Guideline Value for Muthulakshmi Nagar

Muthulakshmi Nagar guideline value

The current guideline value of Muthulakshmi Nagar is Rs 3,850 per sq.ft, effective from 1 July 2024. This area is located in Chitlapakkam village, under the Tambaram Joint 1 SRO, and is classified as Residential Special Type - II.

How the guideline value of Muthulakshmi Nagar has changed

In the 2012 revision, the guideline value was Rs 3,500 per sq.ft. This figure then decreased to Rs 2,345 per sq.ft in the 2017 revision, marking a decline of 33%. However, from 2017 to 2023, the value increased significantly to Rs 3,500 per sq.ft, which is a rise of 49%. The latest revision in 2024 has set the guideline value at Rs 3,850 per sq.ft, reflecting a 10% increase from the previous year.

The register has no figures for the years 2002, 2003, and 2007 for this street. Overall, the guideline value has increased by 10% from the 2012 figure to the 2024 figure.

Guideline values in Chitlapakkam

Chitlapakkam village has a total of 548 streets under the Tambaram Joint 1 SRO, with guideline values ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median guideline value for the village is Rs 1,650 per sq.ft, placing Muthulakshmi Nagar's 2024 figure above this median.

• Muthulakshmi Nagar Ext: Rs 2,750 per sq.ft (2024)
• Muthulakshmi Nagar Sarathambal street: Rs 3,850 per sq.ft (2024)
• Muthulakshmi Street: Rs 2,750 per sq.ft (2024)
• Muththalamman Koil Street: Rs 2,750 per sq.ft (2024)
• Muthamil Street: Rs 1,650 per sq.ft (2024)
• Muthumarriamman Koil Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Muthulakshmi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total to Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Muthulakshmi Nagar?

The Sub Registrar Office that covers Muthulakshmi Nagar is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Chitlapakkam, as it determines the minimum value at which a property can be registered. This value is used to calculate the stamp duty and registration fees, which are mandatory during the property transaction process.

When registering a property, the buyer must pay the stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the correct revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Muthulakshmi Nagar?

The current guideline value of Muthulakshmi Nagar is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions, with the most recent being an increase from Rs 3,500 per sq.ft in 2023 to Rs 3,850 per sq.ft in 2024. The value decreased from Rs 3,500 per sq.ft in 2012 to Rs 2,345 per sq.ft in 2017, before rising again.

What is the land classification of Muthulakshmi Nagar?

Muthulakshmi Nagar is classified as Residential Special Type - II, which indicates its intended use for residential purposes.

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

The Tambaram Joint 1 Sub Registrar Office covers Muthulakshmi Nagar, located at No.26, Mes Road, East Tambaram, Chennai-600059.

How is the stamp duty calculated for property transactions?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 38,50,000, the stamp duty at 7% would be Rs 2,69,500.