Guideline Value for MURTHY NAGAR 2ND STREET

Murthy Nagar 2nd Street guideline value

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

How the guideline value of Murthy Nagar 2nd Street has changed

The guideline value for Murthy Nagar 2nd Street has undergone several revisions over the years. The earliest recorded figure is from 2012, where it was set at Rs 2,000 per sq.ft. This value remained until the next revision in 2017, where it decreased to Rs 1,340 per sq.ft, marking a decline of 33%. The value then increased significantly to Rs 2,000 per sq.ft in 2023, and further rose to Rs 2,200 per sq.ft in 2024, reflecting a 10% increase.

Between the revisions, the guideline value saw a substantial increase of 49% from 2017 to 2023. Overall, from 2012 to 2024, the guideline value has increased by 10%. 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. The median guideline value for these streets is Rs 2,200 per sq.ft, which is equal to the current figure for Murthy Nagar 2nd Street.

• Murthy Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• Murthy Nagar 3rd Street: Rs 2,200 per sq.ft (2024)
• Murthy Nagar Main Road: Rs 2,200 per sq.ft (2024)
• Murthy Nagar: 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 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to 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 duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Murthy Nagar 2nd Street?

The Sub Registrar Office that covers Murthy Nagar 2nd 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.

You can find your SRO for more details.

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

The guideline value is an essential factor in the registration process of property transactions in Chettiyaragaram. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when a property is bought or sold.

When you register 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 registration reflects the true value of the property being transferred.

Frequently asked questions

What is the current guideline value of Murthy Nagar 2nd Street?

The current guideline value of Murthy Nagar 2nd 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 increased 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 2nd Street?

Murthy Nagar 2nd Street is classified as Residential Special Type - II under the Chennai South Joint I SRO.

What are the other streets in Chettiyaragaram with the same guideline value?

Other streets in Chettiyaragaram that have the same guideline value of Rs 2,200 per sq.ft include Murthy Nagar 1st Street, Murthy Nagar 3rd Street, Murthy Nagar Main Road, and Murthy Nagar.

Where can I find more information about stamp duty and registration fees?

You can find more information about stamp duty and registration fees using the stamp duty and registration fee calculator available online.