Guideline Value for MuthuKumaran Nagar

MuthuKumaran Nagar guideline value

The current guideline value of MuthuKumaran Nagar is Rs 250 per sq.ft, effective from 1 July 2024. This area is located in Umaiyal Parancheri village under the Sunguvarchattram SRO and is classified as Residential Class I Type - I.

How the guideline value of MuthuKumaran Nagar has changed

Over the years, the guideline value of MuthuKumaran Nagar has experienced several revisions. The 2007 revision set the value at Rs 55 per sq.ft, which saw a significant increase to Rs 250 per sq.ft in the 2012 revision. However, this value dropped to Rs 167 per sq.ft in 2017 before stabilizing at Rs 250 per sq.ft in both the 2023 and 2024 revisions, indicating no change from 2023 to 2024.

From 2017 to 2023, the value increased by 50%, while the drop from 2012 to 2017 was 33%. The most notable change occurred from 2007 to 2012, with an increase of 355%. Overall, from 2007 to 2024, the guideline value has increased by 355%.

Guideline values in Umaiyal Parancheri

In Umaiyal Parancheri, there are 18 streets under the Sunguvarchattram SRO that carry a 2024 guideline value ranging from Rs 175 to Rs 500 per sq.ft, with a median value of Rs 200 per sq.ft. MuthuKumaran Nagar's 2024 figure is above this median.

• M.R.Rajamani Nagar: Rs 200 per sq.ft (2024)
• Mariamman Kovil Street( Kulakkarai Street): Rs 175 per sq.ft (2024)
• Park City: Rs 500 per sq.ft (2024)
• L.K.S Garden: Rs 200 per sq.ft (2024)
• Perumal Kovil Street: Rs 200 per sq.ft (2024)
• Pillayar Kovil Street: Rs 175 per sq.ft (2024)

Stamp duty and registration fee for property in MuthuKumaran Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 250 per sq.ft, the total guideline value would be Rs 2,50,000. The stamp duty at 7% would amount to Rs 17,500, and the registration fee at 2% would be Rs 5,000, making a total of Rs 22,500. It is important to 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 MuthuKumaran Nagar?

The Sub Registrar Office that covers MuthuKumaran Nagar is the Sunguvarchattram Sub Registrar Office, located at Vadivamal Nagar Kandigai Road Caparo Company Opp, Sunguvarchatram, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Umaiyal Parancheri. It serves as a benchmark for determining the minimum price at which a property can be registered, ensuring that the government receives appropriate taxes from property sales.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees. As such, it is essential for both buyers and sellers to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of MuthuKumaran Nagar?

The current guideline value of MuthuKumaran Nagar is Rs 250 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 55 per sq.ft in 2007 to Rs 250 per sq.ft in 2012, then decreased to Rs 167 per sq.ft in 2017, and remained at Rs 250 per sq.ft in 2023 and 2024.

What are the other streets in Umaiyal Parancheri?

Other streets in Umaiyal Parancheri include M.R.Rajamani Nagar, Mariamman Kovil Street, Park City, L.K.S Garden, Perumal Kovil Street, and Pillayar Kovil Street, each with their respective guideline values.

What is the role of the Sub Registrar Office?

The Sub Registrar Office is responsible for the registration of property transactions. It ensures that all property sales are documented and that the appropriate taxes are collected based on the guideline value.

How is stamp duty calculated in MuthuKumaran Nagar?

Stamp duty in MuthuKumaran Nagar is calculated based on the higher of the guideline value or the sale price. The current rate for stamp duty is 7%, while the registration fee is 2% of the guideline value.