Guideline Value for Muthamil Nagar 78th Street

Muthamil Nagar 78th Street guideline value

The current guideline value of Muthamil Nagar 78th 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 78th Street has changed

The guideline value for Muthamil Nagar 78th Street has seen several revisions over the years. The earliest recorded revision was in 2012, where the value was set at Rs 3,000 per sq.ft. This figure remained unchanged until the next revision in 2017, which saw a decrease to Rs 2,010 per sq.ft. However, from 2017 to 2023, the value increased significantly to Rs 3,000 per sq.ft, marking a rise of 49%. The most recent revision in 2024 has further increased the value to Rs 3,300 per sq.ft, reflecting a 10% increase from the previous year.

It is important to note that there are no recorded figures for Muthamil Nagar 78th Street in the years 2002, 2003, and 2007. Overall, the guideline value has seen a 10% increase from the 2012 revision to the current 2024 figure.

Guideline values in Kodungaiyur

In Kodungaiyur, there are a total of 1318 streets under the Madhavaram SRO that carry 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, which means that Muthamil Nagar 78th Street's 2024 figure is above this median.

• Muthamil Nagar 77th Street: Rs 3,300 per sq.ft (2024)
• Muthamil Nagar 79th Street: Rs 3,300 per sq.ft (2024)
• Muthamil Nagar 76th Street: Rs 3,300 per sq.ft (2024)
• Muthamil Nagar 7th Main Road: Rs 3,300 per sq.ft (2024)
• Muthamil Nagar 6th Main Road: Rs 3,300 per sq.ft (2024)
• Muthamil Nagar 80th Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Muthamil Nagar 78th 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, bringing the total cost to Rs 2,97,000. It is important to note that duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Muthamil Nagar 78th Street?

The Muthamil Nagar 78th Street falls under the jurisdiction of the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for further information.

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

The guideline value plays a crucial role in property transactions in Kodungaiyur. It is used to determine the stamp duty and registration fees applicable when buying or selling property. The guideline value is set by the Registration Department and is periodically revised to reflect changes in the market.

When a property is registered, the buyer must pay stamp duty based on the guideline value or the sale price, whichever is higher. 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 78th Street?

The current guideline value of Muthamil Nagar 78th 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, which is 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 78th Street?

Muthamil Nagar 78th Street 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 registrations for properties in the area.

How is the stamp duty calculated for properties in Muthamil Nagar?

Stamp duty for properties in Muthamil Nagar is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 at 7%.