Guideline Value for Muthamil Nagar 1st Block 22nd Street

Muthamil Nagar 1st Block 22nd Street guideline value

The current guideline value for Muthamil Nagar 1st Block 22nd Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Kodungaiyur village under the Madhavaram SRO, classified as Residential Special Type - I.

How the guideline value of Muthamil Nagar 1st Block 22nd Street has changed

In the 2012 revision, the guideline value was Rs 3,000 per sq.ft. This figure remained unchanged until the 2017 revision, where it decreased to Rs 2,010 per sq.ft, marking a decline of 33%. Following this, the value increased significantly to Rs 3,000 per sq.ft in the 2023 revision, and then to Rs 3,300 per sq.ft in the 2024 revision, showing an increase of 49% from 2017 to 2023 and a further increase of 10% from 2023 to 2024. The register has no figures for the years 2002, 2003, and 2007 for this street.

Overall, from 2012 to 2024, the guideline value has increased by 10%. The changes reflect the adjustments made over the years to align with the property market dynamics in the area.

Guideline values in Kodungaiyur

In Kodungaiyur, there are 1318 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,900 to Rs 4,000 per sq.ft. The median guideline value for the area is Rs 2,700 per sq.ft, placing the 2024 figure for Muthamil Nagar 1st Block 22nd Street above this median.

• Muthamil Nagar 1st Block 21st Street: Rs 3,300 per sq.ft (2024)
• Muthamil Nagar 1st Block 23rd Street: Rs 3,300 per sq.ft (2024)
• Muthamil Nagar 1st Block 20th Street: Rs 3,300 per sq.ft (2024)
• Muthamil Nagar 1st Block 24th Street: Rs 3,300 per sq.ft (2024)
• Muthamil Nagar 1st Block 1st Street: Rs 3,300 per sq.ft (2024)
• Muthamil Nagar 1st Block 25th Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Muthamil Nagar 1st Block 22nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total fees together 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 also use the stamp duty and registration fee calculator for precise calculations.

Which Sub Registrar Office covers Muthamil Nagar 1st Block 22nd Street?

The Muthamil Nagar 1st Block 22nd 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 is a crucial factor 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 that buyers and sellers adhere to the legal requirements set by the Registration Department.

When a property is sold, the guideline value helps in calculating the applicable stamp duty and registration fees, which are essential for the legal transfer of ownership. This ensures transparency and fairness in property transactions.

Frequently asked questions

What is the current guideline value of Muthamil Nagar 1st Block 22nd Street?

The current guideline value of Muthamil Nagar 1st Block 22nd 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 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 for Muthamil Nagar 1st Block 22nd Street?

The land classification for Muthamil Nagar 1st Block 22nd 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 stamp duty calculated for properties in Muthamil Nagar 1st Block 22nd Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a 1,000 sq.ft plot at the current guideline value would incur a total stamp duty of Rs 2,31,000.