Guideline Value for Muthumariamman Nagar

Muthumariamman Nagar guideline value

The current guideline value of Muthumariamman Nagar is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is located in Maduravoyal village and falls under the Virugambakkam SRO. The land classification for this street is Residential Class V Type - I.

How the guideline value of Muthumariamman Nagar has changed

The guideline value of Muthumariamman Nagar has seen significant changes over the years. In 2002, the guideline value was Rs 93 per sq.ft, which increased to Rs 102 per sq.ft in 2003. The value then rose to Rs 300 per sq.ft in 2007, followed by a substantial jump to Rs 2,000 per sq.ft in 2012. However, it decreased to Rs 1,340 per sq.ft in 2017. The guideline value then increased to Rs 2,000 per sq.ft in 2023 and has now reached Rs 2,200 per sq.ft in the 2024 revision.

From 2017 to 2023, there was a notable increase of 49%, and from 2023 to 2024, the increase was 10%. The most significant change occurred between 2007 and 2012, where the value surged by 567%. Overall, from 2002 to 2024, the guideline value has increased by 2,266%.

Guideline values in Maduravoyal

In Maduravoyal, there are 636 streets under the Virugambakkam SRO that have a 2024 guideline value ranging from Rs 2,200 to Rs 6,050 per sq.ft. The median value for these streets is Rs 3,050 per sq.ft, placing Muthumariamman Nagar's 2024 figure below that median.

• Nagathamman Koil Kulakkarai 1st Street: Rs 2,200 per sq.ft (2024)
• Nagathamman Koil Kulakkarai 2nd Street: Rs 2,200 per sq.ft (2024)
• Nagathamman Koil Kulakkarai Street: Rs 2,200 per sq.ft (2024)
• Nagathamman Koil Street: Rs 2,200 per sq.ft (2024)
• Natesa Nagar: Rs 3,050 per sq.ft (2024)
• Nethaji Nagar: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Muthumariamman Nagar

For a 1,000 sq.ft plot at the current rate of Rs 2,200 per sq.ft, the guideline value totals 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, bringing the total to Rs 1,98,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Muthumariamman Nagar?

The Sub Registrar Office that covers Muthumariamman Nagar 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 Maduravoyal

The guideline value plays a crucial role during property registration in Maduravoyal. It is used to determine the stamp duty and registration fees that buyers must pay when purchasing a property. The guideline value helps ensure that the fees are calculated based on a standard valuation rather than fluctuating market prices.

When a property is sold, the guideline value is referenced to assess the transaction value. This ensures that the registration process is transparent and that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Muthumariamman Nagar?

The current guideline value of Muthumariamman Nagar 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 significantly, increasing from Rs 93 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024. This represents an overall increase of 2,266% over the years.

What is the registration fee for property in Muthumariamman Nagar?

The registration fee is calculated based on the guideline value. For a property valued at Rs 22,00,000, the registration fee would be Rs 44,000, which is 2% of the guideline value.

Which office handles the registration of properties in Muthumariamman Nagar?

The Virugambakkam Sub Registrar Office handles the registration of properties in Muthumariamman Nagar, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is the stamp duty calculated for properties in Muthumariamman Nagar?

The stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000.