Guideline Value for Muthamil Nagar 1st Block 3rd Street

Muthamil Nagar 1st Block 3rd Street guideline value

The current guideline value of Muthamil Nagar 1st Block 3rd 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 3rd Street has changed

Over the years, the guideline value for Muthamil Nagar 1st Block 3rd Street has seen several revisions. The 2012 revision set the value at Rs 3,000 per sq.ft, which was then reduced to Rs 2,010 per sq.ft in the 2017 revision, marking a decrease of 33%. Following this, the value increased significantly to Rs 3,000 per sq.ft in 2023, and then rose again to Rs 3,300 per sq.ft in the 2024 revision, reflecting a 10% increase from the previous year.

There are no figures available for the revisions in 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Kodungaiyur

In Kodungaiyur, there are a total of 1,318 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,900 to Rs 4,000 per sq.ft in 2024. The median guideline value for these streets is Rs 2,700 per sq.ft, placing Muthamil Nagar 1st Block 3rd Street's 2024 figure above this median.

• Muthamil Nagar 1st Block 2nd Street: Rs 3,300 per sq.ft (2024)
• Muthamil Nagar 1st Block 4th Street: Rs 3,300 per sq.ft (2024)
• Muthamil Nagar 1st Block 27th Street: Rs 3,300 per sq.ft (2024)
• Muthamil Nagar 1st Block 5th Street: Rs 3,300 per sq.ft (2024)
• Muthamil Nagar 1st Block 26th Street: Rs 3,300 per sq.ft (2024)
• Muthamil Nagar 1st Block 6th Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Muthamil Nagar 1st Block 3rd 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, while the registration fee at 2% would be Rs 66,000. Together, the total cost for stamp duty and registration fee would be Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Muthamil Nagar 1st Block 3rd Street?

The Muthamil Nagar 1st Block 3rd 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 critical factor during the registration process of property transactions in Kodungaiyur. It serves as the minimum value on which stamp duty and registration fees are calculated, ensuring that the government receives the appropriate revenue from property sales.

When a buyer or seller engages in a transaction, the guideline value helps determine the legal value of the property. This ensures transparency and fairness in property dealings, as it reflects the official valuation set by the government.

Frequently asked questions

What is the current guideline value of Muthamil Nagar 1st Block 3rd Street?

The current guideline value of Muthamil Nagar 1st Block 3rd 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, representing a 10% increase. It was Rs 2,010 per sq.ft in 2017 and Rs 3,000 per sq.ft in 2012.

What is the land classification for Muthamil Nagar 1st Block 3rd Street?

The land classification for Muthamil Nagar 1st Block 3rd Street is Residential Special Type - I. This classification indicates the intended use of the land for residential purposes.

What are the stamp duty and registration fees for property transactions?

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000. These fees are calculated based on the guideline value or the sale price, whichever is higher.

Where is the Madhavaram Sub Registrar Office located?

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.