Guideline Value for MURAHARI ROAD

Murahari Road guideline value

The current guideline value of Murahari Road is Rs 3,300 per sq.ft, effective from 1 July 2024. This road is located in Saidapet village under the Chennai South Joint II SRO, and the land classification is Residential Class III Type - I.

How the guideline value of Murahari Road has changed

The guideline value for Murahari Road has seen several revisions over the years. Starting from the 2002 revision, the value was Rs 515 per sq.ft. This increased to Rs 645 per sq.ft in 2003, marking a 25% rise. The value continued to rise significantly, reaching Rs 1,300 per sq.ft in 2007, which was an increase of 102%. By 2012, the value was Rs 3,000 per sq.ft, reflecting a substantial increase of 131% from the previous revision. However, it then decreased by 33% to Rs 2,010 per sq.ft in 2017.

From 2017 to 2023, the guideline value increased by 49% to Rs 3,000 per sq.ft. The most recent revision in 2024 saw another increase of 10%, bringing the current value to Rs 3,300 per sq.ft. There are no figures for revisions in the years not listed in the register for this street.

Guideline values in Saidapet

In Saidapet, there are 106 streets under the Chennai South Joint II SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, positioning Murahari Road's 2024 figure below that median.

• Mosque Street: Rs 4,400 per sq.ft (2024)
• Mosque Pallam: Rs 4,400 per sq.ft (2024)
• Mosque Lane (Plot No.3a Plot No.17): Rs 4,400 per sq.ft (2024)
• Nagalingam Street: Rs 3,300 per sq.ft (2024)
• Nara Lane: Rs 3,300 per sq.ft (2024)
• Narayanasamy 1st Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Murahari Road

For a 1,000 sq.ft plot at the current rate of Rs 3,300 per sq.ft, the guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, while the registration fee at 2% would be Rs 66,000, totaling Rs 2,97,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Murahari Road?

The Sub Registrar Office that covers Murahari Road is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO here.

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

The guideline value is an essential factor when registering property transactions in Saidapet. It serves as a benchmark for determining the stamp duty and registration fees payable during the sale or purchase of property.

When a buyer or seller engages in a transaction, the guideline value ensures that the property is assessed fairly for taxation purposes. This value is used to calculate the applicable duties, ensuring compliance with local regulations.

Frequently asked questions

What is the current guideline value of Murahari Road?

The current guideline value of Murahari Road is Rs 3,300 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 515 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 541% over this period.

What are the other streets in Saidapet with similar guideline values?

Other streets in Saidapet with similar guideline values include Nagalingam Street, Nara Lane, and Narayanasamy 1st Street, all at Rs 3,300 per sq.ft for 2024.

How is the stamp duty calculated for properties on Murahari Road?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For instance, a 1,000 sq.ft plot at Rs 3,300 per sq.ft would incur a stamp duty of Rs 2,31,000.

Where can I find the Sub Registrar Office for Murahari Road?

The Sub Registrar Office for Murahari Road is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.