Muniyappa's total score now reads 12-under 201. American national Rahul Bakshi carded a three-under 68 to be placed second at four-under 209.
Muniyappa's third round saw him stumble with two double-bogeys and a bogey against his four birdies. The 37-year-old pulled his tee shot into the trees on the second resulting in a double-bogey.
His other double-bogey on the fifth came as a result of his second shot landing out of bounds. Muniyappa limited the damage by converting two 10-feet birdie putts on the fourth and sixth. His back-nine was better as he made birdies on the 11th and 18th and a bogey on the 13th.
"I failed to convert four putts from a distance of three feet. Nonetheless, I still enjoy a substantial lead and the performance in the first two rounds has given me a lot of confidence for the coming season," he added.
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Chandigarh-based Rahul Bakshi (67-74-68) made four birdies and a bogey in his third round to be placed second.
At the end of the fourth round, the top 38 players will earn full cards for the 2014 PGTI season.