Guideline Value for MURAHARI STREET

Murahari Street guideline value

The current guideline value of Murahari Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Saidapet village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class IV Type - III.

How the guideline value of Murahari Street has changed

The guideline value for Murahari Street has undergone several revisions over the years. The earliest recorded figure is from 2002, with a guideline value of Rs 758 per sq.ft. This increased to Rs 872 per sq.ft in 2003, marking a 15% rise. The value then saw a significant increase to Rs 1,300 per sq.ft in 2007, which is a 49% increase. In 2012, the value was recorded at Rs 2,500 per sq.ft, reflecting a substantial 92% increase from the previous revision. However, it then decreased to Rs 1,675 per sq.ft in 2017, showing a decline of 33%.

From 2017 to 2023, the guideline value rose significantly to Rs 2,500 per sq.ft, a 49% increase. The most recent revision in 2024 set the value at Rs 2,750 per sq.ft, reflecting a 10% increase from the previous year. There are no figures available for the years not mentioned in the register for this street.

Guideline values in Saidapet

In Saidapet, there are 52 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 8,250 per sq.ft, with a median value of Rs 3,300 per sq.ft. Murahari Street's 2024 figure is below this median.

• Munusamy Naicker Street: Rs 2,750 per sq.ft (2024)
• New Colony 1st Cross Street: Rs 4,400 per sq.ft (2024)
• New Colony 2nd Cross Street: Rs 4,400 per sq.ft (2024)
• New Colony 3rd Cross Street: Rs 4,400 per sq.ft (2024)
• New Colony 4th Cross Street: Rs 4,400 per sq.ft (2024)
• New Colony Main Road: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Murahari Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, and the registration fee at 2% would be Rs 55,000. Together, the total cost would be Rs 2,47,500. It is important to note that the 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 Street?

The Sub Registrar Office that covers Murahari Street is the Chennai South Joint I 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 for more information.

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

The guideline value is a crucial factor during the registration process of property transactions in Saidapet. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when buying or selling property in the area.

When a property is registered, the guideline value is compared to the sale price. The higher of the two amounts is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Murahari Street?

The current guideline value of Murahari Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 758 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of 263% over the years.

What are the stamp duty and registration fees for property in Murahari Street?

For a 1,000 sq.ft property, the total guideline value would be Rs 27,50,000, with stamp duty of Rs 1,92,500 and a registration fee of Rs 55,000, totaling Rs 2,47,500.

Which Sub Registrar Office covers Murahari Street?

The Chennai South Joint I Sub Registrar Office covers Murahari Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

What is the median guideline value for streets in Saidapet?

The median guideline value for streets in Saidapet is Rs 3,300 per sq.ft, while Murahari Street's current guideline value is below this median at Rs 2,750 per sq.ft.