Guideline Value for Muthamil Nagar IIIrd Block 58th Street

Muthamil Nagar IIIrd Block 58th Street guideline value

The current guideline value of Muthamil Nagar IIIrd Block 58th Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Kodungaiyur village under the Madhavaram SRO, with a land classification of Residential Special Type - I.

How the guideline value of Muthamil Nagar IIIrd Block 58th Street has changed

The guideline value for Muthamil Nagar IIIrd Block 58th Street has seen several revisions over the years. The 2012 revision set the value at Rs 3,000 per sq.ft, which then decreased to Rs 2,010 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 3,000 per sq.ft, and the latest revision in 2024 raised it to Rs 3,300 per sq.ft. The changes between these revisions include a decrease of 33% from 2012 to 2017, followed by a significant increase of 49% from 2017 to 2023, and a further increase of 10% from 2023 to 2024.

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

Guideline values in Kodungaiyur

In Kodungaiyur, there are 1,318 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,900 to Rs 4,000 per sq.ft, with a median value of Rs 2,700 per sq.ft. Muthamil Nagar IIIrd Block 58th Street's 2024 guideline value of Rs 3,300 per sq.ft is above this median.

• Muthamil Nagar IIIrd Block 57th Street: Rs 3,300 per sq.ft (2024)
• Muthamil Nagar IIIrd Block 59th Street: Rs 3,300 per sq.ft (2024)
• Muthamil Nagar IIIrd Block 56th Street: Rs 3,300 per sq.ft (2024)
• Muthamil Nagar IIIrd Block 60th Street: Rs 3,300 per sq.ft (2024)
• Muthamil Nagar IIIrd Block 55th Street: Rs 3,300 per sq.ft (2024)
• Muthamil Nagar IIIrd Block 61st Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Muthamil Nagar IIIrd Block 58th 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, making the total cost for these fees Rs 2,97,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Muthamil Nagar IIIrd Block 58th Street?

The Muthamil Nagar IIIrd Block 58th 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 plays a crucial role in the registration process when buying or selling property in Kodungaiyur. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the buyer and seller must consider the guideline value to ensure that the appropriate fees are calculated accurately. This ensures compliance with local regulations and helps in the smooth processing of property registrations.

Frequently asked questions

What is the current guideline value for Muthamil Nagar IIIrd Block 58th Street?

The current guideline value for Muthamil Nagar IIIrd Block 58th 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, reflecting a 10% increase. It was Rs 2,010 per sq.ft in 2017, which shows a 49% increase from that year to 2023.

What is the land classification for Muthamil Nagar IIIrd Block 58th Street?

The land classification for Muthamil Nagar IIIrd Block 58th Street is Residential Special Type - I, indicating its designated use for residential purposes.

Which office handles registrations for this area?

The Madhavaram Sub Registrar Office handles registrations for Muthamil Nagar IIIrd Block 58th Street, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is stamp duty calculated for properties in this area?

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