Guideline Value for Muthamil Nagar 2nd Main Road

Muthamil Nagar 2nd Main Road guideline value

The current guideline value of Muthamil Nagar 2nd Main Road 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 2nd Main Road has changed

The guideline value for Muthamil Nagar 2nd Main Road has undergone several revisions since 2012. In 2012, the guideline value was Rs 3,000 per sq.ft, which then decreased to Rs 2,010 per sq.ft in the 2017 revision. However, the latest 2024 revision shows a significant increase to Rs 3,300 per sq.ft, marking a 64% rise from the 2017 figure.

From 2012 to 2017, there was a decrease of 33%, but overall, from 2012 to 2024, the guideline value has increased by 10%. It is important to note that the register has no figures for the years 2023, 2007, 2003, and 2002 for this street.

Guideline values in Kodungaiyur

In Kodungaiyur, there are 1,318 streets under the Madhavaram SRO that have a 2024 guideline value 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, making the guideline value of Muthamil Nagar 2nd Main Road above the median.

• Muthamil Nagar 29th Street: Rs 3,300 per sq.ft (2024)
• Muthamil Nagar 28th Street: Rs 3,300 per sq.ft (2024)
• Muthamil Nagar 30th Street: Rs 3,300 per sq.ft (2024)
• Muthamil Nagar 3rd Main Road: Rs 3,300 per sq.ft (2024)
• Muthamil Nagar 1st Main Road: Rs 3,300 per sq.ft (2024)
• Muthamil Nagar 4th Main Road: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Muthamil Nagar 2nd Main Road

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, bringing the total cost for these fees 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.

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

Which Sub Registrar Office covers Muthamil Nagar 2nd Main Road?

The Sub Registrar Office that covers Muthamil Nagar 2nd Main Road is 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 crucial factor when buying or selling property in Kodungaiyur. It serves as a benchmark for determining the minimum price at which a property can be registered. Buyers and sellers should be aware that the guideline value will influence the stamp duty and registration fees applicable during the transaction.

When a property is sold, the sale price must be at least equal to the guideline value for it to be registered. This ensures that the government receives appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Muthamil Nagar 2nd Main Road?

The current guideline value of Muthamil Nagar 2nd Main Road 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, and then increased to Rs 3,300 per sq.ft in 2024. This shows a 64% increase from 2017 to 2024.

What is the land classification of Muthamil Nagar 2nd Main Road?

Muthamil Nagar 2nd Main Road is classified as Residential Special Type - I, indicating its suitability for residential development.

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 Muthamil Nagar 2nd Main Road?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a property with a guideline value of Rs 33,00,000 would incur a stamp duty of Rs 2,31,000.