Guideline Value for MOORTHINGA IYER 1ST STREET

Moorthinga Iyer 1st Street guideline value

The current guideline value of Moorthinga Iyer 1st Street is Rs 4,300 per sq.ft, effective from 1 July 2024. This street is located in Perambur village, under the Purasaivakkam SRO, and is classified as Residential Class II Type - I.

How the guideline value of Moorthinga Iyer 1st Street has changed

The guideline value for Moorthinga Iyer 1st Street has seen several revisions over the years. Starting from the 2003 revision, the value was Rs 588 per sq.ft. This increased to Rs 600 per sq.ft in 2007, marking a modest rise of 2%. The value then surged significantly to Rs 4,000 per sq.ft in 2012, reflecting a remarkable increase of 567%. However, it dropped to Rs 2,680 per sq.ft in 2017, a decrease of 33%. The value rebounded to Rs 4,000 per sq.ft in 2023, and the latest revision in 2024 set it at Rs 4,300 per sq.ft, representing an 8% increase from the previous year.

Overall, the guideline value has increased by 631% from the 2003 revision to the current 2024 figure. It is important to note that there is no figure available for this street in the 2002 revision.

Guideline values in Perambur

In Perambur, there are 1,114 streets under the Purasaivakkam SRO that carry a 2024 guideline value ranging from Rs 1,600 to Rs 7,100 per sq.ft, with a median value of Rs 2,700 per sq.ft. Moorthinga Iyer 1st Street's 2024 guideline value is above this median.

• Moorthinga Iyer 2nd Street: Rs 4,300 per sq.ft (2024)
• Moorthinga Iyer Hut Area: Rs 4,300 per sq.ft (2024)
• Moorthinga Iyer Street Lane: Rs 4,300 per sq.ft (2024)
• Moorthinga Iyer Street (Murthinga Iyer Main Road To Erukkanchery): Rs 4,900 per sq.ft (2024)
• Mohammed Ismail Street: Rs 2,700 per sq.ft (2024)
• Moahana Mudali Street: Rs 3,200 per sq.ft (2024)

Stamp duty and registration fee for property in Moorthinga Iyer 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,300 per sq.ft, the total guideline value would be Rs 43,00,000. The stamp duty at 7% would amount to Rs 3,01,000, and the registration fee at 2% would be Rs 86,000, bringing the total to Rs 3,87,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Moorthinga Iyer 1st Street?

The Sub Registrar Office that covers Moorthinga Iyer 1st Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more information.

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

The guideline value is a critical factor in the registration process of property transactions in Perambur. It serves as a baseline for determining the stamp duty and registration fees that must be paid when a property is bought or sold.

When registering a property, the buyer must pay the stamp duty based on the higher of the guideline value or the sale price. This ensures that the government receives appropriate revenue from property transactions, reflecting the value of the property being transferred.

Frequently asked questions

What is the current guideline value of Moorthinga Iyer 1st Street?

The current guideline value of Moorthinga Iyer 1st Street is Rs 4,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly over the years, from Rs 588 per sq.ft in 2003 to Rs 4,300 per sq.ft in 2024, marking an overall increase of 631%.

What is the land classification of Moorthinga Iyer 1st Street?

Moorthinga Iyer 1st Street is classified as Residential Class II Type - I, indicating its suitability for residential development.

What is the stamp duty rate for property transactions?

The stamp duty rate for property transactions in this area is 7%, which is applied to the higher of the guideline value or the sale price of the property.

Where is the Sub Registrar Office located?

The Purasaivakkam Sub Registrar Office is located at 93/1, Bricklin Road, Otteri, Chennai- 600 012, and it covers Moorthinga Iyer 1st Street.