Guideline Value for Muthumariamman Koil Street (Ward-23)

Muthumariamman Koil Street (Ward-23) guideline value

The current guideline value for Muthumariamman Koil Street (Ward-23) is Rs 1,600 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village and falls under the Madhavaram SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Muthumariamman Koil Street (Ward-23) has changed

Over the years, the guideline value of Muthumariamman Koil Street has seen several revisions. The 2012 revision set the value at Rs 1,500 per sq.ft, which was then reduced to Rs 1,005 per sq.ft in the 2017 revision. Following this, the value increased to Rs 1,500 per sq.ft in the 2023 revision, and currently stands at Rs 1,600 per sq.ft from the 2024 revision. The register has no figure for this street in the years 2002, 2003, and 2007.

From 2012 to 2017, there was a decrease of 33% in the guideline value. However, from 2017 to 2023, the value increased significantly by 49%. The overall change from 2012 to 2024 reflects a modest increase of 7%.

Guideline values in Madhavaram

Madhavaram village has a range of guideline values across its 1946 streets under the Madhavaram SRO, with figures for 2024 ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value in this area is Rs 1,600 per sq.ft, which is equal to the current value of Muthumariamman Koil Street.

• Muthumariamman Koil st (Ward No.19): Rs 1,600 per sq.ft (2024)
• Muthumariamman Koil Lane (Ward-19): Rs 1,600 per sq.ft (2024)
• Mutha Royal Nagar: Rs 2,500 per sq.ft (2024)
• Naga Lakshmi Nagar: Rs 1,600 per sq.ft (2024)
• Nagambal Avenue (Ward No.24): Rs 1,300 per sq.ft (2024)
• Nagappa Estate (Ward-30): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Muthumariamman Koil Street (Ward-23)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value amounts to Rs 16,00,000. The stamp duty at 7% would be Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, bringing the total charges to Rs 1,44,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Muthumariamman Koil Street (Ward-23)?

The Sub Registrar Office that covers Muthumariamman Koil Street (Ward-23) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for further assistance.

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

The guideline value is essential in the registration process of property transactions in Madhavaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring transparency in the buying and selling process.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Muthumariamman Koil Street (Ward-23)?

The current guideline value of Muthumariamman Koil Street (Ward-23) is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then to Rs 1,500 per sq.ft in 2023, and currently stands at Rs 1,600 per sq.ft in 2024.

What is the land classification for Muthumariamman Koil Street?

The land classification for Muthumariamman Koil Street (Ward-23) is Residential Class II Type - I.

What are the stamp duty and registration fees for property in this area?

For a property valued at Rs 16,00,000, the stamp duty would be Rs 1,12,000 and the registration fee would be Rs 32,000, totaling Rs 1,44,000.

Where is the Sub Registrar Office located for Muthumariamman Koil Street?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.