Guideline Value for Muthuswamy Nagar

Muthuswamy Nagar guideline value

The current guideline value of Muthuswamy Nagar is Rs 2,160 per sq.ft, effective from 1 July 2024. This locality is situated in Nemilicherry village under the Pallavaram Sub Registrar Office (SRO). The land classification for this area is Residential Class II Type - I.

How the guideline value of Muthuswamy Nagar has changed

The guideline value for Muthuswamy Nagar has seen several revisions over the years. In 2007, the guideline value was set at Rs 250 per sq.ft, which then increased significantly to Rs 2,000 per sq.ft in 2012. This marked a remarkable increase of 700%. However, in the following revision in 2017, the value decreased to Rs 1,340 per sq.ft, reflecting a decline of 33%. The 2023 revision brought the value back up to Rs 2,000 per sq.ft, and the most recent revision in 2024 set it at Rs 2,160 per sq.ft, an increase of 8% from the previous year.

Overall, from 2007 to 2024, the guideline value has increased by 764%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Nemilicherry

Nemilicherry village has a total of 172 streets under the Pallavaram SRO, with the 2024 guideline values ranging from Rs 1,100 to Rs 3,300 per sq.ft. The median value is Rs 2,160 per sq.ft, which is equal to the current guideline value of Muthuswamy Nagar.

• Mylarasu Nagar: Rs 2,750 per sq.ft (2024)
• Nagappan Road: Rs 2,160 per sq.ft (2024)
• Muthalamman Koil Street: Rs 2,160 per sq.ft (2024)
• Nanmangalam Road: Rs 2,420 per sq.ft (2024)
• Mullai Nagar: Rs 2,160 per sq.ft (2024)
• Natrajapuram 1st Street: Rs 2,160 per sq.ft (2024)

Stamp duty and registration fee for property in Muthuswamy Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,160 per sq.ft, the total guideline value would be Rs 21,60,000. The stamp duty at 7% would amount to Rs 1,51,200, and the registration fee at 2% would be Rs 43,200, making the total fees together Rs 1,94,400. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Muthuswamy Nagar?

The Sub Registrar Office that covers Muthuswamy Nagar 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 Nemilicherry

The guideline value is a crucial factor in the registration process of property transactions in Nemilicherry. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the fair valuation of the property. It is essential to consider this value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Muthuswamy Nagar?

The current guideline value of Muthuswamy Nagar is Rs 2,160 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 250 per sq.ft in 2007 to Rs 2,160 per sq.ft in 2024, marking an overall increase of 764% over this period.

What are the stamp duty and registration fees for properties in Muthuswamy Nagar?

For a property valued at Rs 21,60,000, the stamp duty would be Rs 1,51,200 and the registration fee would be Rs 43,200, totaling Rs 1,94,400.

Which Sub Registrar Office is responsible for Muthuswamy Nagar?

The Pallavaram Sub Registrar Office is responsible for Muthuswamy Nagar, located at 7th Main Road, New Colony, Chromepet, Chennai-600044.

What is the land classification for Muthuswamy Nagar?

The land classification for Muthuswamy Nagar is Residential Class II Type - I, indicating its suitability for residential development.