Guideline Value for Muthamiz Nagar 1st Street(Bharathi Block)

Muthamiz Nagar 1st Street(Bharathi Block) guideline value

The current guideline value for Muthamiz Nagar 1st Street (Bharathi Block) is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Kodambakkam village and falls under the Ashok Nagar SRO, classified as Residential Class III Type - III.

How the guideline value of Muthamiz Nagar 1st Street(Bharathi Block) has changed

The guideline value for Muthamiz Nagar 1st Street has undergone several revisions over the years. In 2012, the value was set at Rs 4,000 per sq.ft. This figure decreased to Rs 2,680 per sq.ft in 2017, marking a decline of 33%. However, from 2017 to 2023, the value increased significantly to Rs 4,000 per sq.ft, reflecting a 49% rise. The most recent revision in 2024 has further increased the guideline value to Rs 4,400 per sq.ft, which is a 10% increase from the previous year.

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

Guideline values in Kodambakkam

In Kodambakkam, there are 1,031 streets under the Ashok Nagar SRO, with guideline values ranging from Rs 2,200 to Rs 11,000 per sq.ft. The median value for these streets is Rs 4,900 per sq.ft, indicating that the guideline value for Muthamiz Nagar 1st Street is below this median.

• Muthamiz Nagar 2nd Street(Bharathi Block): Rs 4,400 per sq.ft (2024)
• Muthamiz Nagar 3rd Street(Bharathi Block): Rs 4,400 per sq.ft (2024)
• Muthamiz Nagar (Bharathi Block): Rs 4,400 per sq.ft (2024)
• Muthu Mariamman Koil Street Block 78: Rs 3,300 per sq.ft (2024)
• Muthumariyamman Koil Street: Rs 3,300 per sq.ft (2024)
• Muthuramalinga Devar 1st Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Muthamiz Nagar 1st Street(Bharathi Block)

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, resulting in a total of Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Muthamiz Nagar 1st Street(Bharathi Block)?

The Sub Registrar Office that covers Muthamiz Nagar 1st Street (Bharathi Block) is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. To find more information, you can find your SRO.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Kodambakkam. It serves as the minimum value for property transactions, ensuring that the sale price is in line with the government’s valuation for tax purposes.

When registering a property, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures transparency and compliance with the regulatory framework governing property transactions.

Frequently asked questions

What is the current guideline value of Muthamiz Nagar 1st Street (Bharathi Block)?

The current guideline value of Muthamiz Nagar 1st Street (Bharathi Block) is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 4,000 per sq.ft in 2023 to Rs 4,400 per sq.ft in 2024, reflecting a 10% increase. It was Rs 2,680 per sq.ft in 2017 and Rs 4,000 per sq.ft in 2012, showing a significant rise over the years.

What is the land classification for Muthamiz Nagar 1st Street?

Muthamiz Nagar 1st Street is classified as Residential Class III Type - III. This classification is important for determining the permissible uses of the land.

What are the stamp duty rates in Chennai?

The stamp duty in Chennai is typically charged at 7% of the guideline value or the sale price, whichever is higher. Additionally, there is a registration fee of 2% that applies to property transactions.

Where can I find the Sub Registrar Office for Muthamiz Nagar 1st Street?

The Sub Registrar Office for Muthamiz Nagar 1st Street (Bharathi Block) is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037. You can find more information online.