Guideline Value for MURTHY NAGAR 1st LANE

MURTHY NAGAR 1st LANE guideline value

The current guideline value of MURTHY NAGAR 1st LANE is Rs 3,200 per sq.ft, effective from 1 July 2024. This street is located in Perambur village, under the Purasaivakkam SRO, and is classified as Residential Class III Type - I.

How the guideline value of MURTHY NAGAR 1st LANE has changed

The guideline value of MURTHY NAGAR 1st LANE has seen significant changes over the years. In 2003, the guideline value was Rs 588 per sq.ft, which increased to Rs 600 per sq.ft in 2007. This was followed by a substantial rise to Rs 2,010 per sq.ft in 2017, marking a 235% increase. The value then rose to Rs 3,000 per sq.ft in 2023, reflecting a 49% increase from the previous revision. The latest revision in 2024 sets the guideline value at Rs 3,200 per sq.ft, representing a 7% increase from 2023.

The revisions for the years 2002 and 2012 do not have any figures for this street recorded in the register. Overall, from 2003 to 2024, the guideline value has increased by 444%.

Guideline values in Perambur

In Perambur, there are a total of 1,114 streets under the Purasaivakkam SRO that carry a 2024 guideline value ranging from Rs 1,600 to Rs 7,100 per sq.ft, with a median value of Rs 2,700 per sq.ft. MURTHY NAGAR 1st LANE's guideline value is above this median, indicating its relative valuation within the area.

• MURTHY NAGAR LANE 2nd STREET: Rs 3,200 per sq.ft (2024)
• Murthy Nagar Street: Rs 3,200 per sq.ft (2024)
• Muniappa Naicken Street: Rs 3,200 per sq.ft (2024)
• MULLAI COLONY (MKB Nagar): Rs 4,300 per sq.ft (2024)
• Muthamizh Street: Rs 2,200 per sq.ft (2024)
• Muthu Kumaraswamy Street: Rs 3,200 per sq.ft (2024)

Stamp duty and registration fee for property in MURTHY NAGAR 1st LANE

For a 1,000 sq.ft plot at the current guideline value of Rs 3,200 per sq.ft, the total guideline value would be Rs 32,00,000. The stamp duty at 7% would amount to Rs 2,24,000, while the registration fee at 2% would be Rs 64,000. Together, these fees would total Rs 2,88,000. 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 MURTHY NAGAR 1st LANE?

MURTHY NAGAR 1st LANE falls under the jurisdiction of the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more information.

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

The guideline value plays a crucial role during property transactions in Perambur. It is used as a benchmark for calculating the stamp duty and registration fees when you register a property sale. Buyers and sellers must consider this value to ensure compliance with local regulations.

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

Frequently asked questions

What is the current guideline value of MURTHY NAGAR 1st LANE?

The current guideline value of MURTHY NAGAR 1st LANE is Rs 3,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 588 per sq.ft in 2003 to Rs 3,200 per sq.ft in 2024, showing a significant overall increase of 444% over this period.

What is the land classification for MURTHY NAGAR 1st LANE?

MURTHY NAGAR 1st LANE is classified as Residential Class III Type - I, indicating its use for residential purposes.

Where can I find the Purasaivakkam Sub Registrar Office?

The Purasaivakkam Sub Registrar Office is located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. This office handles registrations for properties in the area.

How is the stamp duty calculated for properties in MURTHY NAGAR 1st LANE?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 32,00,000, the stamp duty would be Rs 2,24,000 at 7% of the guideline value.