Guideline Value for Muthu Nagar

Muthu Nagar guideline value

The current guideline value of Muthu Nagar, located in Padappai village under the Padappai SRO, is Rs 1,320 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class I Type - I land classification.

How the guideline value of Muthu Nagar has changed

The guideline value for Muthu Nagar has seen several revisions over the years. The 2017 revision set the value at Rs 804 per sq.ft, which increased to Rs 1,200 per sq.ft in the 2023 revision. The latest revision in 2024 raised the guideline value to Rs 1,320 per sq.ft, marking a 10% increase from the previous year. There are no figures available for the revisions in 2002, 2003, 2007, and 2012 for this street.

From 2017 to 2023, the value rose by 49%, and overall, from 2017 to 2024, it has increased by 64%. This significant rise reflects the changing landscape of property values in the area.

Guideline values in Padappai

In Padappai, there are 146 streets under the Padappai SRO that carry a 2024 guideline value, ranging from Rs 440 to Rs 4,000 per sq.ft. The median value is Rs 830 per sq.ft, placing Muthu Nagar's 2024 figure above this median.

• Murugathamman Pettai: Rs 990 per sq.ft (2024)
• Murugathamman Nagar phase-II: Rs 830 per sq.ft (2024)
• Murugathamman Nagar: Rs 830 per sq.ft (2024)
• Munusamy Nagar: Rs 830 per sq.ft (2024)
• M.R.V.Nagar: Rs 830 per sq.ft (2024)
• M.P.R Nagar: Rs 990 per sq.ft (2024)

Stamp duty and registration fee for property in Muthu Nagar

For a 1,000 sq.ft plot at the current rate of Rs 1,320 per sq.ft, the guideline value amounts to Rs 13,20,000. The stamp duty at 7% would be Rs 92,400, and the registration fee at 2% would be Rs 26,400, totaling Rs 1,18,800. It is important to note that 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 Muthu Nagar?

The Sub Registrar Office that covers Muthu Nagar is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Padappai. It is used to determine the stamp duty and registration fees that must be paid during the transaction.

When a property is sold, the guideline value is considered to ensure that the transaction is recorded at a fair value. This helps maintain transparency in property dealings and ensures that the appropriate taxes are collected by the government.

Frequently asked questions

What is the current guideline value of Muthu Nagar?

The current guideline value of Muthu Nagar is Rs 1,320 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since 2017, the guideline value has increased from Rs 804 per sq.ft to Rs 1,320 per sq.ft in 2024, reflecting a total increase of 64% over this period.

What is the stamp duty rate in Muthu Nagar?

The stamp duty rate in Muthu Nagar is 7% of the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Muthu Nagar?

The Sub Registrar Office for Muthu Nagar is located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.

What are the other streets in Padappai and their guideline values?

Other streets in Padappai include Murugathamman Pettai at Rs 990 per sq.ft, Murugathamman Nagar phase-II at Rs 830 per sq.ft, and several others, with values ranging from Rs 830 to Rs 990 per sq.ft in 2024.