Guideline Value for Muthamil Nagar East Avenue

Muthamil Nagar East Avenue guideline value

The current guideline value of Muthamil Nagar East Avenue is Rs 3,800 per sq.ft, effective from 1 July 2024. This street is located in Kodungaiyur village under the Madhavaram SRO, classified as Commercial Special Type - I.

How the guideline value of Muthamil Nagar East Avenue has changed

Over the years, the guideline value for Muthamil Nagar East Avenue has seen several revisions. The 2012 revision set the value at Rs 3,500 per sq.ft, which was then reduced to Rs 2,345 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 3,500 per sq.ft, and the latest 2024 revision has further raised it to Rs 3,800 per sq.ft. The register has no figures for the years 2002, 2003, and 2007.

From 2012 to 2017, there was a decrease of 33%, followed by a significant increase of 49% from 2017 to 2023. The change from 2023 to 2024 reflects a growth of 9%. Overall, comparing the 2012 and 2024 values, there is a net increase of 9%.

Guideline values in Kodungaiyur

Kodungaiyur has 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. The median guideline value in this area is Rs 2,700 per sq.ft, positioning Muthamil Nagar East Avenue above this median.

• Muthamil Nagar Approach Road 5th Main Road: Rs 3,300 per sq.ft (2024)
• Muthamil Nagar IIIrd Block 51st Street: Rs 3,300 per sq.ft (2024)
• Muthamil Nagar 9th Main Road: Rs 3,300 per sq.ft (2024)
• Muthamil Nagar IIIrd Block 52nd Street: Rs 3,300 per sq.ft (2024)
• Muthamil Nagar 8th Main Road: Rs 3,300 per sq.ft (2024)
• Muthamil Nagar IIIrd Block 53rd Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Muthamil Nagar East Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 3,800 per sq.ft, the total guideline value amounts to Rs 38,00,000. The stamp duty, calculated at 7%, would be Rs 2,66,000, while the registration fee at 2% would be Rs 76,000, bringing the total fees to Rs 3,42,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for more precise calculations.

Which Sub Registrar Office covers Muthamil Nagar East Avenue?

The Sub Registrar Office covering Muthamil Nagar East Avenue is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. To find your specific SRO, you can find your SRO.

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

The guideline value plays a crucial role 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 transparency and fairness in property dealings.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are essential costs involved in the transaction. Buyers should be aware that these fees are based on the higher of the guideline value or the sale price.

Frequently asked questions

What is the current guideline value of Muthamil Nagar East Avenue?

The current guideline value of Muthamil Nagar East Avenue is Rs 3,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,500 per sq.ft in 2012 to Rs 2,345 per sq.ft in 2017, then increased to Rs 3,500 per sq.ft in 2023, and finally to Rs 3,800 per sq.ft in 2024.

What is the land classification for Muthamil Nagar East Avenue?

Muthamil Nagar East Avenue is classified as Commercial Special Type - I, which indicates its intended use and regulatory framework.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. It is responsible for property registrations in the area.

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

Stamp duty for properties in Muthamil Nagar East Avenue is calculated at 7% of the guideline value or the sale price, whichever is higher. Additionally, a registration fee of 2% is applicable.