Guideline Value for SRI MUNUSWAMY NAGAR

Sri Munuswamy Nagar guideline value

The current guideline value of Sri Munuswamy Nagar is Rs 126 per sq.ft, effective from 1 July 2024. This area is located in Kunnavakkam village and falls under the Walajabad SRO. The land classification for this street is Residential Class III Type - I.

How the guideline value of Sri Munuswamy Nagar has changed

The guideline value for Sri Munuswamy Nagar has seen several revisions over the years. The 2012 revision set the value at Rs 125 per sq.ft, which was a decrease of 33% from the 2017 revision that had established the value at Rs 84 per sq.ft. The 2023 revision maintained the value at Rs 126 per sq.ft, showing no change from the previous year. The current 2024 revision also holds the value steady at Rs 126 per sq.ft, indicating a 50% increase from the 2017 revision.

There are no figures available for the revisions in 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 1%.

Guideline values in Kunnavakkam

In Kunnavakkam, there are five streets under the Walajabad SRO that carry a 2024 guideline value, ranging from Rs 126 to Rs 300 per sq.ft. The median value for these streets is Rs 150 per sq.ft, placing Sri Munuswamy Nagar's value below this median.

• Sri Raghava Nagar: Rs 150 per sq.ft (2024)
• Sri Dhanalakshmi Nagar: Rs 300 per sq.ft (2024)
• Sumathi Ammal Nagar: Rs 200 per sq.ft (2024)
• Kalyan Real Estate Little Forms: Rs 150 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Munuswamy Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 126 per sq.ft, the total guideline value would be Rs 1,26,000. The stamp duty at 7% would amount to Rs 8,820, while the registration fee at 2% would be Rs 2,520. Together, the total cost for these fees would be Rs 11,340. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for more information on fees.

Which Sub Registrar Office covers Sri Munuswamy Nagar?

The Sub Registrar Office that covers Sri Munuswamy Nagar is the Walajabad Sub Registrar Office, located at Sriperumbudur Road, Walajabad-631 605, Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value plays a crucial role during the registration process when buying or selling property in Kunnavakkam. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is sold, the buyer must pay stamp duty based on the higher value between the guideline value and the sale price. This ensures that the government receives the appropriate fees based on the property's assessed value.

Frequently asked questions

What is the current guideline value of Sri Munuswamy Nagar?

The current guideline value of Sri Munuswamy Nagar is Rs 126 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2012, the guideline value has fluctuated, starting at Rs 125 per sq.ft in 2012, decreasing to Rs 84 per sq.ft in 2017, and then rising to Rs 126 per sq.ft in both 2023 and 2024.

What are the other streets in Kunnavakkam with their guideline values?

Other streets in Kunnavakkam include Sri Raghava Nagar at Rs 150 per sq.ft, Sri Dhanalakshmi Nagar at Rs 300 per sq.ft, Sumathi Ammal Nagar at Rs 200 per sq.ft, and Kalyan Real Estate Little Forms at Rs 150 per sq.ft.

What fees are associated with purchasing property in Sri Munuswamy Nagar?

When purchasing property, buyers must pay stamp duty at 7% and a registration fee at 2% of the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Sri Munuswamy Nagar?

The Walajabad Sub Registrar Office covers Sri Munuswamy Nagar, located at Sriperumbudur Road, Walajabad-631 605, Chengalpattu registration zone.