Guideline Value for Muthamil Nagar IVth Block 88th Street

Muthamil Nagar IVth Block 88th Street guideline value

The current guideline value for Muthamil Nagar IVth Block 88th Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Kodungaiyur village and falls under the Madhavaram SRO, classified as Residential Special Type - I.

How the guideline value of Muthamil Nagar IVth Block 88th Street has changed

The guideline value for Muthamil Nagar IVth Block 88th Street has seen several revisions over the years. The oldest recorded figure is from 2012, which was Rs 3,000 per sq.ft. This was followed by a decrease to Rs 2,010 per sq.ft in 2017, a significant drop of 33%. The next revision in 2023 saw an increase to Rs 3,000 per sq.ft, and the most recent revision in 2024 has raised it further to Rs 3,300 per sq.ft, marking a 10% increase from the previous year.

From 2017 to 2023, the value increased by 49%. Overall, from 2012 to 2024, there has been a 10% increase in the guideline value. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Kodungaiyur

Kodungaiyur has a total of 1,318 streets under the Madhavaram SRO, with 2024 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, placing Muthamil Nagar IVth Block 88th Street's current value above this median.

• Muthamil Nagar IVth Block 87th Street: Rs 3,300 per sq.ft (2024)
• Muthamil Nagar IVth Block 89th Street: Rs 3,300 per sq.ft (2024)
• Muthamil Nagar IVth Block 86th Street: Rs 3,300 per sq.ft (2024)
• Muthamil Nagar IVth Block 90th Street: Rs 3,300 per sq.ft (2024)
• Muthamil Nagar IVth Block 85th Street: Rs 3,300 per sq.ft (2024)
• Muthamil Nagar IVth Block 91st Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Muthamil Nagar IVth Block 88th 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, bringing the total cost to Rs 2,97,000. Please note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Muthamil Nagar IVth Block 88th Street?

The Muthamil Nagar IVth Block 88th Street falls under the Madhavaram Sub Registrar Office located at No.7, Roja Nagar, Madhavaram, Chennai-600060. To find your specific SRO, you can visit find your SRO.

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 stamp duty and registration fees that need to be paid during the transaction.

When a property is registered, the guideline value is used to calculate the applicable duties, ensuring that both the buyer and seller are aware of the financial obligations involved in the transfer of ownership. This process helps maintain transparency and standardization in property transactions.

Frequently asked questions

What is the current guideline value of Muthamil Nagar IVth Block 88th Street?

The current guideline value of Muthamil Nagar IVth Block 88th 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, showing a significant increase from 2017 to 2023 of 49%.

What is the land classification of Muthamil Nagar IVth Block 88th Street?

The land classification of Muthamil Nagar IVth Block 88th Street is 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 the registration of properties in the area.

How is the stamp duty calculated for properties in this area?

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