Guideline Value for Muthukrishnan Nagar

Muthukrishnan Nagar guideline value

The current guideline value of Muthukrishnan Nagar is Rs 990 per sq.ft, effective from 1 July 2024. This area is located in Mannivakkam village, under the Gooduvancheri SRO, and is classified as Residential Special Type - II.

How the guideline value of Muthukrishnan Nagar has changed

The guideline value for Muthukrishnan Nagar has undergone several revisions over the years. The earliest recorded revision is from 2012, where the guideline value was Rs 900 per sq.ft. This was followed by a decrease to Rs 603 per sq.ft in 2017, marking a decline of 33%. However, the value saw a significant increase to Rs 900 per sq.ft in 2023, and further rose to Rs 990 per sq.ft in 2024, reflecting a 10% increase from the previous year. The register has no figures for the years 2002, 2003, and 2007.

From 2017 to 2023, the guideline value increased by 49%. Overall, from 2012 to 2024, the guideline value has increased by 10%, indicating a gradual adjustment in property values over the years.

Guideline values in Mannivakkam

Muthukrishnan Nagar's guideline value of Rs 990 per sq.ft is below the median guideline value of Rs 1,215 per sq.ft for the 118 streets in Mannivakkam under the Gooduvancheri SRO, which range from Rs 330 to Rs 4,300 per sq.ft.

• Mudichur Road: Rs 2,750 per sq.ft (2024)
• Naresh Avenue: Rs 1,100 per sq.ft (2024)
• Minitown Mannivakkam: Rs 3,450 per sq.ft (2024)
• Nedunsalai Nagar: Rs 1,100 per sq.ft (2024)
• M.G.R. Street: Rs 990 per sq.ft (2024)
• Nethaji Avenue: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Muthukrishnan Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 990 per sq.ft, the total guideline value would be Rs 9,90,000. The stamp duty at 7% would amount to Rs 69,300, and the registration fee at 2% would be Rs 19,800, bringing the total fees to Rs 89,100. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Muthukrishnan Nagar?

The Sub Registrar Office that covers Muthukrishnan Nagar is the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvanchery-603202, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a critical factor in property transactions in Mannivakkam, as it determines the minimum value of property for registration purposes. When a property is bought or sold, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory for legal documentation.

During registration, the authorities will assess the property based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions, reflecting the value of the property in the area.

Frequently asked questions

What is the current guideline value of Muthukrishnan Nagar?

The current guideline value of Muthukrishnan Nagar is Rs 990 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 900 per sq.ft in 2012 to Rs 603 per sq.ft in 2017, then increased to Rs 900 per sq.ft in 2023, and finally to Rs 990 per sq.ft in 2024.

What is the land classification for Muthukrishnan Nagar?

Muthukrishnan Nagar is classified as Residential Special Type - II, indicating its suitability for residential development.

What are the stamp duty and registration fees for properties in Muthukrishnan Nagar?

For a property valued at Rs 9,90,000, the stamp duty would be Rs 69,300 and the registration fee would be Rs 19,800, totaling Rs 89,100.

Where is the Gooduvancheri Sub Registrar Office located?

The Gooduvancheri Sub Registrar Office is located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvanchery-603202, Chengalpattu registration zone.