Guideline Value for Muthusamy Street

Muthusamy Street guideline value

The current guideline value of Muthusamy Street is Rs 7,100 per sq.ft, effective from 1 July 2024. This street is located in Nungambakkam village and falls under the Chennai Central Joint II SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Muthusamy Street has changed

In the 2007 revision, the guideline value was Rs 3,000 per sq.ft. This increased significantly to Rs 6,500 per sq.ft in 2012, marking a 117% rise. However, in the 2017 revision, the value decreased to Rs 4,355 per sq.ft, reflecting a 33% drop. The guideline value then rose to Rs 6,500 per sq.ft in 2023, which was a 49% increase from the previous revision.

With the latest 2024 revision, the guideline value has further increased to Rs 7,100 per sq.ft, showing a 9% rise from the 2023 figure. The register does not have figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 137%.

Guideline values in Nungambakkam

Nungambakkam village has a total of 270 streets under the Chennai Central Joint II SRO, with 2024 guideline values ranging from Rs 3,300 to Rs 22,000 per sq.ft. The median guideline value for these streets is Rs 8,800 per sq.ft, making Muthusamy Street's 2024 figure below that median.

• Nachiappan Street: Rs 9,300 per sq.ft (2024)
• Nageswara Road: Rs 10,400 per sq.ft (2024)
• Namachivayapuram: Rs 6,600 per sq.ft (2024)
• Namashivayapuram (facing Nelson Manickam Road): Rs 9,900 per sq.ft (2024)
• Nanjil Manoharan Nagar: Rs 7,700 per sq.ft (2024)
• Murali Street: Rs 7,700 per sq.ft (2024)

Stamp duty and registration fee for property in Muthusamy Street

For a 1,000 sq.ft plot at the current guideline value of Rs 7,100 per sq.ft, the total guideline value amounts to Rs 71,00,000. The stamp duty at 7% would be Rs 4,97,000, and the registration fee at 2% would be Rs 1,42,000, bringing the total fees to Rs 6,39,000. 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 Muthusamy Street?

The Sub Registrar Office that covers Muthusamy Street is the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions, as it determines the minimum value at which a property can be registered. When buying or selling property in Nungambakkam, the guideline value is used to calculate stamp duty and registration fees, ensuring that these fees are based on the official valuation rather than the sale price.

It is essential for buyers and sellers to be aware of the current guideline value to avoid any discrepancies during the registration process. This ensures a smooth transaction and compliance with local regulations.

Frequently asked questions

What is the current guideline value of Muthusamy Street?

The current guideline value of Muthusamy Street is Rs 7,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,000 per sq.ft in 2007 to Rs 7,100 per sq.ft in 2024, representing an overall increase of 137% over the years.

What is the median guideline value for streets in Nungambakkam?

The median guideline value for streets in Nungambakkam is Rs 8,800 per sq.ft, with Muthusamy Street's 2024 figure being below this median.

What are the stamp duty and registration fees for properties on Muthusamy Street?

For a property valued at Rs 71,00,000, the stamp duty would be Rs 4,97,000 and the registration fee would be Rs 1,42,000, totaling Rs 6,39,000.

Which office handles property registrations for Muthusamy Street?

The Chennai Central Joint II Sub Registrar Office handles property registrations for Muthusamy Street, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.