Guideline Value for Muthamil Nagar IIIrd Block 63rd Street

Muthamil Nagar IIIrd Block 63rd Street guideline value

The current guideline value of Muthamil Nagar IIIrd Block 63rd 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 it falls under the Residential Special Type - I land classification.

How the guideline value of Muthamil Nagar IIIrd Block 63rd Street has changed

Over the years, the guideline value for Muthamil Nagar IIIrd Block 63rd Street has seen several revisions. The 2012 revision set the value at Rs 3,000 per sq.ft, which decreased to Rs 2,010 per sq.ft in 2017. Following this, the value rose significantly to Rs 3,000 per sq.ft in 2023, and currently stands at Rs 3,300 per sq.ft from the 2024 revision. Notably, there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

From the 2012 revision to the 2017 revision, there was a decrease of 33%. However, the value increased by 49% from 2017 to 2023. The most recent change from 2023 to 2024 reflects a 10% increase, leading to an overall increase of 10% from 2012 to 2024.

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 as of the 2024 revision. The median guideline value in this area is Rs 2,700 per sq.ft, positioning Muthamil Nagar IIIrd Block 63rd Street's value above this median.

• Muthamil Nagar IIIrd Block 62nd Street: Rs 3,300 per sq.ft (2024)
• Muthamil Nagar IIIrd Block 64th Street: Rs 3,300 per sq.ft (2024)
• Muthamil Nagar IIIrd Block 61st Street: Rs 3,300 per sq.ft (2024)
• Muthamil Nagar IIIrd Block 65th 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 66th Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Muthamil Nagar IIIrd Block 63rd 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 fees to 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 more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Muthamil Nagar IIIrd Block 63rd Street?

The Muthamil Nagar IIIrd Block 63rd 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 of property transactions in Kodungaiyur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that all transactions are conducted at a fair value.

When buying or selling property, the guideline value is essential for calculating applicable stamp duty and registration fees. Buyers must be aware that the duty is charged based on the higher of the guideline value or the sale price, which can significantly influence the overall costs involved in a property transaction.

Frequently asked questions

What is the current guideline value for Muthamil Nagar IIIrd Block 63rd Street?

The current guideline value for Muthamil Nagar IIIrd Block 63rd 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, marking a 10% increase. It was Rs 2,010 per sq.ft in 2017 and Rs 3,000 per sq.ft in 2012, indicating various fluctuations over the years.

What is the land classification for this street?

Muthamil Nagar IIIrd Block 63rd Street is classified as Residential Special Type - I, which is important for determining the permissible uses of the property.

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 are stamp duty and registration fees calculated?

Stamp duty is calculated at 7% of the guideline value or sale price, whichever is higher, while the registration fee is charged at 2%. For example, for a property valued at Rs 33,00,000, the total fees would amount to Rs 2,97,000.