Guideline Value for DR.MOORTHY NAGAR EXTENSION

Dr.Moorthy Nagar Extension guideline value

The current guideline value of Dr.Moorthy Nagar Extension is Rs 3,400 per sq.ft, effective from 1 July 2024. This area is located in Padi village, under the Villivakkam SRO, and is classified as Residential Class IV Type - II.

How the guideline value of Dr.Moorthy Nagar Extension has changed

The guideline value for Dr.Moorthy Nagar Extension has seen several revisions over the years. Starting from the 2002 revision, the value was Rs 416 per sq.ft. This increased to Rs 470 per sq.ft in 2003, followed by a significant rise to Rs 850 per sq.ft in 2007. The value then jumped to Rs 3,100 per sq.ft in 2012, before decreasing to Rs 2,077 per sq.ft in 2017. The 2023 revision marked a return to Rs 3,100 per sq.ft, and the most recent 2024 revision has set the value at Rs 3,400 per sq.ft.

In terms of changes, from 2002 to 2003, there was an increase of 13%. The period from 2003 to 2007 saw an 81% rise. However, from 2007 to 2012, there was a decrease of 33%. The value then increased by 49% from 2017 to 2023. Finally, from 2023 to 2024, the guideline value rose by 10%. Overall, from 2002 to 2024, the guideline value has increased by 717%.

Guideline values in Padi

In Padi village, there are 354 streets under the Villivakkam SRO with a 2024 guideline value ranging from Rs 2,200 to Rs 13,200 per sq.ft. The median value for these streets is Rs 3,800 per sq.ft, indicating that Dr.Moorthy Nagar Extension's 2024 figure is below this median.

• DR.MOORTHY NAGAR 3rd MAIN ROAD: Rs 3,400 per sq.ft (2024)
• Dr.Moorthy Nagar "rathinam Street": Rs 3,400 per sq.ft (2024)
• DR.MOORTHY NAGAR 1st MAIN ROAD: Rs 3,400 per sq.ft (2024)
• DR.MOOTHY NAGAR 2nd MAIN ROAD: Rs 3,400 per sq.ft (2024)
• Dr.Ambedkar Nagar "v.O.C.Street": Rs 2,500 per sq.ft (2024)
• Dr.Ambedkar Nagar "vivekananda Street": Rs 2,500 per sq.ft (2024)

Stamp duty and registration fee for property in Dr.Moorthy Nagar Extension

For a 1,000 sq.ft plot at the current guideline value of Rs 3,400 per sq.ft, the total guideline value would be Rs 34,00,000. The stamp duty at 7% would amount to Rs 2,38,000, and the registration fee at 2% would be Rs 68,000, bringing the total to Rs 3,06,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Dr.Moorthy Nagar Extension?

The Sub Registrar Office that covers Dr.Moorthy Nagar Extension is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Padi. It serves as the basis for calculating stamp duty and registration fees, ensuring that these costs are aligned with the official valuation of the property.

When buying or selling property, the guideline value helps establish a standard for the transaction, providing a transparent framework for both buyers and sellers. It is important to be aware of the current guideline value to ensure compliance with local regulations during the registration process.

Frequently asked questions

What is the current guideline value of Dr.Moorthy Nagar Extension?

The current guideline value of Dr.Moorthy Nagar Extension is Rs 3,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 416 per sq.ft in 2002 to Rs 3,400 per sq.ft in 2024, reflecting an overall increase of 717% over this period.

What is the land classification for Dr.Moorthy Nagar Extension?

Dr.Moorthy Nagar Extension is classified as Residential Class IV Type - II, indicating its suitability for residential development.

What are the stamp duty and registration fees for property transactions?

For a property valued at Rs 34,00,000, the stamp duty is Rs 2,38,000, and the registration fee is Rs 68,000, totaling Rs 3,06,000. These fees are based on the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Dr.Moorthy Nagar Extension?

The Villivakkam Sub Registrar Office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037. This office handles registrations for properties in Dr.Moorthy Nagar Extension.