Guideline Value for MURASOLIMARAN STREET

Murasolimaran Street guideline value

The current guideline value of Murasolimaran Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Palavakkam village under the Neelankarai SRO, classified as Residential Class II Type - II.

How the guideline value of Murasolimaran Street has changed

The guideline value for Murasolimaran Street has undergone several revisions over the years. In 2012, the value was set at Rs 3,000 per sq.ft, which decreased to Rs 2,010 per sq.ft in 2017. Following this, the value increased significantly to Rs 3,000 per sq.ft in 2023, and as of the 2024 revision, it stands at Rs 3,300 per sq.ft. Notably, there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

When examining the changes between revisions, the value saw a decrease of 33% from 2012 to 2017, followed by a substantial increase of 49% from 2017 to 2023. The latest revision from 2023 to 2024 reflects a 10% increase. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Palavakkam

Palavakkam village has a total of 349 streets under the Neelankarai SRO, with guideline values ranging from Rs 1,000 to Rs 8,800 per sq.ft. The median guideline value for these streets is Rs 3,300 per sq.ft, which is the same as the current value for Murasolimaran Street.

• Mosque Street: Rs 2,800 per sq.ft (2024)
• Muthu Mariamman Street: Rs 1,700 per sq.ft (2024)
• Naidu Garden: Rs 3,900 per sq.ft (2024)
• M.G.R. Road 6th Cross Street: Rs 5,500 per sq.ft (2024)
• M.G.R. Road 5th Cross Street: Rs 5,500 per sq.ft (2024)
• M.G.R. Road 4th Cross Street: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Murasolimaran Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total cost for these fees to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Murasolimaran Street?

The Sub Registrar Office that covers Murasolimaran Street is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

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

The guideline value serves as a basis for determining the stamp duty and registration fees when buying or selling property in Palavakkam. It is crucial for buyers and sellers to be aware of the current guideline value to ensure compliance with registration requirements.

When a property is registered, the guideline value is considered to be the minimum value for taxation purposes. This means that the stamp duty and registration fees will be calculated based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of Murasolimaran Street?

The current guideline value of Murasolimaran Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Over the years, the guideline value has seen several revisions, with the most recent increase of 10% from Rs 3,000 per sq.ft in 2023 to Rs 3,300 per sq.ft in 2024.

What is the land classification of Murasolimaran Street?

Murasolimaran Street is classified as Residential Class II Type - II, indicating its suitability for residential development.

Where can I find the Neelankarai Sub Registrar Office?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How is the stamp duty calculated for properties in Murasolimaran Street?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a plot valued at Rs 33,00,000 would incur a stamp duty of Rs 2,31,000.