Guideline Value for Muthumariamman Koil Street

Muthumariamman Koil Street guideline value

The current guideline value of Muthumariamman Koil Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Nerkundram village under the Virugambakkam SRO, classified as Residential Class IV Type - I.

How the guideline value of Muthumariamman Koil Street has changed

The guideline value of Muthumariamman Koil Street has undergone several revisions over the years. In 2002, the value was Rs 260 per sq.ft, which increased to Rs 287 per sq.ft in 2003, marking a 10% increase. Following this, the value rose to Rs 400 per sq.ft in 2007, a significant increase of 39%. The 2012 revision saw the value at Rs 2,000 per sq.ft, reflecting a remarkable 400% increase from the previous figure. However, in 2017, the value dropped to Rs 1,340 per sq.ft, a decrease of 33%. The value then increased to Rs 2,000 per sq.ft in 2023, followed by the current value of Rs 2,200 per sq.ft in 2024, which is a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 746%. Notably, there are no figures available for the revisions in years other than those mentioned.

Guideline values in Nerkundram

Nerkundram village has a total of 476 streets under the Virugambakkam SRO, with the 2024 guideline values ranging from Rs 1,650 to Rs 6,600 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, which is equal to the current guideline value of Muthumariamman Koil Street.

• Muniappa Nagar 7th Main Road: Rs 2,200 per sq.ft (2024)
• Muniappa Nagar 6th Main Road: Rs 2,200 per sq.ft (2024)
• Muniappa Nagar 5th Main Road: Rs 2,200 per sq.ft (2024)
• Muniappa Nagar 4th Main Road: Rs 2,200 per sq.ft (2024)
• Muniappa Nagar 4th Cross Street: Rs 2,200 per sq.ft (2024)
• Muniappa Nagar 3rd Main Road: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Muthumariamman Koil Street

For a 1,000 sq.ft plot at the current rate of Rs 2,200 per sq.ft, the guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, totaling Rs 1,98,000. It is important to note that 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 Muthumariamman Koil Street?

The Sub Registrar Office that covers Muthumariamman Koil Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is essential during property transactions in Nerkundram as it determines the minimum value at which a property can be registered. This value is used to calculate stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property transactions.

When buying or selling property, it is crucial to be aware of the guideline value, as it can affect the overall cost of the transaction. Buyers should ensure that the sale price meets or exceeds the guideline value to avoid any legal complications during the registration process.

Frequently asked questions

What is the current guideline value of Muthumariamman Koil Street?

The current guideline value of Muthumariamman Koil Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 260 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, showing an overall increase of 746% over the years.

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

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000, and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Which office handles registrations for Muthumariamman Koil Street?

The Virugambakkam Sub Registrar Office handles registrations for Muthumariamman Koil Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is the guideline value determined for properties in Nerkundram?

The guideline value is determined by the Registration Department and reflects the minimum value for property registration. It is revised periodically to account for changes in the market and local conditions.