Guideline Value for Muvendar Street

Muvendar Street guideline value

The current guideline value of Muvendar Street in Hastinapuram village is Rs 1,650 per sq.ft, effective from 1 July 2024. This street falls under the Pallavaram SRO and is classified as Residential Class III Type - I.

How the guideline value of Muvendar Street has changed

The guideline value for Muvendar Street has undergone several revisions over the years. In 2007, the value was set at Rs 400 per sq.ft, which increased significantly to Rs 1,500 per sq.ft in 2012. However, this value saw a decrease of 33% by 2017, bringing it down to Rs 1,005 per sq.ft. The value then increased by 49% to Rs 1,500 per sq.ft in 2023, and has now risen by 10% to the current value of Rs 1,650 per sq.ft as of 2024. The register has no figures for the years 2002 and 2003 for this street.

Overall, from 2007 to 2024, the guideline value has increased by 313%. This reflects the changes in the local real estate market and the adjustments made by the Registration Department. Each revision has contributed to the current guideline value, which is now set at Rs 1,650 per sq.ft.

Guideline values in Hastinapuram

In Hastinapuram, there are 277 streets under the Pallavaram SRO that carry a guideline value for 2024, ranging from Rs 1,650 to Rs 4,400 per sq.ft. The median value for these streets is Rs 2,970 per sq.ft, indicating that Muvendar Street's 2024 guideline value is below this median.

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

Stamp duty and registration fee for property in Muvendar Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value amounts to Rs 16,50,000. The stamp duty, charged at 7%, would be Rs 1,15,500, while the registration fee at 2% would be Rs 33,000, making the total fees Rs 1,48,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information on calculating stamp duty and registration fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Muvendar Street?

The Sub Registrar Office that covers Muvendar Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, 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 Hastinapuram

The guideline value is a crucial factor when buying or selling property in Hastinapuram, as it determines the minimum value at which a property can be registered. This value helps in calculating the stamp duty and registration fees, which are mandatory for property transactions.

Frequently asked questions

What is the current guideline value of Muvendar Street?

The current guideline value of Muvendar Street is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 400 per sq.ft in 2007 to Rs 1,650 per sq.ft in 2024, reflecting a total increase of 313% over the years.

What is the land classification for Muvendar Street?

Muvendar Street is classified as Residential Class III Type - I, which indicates its designation for residential use.

Where can I find the registration office for Muvendar Street?

The registration office for Muvendar Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

How is the stamp duty calculated for property transactions?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For Muvendar Street, the stamp duty is 7% of the guideline value.