Guideline Value for MURTHY NAGAR 1ST STREET

Murthy Nagar 1st Street guideline value

The current guideline value of Murthy Nagar 1st Street, located in Chettiyaragaram village, is Rs 2,200 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint I SRO and is classified as Residential Special Type - II.

How the guideline value of Murthy Nagar 1st Street has changed

Over the years, the guideline value of Murthy Nagar 1st Street has seen several revisions. The earliest recorded revision is from 2012, where the value was Rs 2,000 per sq.ft. This was followed by a decrease to Rs 1,340 per sq.ft in the 2017 revision, showing a decline of 33%. However, the value increased significantly to Rs 2,000 per sq.ft in the 2023 revision, and further rose to Rs 2,200 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

Between the 2017 and 2023 revisions, there was a notable increase of 49%. Overall, from 2012 to 2024, the guideline value has increased by 10%. It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Chettiyaragaram

In Chettiyaragaram, there are 22 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 1,210 to Rs 4,400 per sq.ft, with the median being Rs 2,200 per sq.ft. Murthy Nagar 1st Street's 2024 figure aligns with this median.

• Murthy Nagar 2nd Street: Rs 2,200 per sq.ft (2024)
• Murthy Nagar 3rd Street: Rs 2,200 per sq.ft (2024)
• Murthy Nagar: Rs 2,200 per sq.ft (2024)
• Murthy Nagar Main Road: Rs 2,200 per sq.ft (2024)
• Porur Garden Phase-III: Rs 4,400 per sq.ft (2024)
• Rajalakshmi Garden: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Murthy Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for more precise calculations.

Which Sub Registrar Office covers Murthy Nagar 1st Street?

The Sub Registrar Office that covers Murthy Nagar 1st 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, Chennai registration zone.

For more information, you can find your SRO.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Chettiyaragaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that transactions are conducted at a fair value.

When registering a property, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Murthy Nagar 1st Street?

The current guideline value of Murthy Nagar 1st Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What is the land classification for Murthy Nagar 1st Street?

Murthy Nagar 1st Street is classified as Residential Special Type - II.

Which office handles property registrations for this area?

The Chennai South Joint I Sub Registrar Office handles property registrations for Murthy Nagar 1st Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

How is the stamp duty calculated for properties in this area?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 at 7%.