Guideline Value for Muthu Nagar

Muthu Nagar guideline value

The current guideline value of Muthu Nagar, located in Noombal village under the Kunrathur SRO, is Rs 2,090 per sq.ft, effective from 1 July 2024. This area is classified as Residential Special Type - I.

How the guideline value of Muthu Nagar has changed

The guideline value for Muthu Nagar has seen significant changes over the years. In the 2003 revision, the guideline value was Rs 150 per sq.ft. This figure increased dramatically to Rs 1,273 per sq.ft in 2017, marking a rise of 749%. The next revision in 2023 set the value at Rs 1,900 per sq.ft, a 49% increase from 2017. The latest revision in 2024 reflects a further increase of 10%, bringing the current value to Rs 2,090 per sq.ft.

There are no figures available for the revisions in 2002, 2007, and 2012 for this street. Overall, from 2003 to 2024, the guideline value has increased by 1,293%.

Guideline values in Noombal

Noombal village has a total of 164 streets under the Kunrathur SRO, with guideline values ranging from Rs 1,100 to Rs 6,500 per sq.ft. The median guideline value for these streets is Rs 2,090 per sq.ft, which is equal to the current guideline value for Muthu Nagar.

• Muthumani Nagar: Rs 2,090 per sq.ft (2024)
• Navasakthi Nagar: Rs 2,090 per sq.ft (2024)
• Moventher Nagar: Rs 2,090 per sq.ft (2024)
• Mooventher Nagar Phase 1: Rs 2,090 per sq.ft (2024)
• Mooventher Nagar Annexe: Rs 2,090 per sq.ft (2024)
• Moogambigai Nagar Ist Cross Street: Rs 2,090 per sq.ft (2024)

Stamp duty and registration fee for property in Muthu Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,090 per sq.ft, the total guideline value would be Rs 20,90,000. The stamp duty at 7% would amount to Rs 1,46,300, while the registration fee at 2% would be Rs 41,800, resulting in a total of Rs 1,88,100. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Muthu Nagar?

The Muthu Nagar area falls under the jurisdiction of the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. To find your specific SRO, you can visit find your SRO.

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

The guideline value plays a crucial role in the property registration process in Noombal. It is used to determine the stamp duty and registration fees that need to be paid when a property is bought or sold. Buyers and sellers must be aware of the current guideline value to ensure compliance with the legal requirements during the transaction.

When registering a property, the guideline value is considered alongside the sale price. The higher of the two figures is used to calculate the applicable duties and fees, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Muthu Nagar?

The current guideline value of Muthu Nagar is Rs 2,090 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has increased from Rs 150 per sq.ft in 2003 to Rs 2,090 per sq.ft in 2024, representing a total increase of 1,293% over this period.

What is the land classification for Muthu Nagar?

Muthu Nagar is classified as Residential Special Type - I, indicating its designation for residential development.

Where is the Kunrathur Sub Registrar Office located?

The Kunrathur Sub Registrar Office is located at No.59, Road Street, Kundrathur, Chennai -600 069.

How is stamp duty calculated for properties in Muthu Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a 1,000 sq.ft plot at the current guideline value incurs a total stamp duty of Rs 1,46,300.