Guideline Value for muthulakshmi Nagar Ext

muthulakshmi Nagar Ext guideline value

The current guideline value for Muthulakshmi Nagar Ext is Rs 2,750 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 this street is Residential Class I Type - II.

How the guideline value of muthulakshmi Nagar Ext has changed

The guideline value for Muthulakshmi Nagar Ext has undergone several revisions over the years. The earliest available figure is from the 2012 revision, which was Rs 2,500 per sq.ft. This was followed by a decrease to Rs 1,675 per sq.ft in the 2017 revision, marking a decline of 33%. The 2023 revision saw an increase to Rs 2,500 per sq.ft, and the latest revision in 2024 increased it further to Rs 2,750 per sq.ft, reflecting a change of 10% from the previous year.

From 2017 to 2023, the guideline value increased significantly by 49%. Overall, comparing the 2012 revision to the current 2024 figure, there has been a 10% increase, indicating a gradual rise in the guideline value over the years.

Guideline values in Chitlapakkam

Chitlapakkam has a total of 548 streets under the Tambaram Joint 1 SRO, with 2024 guideline values ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median guideline value in this area is Rs 1,650 per sq.ft, placing Muthulakshmi Nagar Ext above this median.

• Muthulakshmi Nagar: Rs 3,850 per sq.ft (2024)
• Muthulakshmi Nagar Sarathambal street: Rs 3,850 per sq.ft (2024)
• Muthulakshmi Street: Rs 2,750 per sq.ft (2024)
• Muththalamman Koil Street: Rs 2,750 per sq.ft (2024)
• Muthamil Street: Rs 1,650 per sq.ft (2024)
• Muthumarriamman Koil Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in muthulakshmi Nagar Ext

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total to Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details on calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers muthulakshmi Nagar Ext?

The Muthulakshmi Nagar Ext falls under 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 information.

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

The guideline value is an essential factor in property transactions in Chitlapakkam, as it determines the minimum price at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices, as it directly impacts the stamp duty and registration fees payable during the transaction.

At the time of registration, the guideline value is compared with the actual sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value for muthulakshmi Nagar Ext?

The current guideline value for Muthulakshmi Nagar Ext is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then back to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,750 per sq.ft in 2024.

What is the land classification for muthulakshmi Nagar Ext?

The land classification for Muthulakshmi Nagar Ext is Residential Class I Type - II.

Where can I find the Sub Registrar Office for muthulakshmi Nagar Ext?

The Sub Registrar Office covering Muthulakshmi Nagar Ext is located at No.26, Mes Road, East Tambaram, Chennai-600059.

How is the stamp duty calculated for properties in muthulakshmi Nagar Ext?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500 at a rate of 7%.