Guideline Value for Muthamil Nagar IInd Block 31st Street

Muthamil Nagar IInd Block 31st Street guideline value

The current guideline value of Muthamil Nagar IInd Block 31st 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 IInd Block 31st Street has changed

The guideline value for Muthamil Nagar IInd Block 31st Street has seen several revisions over the years. The 2012 revision set the value at Rs 3,000 per sq.ft, which decreased to Rs 2,010 per sq.ft in the 2017 revision. This was a decline of 33%. 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 guideline value to Rs 3,300 per sq.ft, representing a 10% increase from the previous year.

It is important to note that the register does not have figures for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Kodungaiyur

In Kodungaiyur, there are 1,318 streets under the Madhavaram SRO with a 2024 guideline value ranging from Rs 1,900 to Rs 4,000 per sq.ft. The median value for these streets is Rs 2,700 per sq.ft, making the guideline value of Muthamil Nagar IInd Block 31st Street above the median.

• Muthamil Nagar IIIrd Block 75th Street: Rs 3,300 per sq.ft (2024)
• Muthamil Nagar IInd Block 32nd Street: Rs 3,300 per sq.ft (2024)
• Muthamil Nagar IIIrd Block 74th Street: Rs 3,300 per sq.ft (2024)
• Muthamil Nagar IInd Block 33rd Street: Rs 3,300 per sq.ft (2024)
• Muthamil Nagar IIIrd Block 73rd Street: Rs 3,300 per sq.ft (2024)
• Muthamil Nagar IInd Block 34th Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Muthamil Nagar IInd Block 31st 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. Together, these fees would total 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.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Muthamil Nagar IInd Block 31st Street?

The Sub Registrar Office that covers Muthamil Nagar IInd Block 31st Street is 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 is a crucial factor in the registration process when buying or selling property in Kodungaiyur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that transactions are recorded at a fair value.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory for legal documentation. This ensures that all transactions comply with the regulations set by the Registration Department.

Frequently asked questions

What is the current guideline value for Muthamil Nagar IInd Block 31st Street?

The current guideline value for Muthamil Nagar IInd Block 31st 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, a 10% increase. It was Rs 2,010 per sq.ft in 2017, which marked a significant increase of 49% to reach Rs 3,000 per sq.ft in 2023.

What are the stamp duty and registration fees for property in this area?

The stamp duty for a property valued at Rs 33,00,000 would be Rs 2,31,000, and the registration fee would be Rs 66,000, totaling Rs 2,97,000. These fees are based on the guideline value or the sale price, whichever is higher.

Which office handles the registration for Muthamil Nagar IInd Block 31st Street?

The Madhavaram Sub Registrar Office handles the registration for Muthamil Nagar IInd Block 31st Street, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

What is the land classification for Muthamil Nagar IInd Block 31st Street?

The land classification for Muthamil Nagar IInd Block 31st Street is Residential Special Type - I, indicating its designated use for residential purposes.