Guideline Value for MURTHY AVENUE

Murthy Avenue guideline value

The current guideline value of Murthy Avenue, located in Karapakkam village under the Neelankarai SRO, is Rs 1,100 per sq.ft, effective from 1 July 2024. This street is classified under Residential Class III Type - I.

How the guideline value of Murthy Avenue has changed

The guideline value for Murthy Avenue has seen several revisions over the years. The 2012 revision set the value at Rs 1,000 per sq.ft, which then decreased to Rs 670 per sq.ft in the 2017 revision. However, from 2017 to 2023, there was a notable increase of 49%, bringing the value back to Rs 1,000 per sq.ft. The most recent revision in 2024 has increased this value to Rs 1,100 per sq.ft, marking a 10% rise from the previous year.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 for this street. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%.

Guideline values in Karapakkam

In Karapakkam, there are 185 streets under the Neelankarai SRO that carry a 2024 guideline value, ranging from Rs 1,000 to Rs 10,700 per sq.ft. The median guideline value for these streets is Rs 1,700 per sq.ft, indicating that the guideline value for Murthy Avenue is below this median.

• Murugesan Street: Rs 1,100 per sq.ft (2024)
• M/S Pure Metalic: Rs 2,200 per sq.ft (2024)
• M/S Fisher Echo Mas India Ltd.,: Rs 2,200 per sq.ft (2024)
• Muthamizh Nagar: Rs 4,400 per sq.ft (2024)
• MUTHAMIZH NAGAR 1st STREET: Rs 4,400 per sq.ft (2024)
• MUTHAMIZH NAGAR 2nd STREET: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Murthy Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 1,100 per sq.ft, the total guideline value amounts to Rs 11,00,000. The stamp duty, calculated at 7%, would be Rs 77,000, while the registration fee at 2% would be Rs 22,000. Therefore, the total cost for stamp duty and registration would be Rs 99,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Murthy Avenue?

The Sub Registrar Office that covers Murthy Avenue 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 Karapakkam

The guideline value plays a crucial role in the registration process when buying or selling property in Karapakkam. It serves as a benchmark for determining the minimum value on which stamp duty and registration fees are calculated, ensuring that the transaction is recorded at a fair value.

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 applicable duties. This ensures that the registration reflects the true value of the property being transferred.

Frequently asked questions

What is the current guideline value of Murthy Avenue?

The current guideline value of Murthy Avenue is Rs 1,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,000 per sq.ft in 2012 to Rs 670 per sq.ft in 2017, then back to Rs 1,000 per sq.ft in 2023, and finally to Rs 1,100 per sq.ft in 2024.

What is the land classification for Murthy Avenue?

Murthy Avenue is classified as Residential Class III Type - I.

What are the stamp duty and registration fees for properties in Murthy Avenue?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot at Rs 1,100 per sq.ft, the total cost for stamp duty and registration would be Rs 99,000.

Where is the Sub Registrar Office for Murthy Avenue located?

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