Guideline Value for MOORTHINGA IYER 2ND STREET

Moorthinga Iyer 2nd Street guideline value

The current guideline value of Moorthinga Iyer 2nd Street is Rs 4,300 per sq.ft, effective from 1 July 2024. This street is located in Perambur village under the Purasaivakkam SRO, classified as Residential Class II Type - I.

How the guideline value of Moorthinga Iyer 2nd Street has changed

The guideline value for Moorthinga Iyer 2nd Street has undergone several revisions over the years. Starting from the 2003 revision, the value was Rs 588 per sq.ft, which increased to Rs 600 per sq.ft in 2007. The value then saw a significant jump to Rs 4,000 per sq.ft in 2012, but it dropped to Rs 2,680 per sq.ft by 2017. The 2023 revision set the value at Rs 4,000 per sq.ft, and the most recent revision in 2024 raised it to Rs 4,300 per sq.ft, reflecting an increase of 8% from the previous year.

In summary, from the 2017 revision to the 2023 revision, there was a notable increase of 49%. The value fluctuated from 2012 to 2017 with a decrease of 33%, while the jump from 2007 to 2012 was remarkable at 567%. Overall, from 2003 to 2024, the guideline value has increased by 631%. The register does not have a figure for the year 2002 for this street.

Guideline values in Perambur

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

• Moorthinga Iyer 1st 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 2nd 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 and the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Moorthinga Iyer 2nd Street?

The Sub Registrar Office that covers Moorthinga Iyer 2nd 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 plays a crucial role in the registration process when buying or selling property in Perambur. It is used to determine the stamp duty and registration fees applicable to the transaction, ensuring that the government receives the appropriate revenue based on property values.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the stamp duty. This ensures that the registration process is fair and transparent, reflecting the true value of the property being transacted.

Frequently asked questions

What is the current guideline value of Moorthinga Iyer 2nd Street?

The current guideline value of Moorthinga Iyer 2nd 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, with the most recent revision in 2024 showing an increase of 8% from Rs 4,000 per sq.ft in 2023. The overall increase from 2003 to 2024 is 631%.

What is the classification of land on Moorthinga Iyer 2nd Street?

Moorthinga Iyer 2nd Street is classified as Residential Class II Type - I, indicating its use for residential purposes.

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

The stamp duty is calculated at 7% of the guideline value or sale price, whichever is higher, while the registration fee is 2% of the guideline value. For example, a property valued at Rs 43,00,000 would incur a total of Rs 3,87,000 in fees.

Where can I find the Sub Registrar Office for Moorthinga Iyer 2nd Street?

The Sub Registrar Office for Moorthinga Iyer 2nd Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.