Guideline Value for Muthuvel Nagar

Muthuvel Nagar guideline value

The current guideline value of Muthuvel Nagar is Rs 3,850 per sq.ft, effective from 1 July 2024. This area is located in Chitlapakkam village and falls under the Tambaram Joint 1 SRO. The land classification for Muthuvel Nagar is Residential Special Type - II.

How the guideline value of Muthuvel Nagar has changed

The guideline value for Muthuvel Nagar has undergone several revisions over the years. The 2012 revision set the value at Rs 3,500 per sq.ft, which was later decreased to Rs 2,345 per sq.ft in the 2017 revision. However, from 2017 to 2023, the value increased significantly to Rs 3,500 per sq.ft, and the latest revision in 2024 raised it further to Rs 3,850 per sq.ft, marking a 10% increase from the previous year.

In summary, the changes between revisions are as follows: the value rose by 49% from 2017 to 2023, decreased by 33% from 2012 to 2017, and has shown an overall increase of 10% from 2012 to 2024. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Chitlapakkam

In Chitlapakkam, there are 548 streets under the Tambaram Joint 1 SRO, with guideline values ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median value for these streets is Rs 1,650 per sq.ft, placing Muthuvel Nagar's 2024 figure above this median.

• M.Varadharasan Nagar Extension Part: Rs 1,650 per sq.ft (2024)
• Muthumarriamman Koil Street: Rs 3,850 per sq.ft (2024)
• Muthulakshmi Street: Rs 2,750 per sq.ft (2024)
• Muthulakshmi Nagar Sarathambal street: Rs 3,850 per sq.ft (2024)
• muthulakshmi Nagar Ext: Rs 2,750 per sq.ft (2024)
• Muthulakshmi Nagar: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Muthuvel Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value amounts to Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total fees together to Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Muthuvel Nagar?

The Sub Registrar Office that covers Muthuvel Nagar is the Tambaram Joint 1 Sub Registrar Office, located at No.26, mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is an essential factor during property transactions in Chitlapakkam as it determines the minimum price at which a property can be registered. Buyers and sellers must consider this value for calculating applicable stamp duties and registration fees, which are based on the guideline value or the sale price, whichever is higher.

When a property is sold, the guideline value helps in establishing a fair price for registration purposes. It ensures that the government receives the appropriate revenue from property transactions, contributing to local development and infrastructure.

Frequently asked questions

What is the current guideline value of Muthuvel Nagar?

The current guideline value of Muthuvel Nagar is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,500 per sq.ft in 2023 to Rs 3,850 per sq.ft in 2024. It was Rs 2,345 per sq.ft in 2017 and Rs 3,500 per sq.ft in 2012.

What are the stamp duty and registration fees for Muthuvel Nagar?

For a 1,000 sq.ft plot, the stamp duty is Rs 2,69,500 and the registration fee is Rs 77,000, totaling Rs 3,46,500 based on the current guideline value.

Which office handles registrations for Muthuvel Nagar?

The Tambaram Joint 1 Sub Registrar Office handles registrations for Muthuvel Nagar, located at No.26, mes Road, East Tambaram, Chennai-600059.

What is the land classification for Muthuvel Nagar?

The land classification for Muthuvel Nagar is Residential Special Type - II, indicating its designated use for residential purposes.