Guideline Value for Muthuswamy Nagar 1st Layout

Muthuswamy Nagar 1st Layout guideline value

The current guideline value of Muthuswamy Nagar 1st Layout is Rs 3,300 per sq.ft, effective from 1 July 2024. This layout is located in Hastinapuram village and falls under the Pallavaram SRO. The land classification for this area is Commercial Class I Type - II.

How the guideline value of Muthuswamy Nagar 1st Layout has changed

The guideline value for Muthuswamy Nagar 1st Layout has seen several revisions over the years. In 2007, the value was Rs 840 per sq.ft, which increased significantly to Rs 3,000 per sq.ft in 2012. However, this figure dropped to Rs 2,010 per sq.ft in 2017. The 2023 revision saw the value rise to Rs 3,000 per sq.ft, and the most recent revision in 2024 set it at Rs 3,300 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from 2007 to 2024, the guideline value has increased by 293%. The increments between revisions include a 257% increase from 2007 to 2012, a 33% decrease from 2012 to 2017, and a substantial 49% increase from 2017 to 2023. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Hastinapuram

In Hastinapuram, there are 277 streets under the Pallavaram SRO with a guideline value for 2024 ranging from Rs 1,650 to Rs 4,400 per sq.ft. The median guideline value in this area is Rs 2,970 per sq.ft, placing Muthuswamy Nagar 1st Layout above the median.

• Muthuswamy Nagar 2nd Layout: Rs 3,300 per sq.ft (2024)
• Muthuswamy Nagar 3rd layout: Rs 3,300 per sq.ft (2024)
• Muvendar Street: Rs 1,650 per sq.ft (2024)
• Muthumariyamman Koil Street: Rs 1,650 per sq.ft (2024)
• Muthamizh Nagar: Rs 2,970 per sq.ft (2024)
• Nallappa Street: Rs 2,970 per sq.ft (2024)

Stamp duty and registration fee for property in Muthuswamy Nagar 1st Layout

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, while the registration fee at 2% would be Rs 66,000, totaling Rs 2,97,000. 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 Muthuswamy Nagar 1st Layout?

The Sub Registrar Office that covers Muthuswamy Nagar 1st Layout is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Hastinapuram. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the transaction.

When a property is sold, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue based on the property's value.

Frequently asked questions

What is the current guideline value of Muthuswamy Nagar 1st Layout?

The current guideline value of Muthuswamy Nagar 1st Layout is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 840 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 293% over the years.

What are the stamp duty rates for property in Muthuswamy Nagar 1st Layout?

The stamp duty for property in Muthuswamy Nagar 1st Layout is charged at 7% of the guideline value or sale price, whichever is higher.

Where is the Pallavaram Sub Registrar Office located?

The Pallavaram Sub Registrar Office is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone.

What is the median guideline value in Hastinapuram?

The median guideline value in Hastinapuram is Rs 2,970 per sq.ft, which means Muthuswamy Nagar 1st Layout's current value is above this median.