungaiyur, as it determines the minimum value at which properties can be registered. Buyers and sellers must consider this value when negotiating sale prices, as it directly impacts the stamp duty and registration fees applicable during the transaction.

When a property is sold, the guideline value is used to calculate the stamp duty, which is charged at a percentage of the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Muthamil Nagar 1st Block 16th Street?

The current guideline value of Muthamil Nagar 1st Block 16th 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 2012 to Rs 2,010 per sq.ft in 2017, then increased 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 1st Block 16th Street?

The land classification for Muthamil Nagar 1st Block 16th Street is Residential Special Type - I.

Where can I find the Madhavaram Sub Registrar Office?

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

How is the stamp duty calculated for properties in Kodungaiyur?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, if the guideline value is Rs 33,00,000, the stamp duty at 7% would be Rs 2,31,000.