Guideline Value for Muthuswamy Nagar 2nd Layout

Muthuswamy Nagar 2nd Layout guideline value

The current guideline value of Muthuswamy Nagar 2nd Layout is Rs 3,300 per sq.ft, effective from 1 July 2024. This layout is located in Hastinapuram village under the Pallavaram SRO and is classified as Commercial Class I Type - II.

How the guideline value of Muthuswamy Nagar 2nd Layout has changed

The guideline value for Muthuswamy Nagar 2nd Layout has seen several revisions over the years. Starting from the 2007 revision, the value was Rs 840 per sq.ft, which increased significantly to Rs 3,000 per sq.ft in 2012, marking a 257% rise. However, this value dropped to Rs 2,010 per sq.ft in 2017, a decrease of 33%. The value then rose to Rs 3,000 per sq.ft in 2023, and currently stands at Rs 3,300 per sq.ft following a 10% increase in the 2024 revision.

In summary, from the 2017 revision to the 2023 revision, there was a notable increase of 49%. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 293%. It is important to note that 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 2024 guideline value ranging from Rs 1,650 to Rs 4,400 per sq.ft. The median value is Rs 2,970 per sq.ft, placing Muthuswamy Nagar 2nd Layout's 2024 figure above this median.

• Muthuswamy Nagar 1st 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 2nd 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, and the registration fee at 2% would be Rs 66,000, bringing the total fees together to 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 our stamp duty and registration fee calculator.

Which Sub Registrar Office covers Muthuswamy Nagar 2nd Layout?

The Muthuswamy Nagar 2nd Layout falls under 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 during property registration in Hastinapuram. It serves as a benchmark for determining the minimum value of the property for the purpose of calculating stamp duty and registration fees. Buyers and sellers must be aware that the guideline value can influence the overall cost involved in a property transaction.

When registering a property, the stamp duty is calculated based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions, regardless of the agreed sale price between the buyer and seller.

Frequently asked questions

What is the current guideline value of Muthuswamy Nagar 2nd Layout?

The current guideline value of Muthuswamy Nagar 2nd 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 is the land classification of Muthuswamy Nagar 2nd Layout?

Muthuswamy Nagar 2nd Layout is classified as Commercial Class I Type - II, indicating its suitability for commercial activities.

Where can I find the Sub Registrar Office for Muthuswamy Nagar 2nd Layout?

The Sub Registrar Office for Muthuswamy Nagar 2nd Layout is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone.

What factors determine the stamp duty and registration fees?

The stamp duty and registration fees are determined based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue during property transactions.