Guideline Value for MURTHY NAGAR LANE 2nd STREET

MURTHY NAGAR LANE 2nd STREET guideline value

The current guideline value of MURTHY NAGAR LANE 2nd STREET is Rs 3,200 per sq.ft, effective from 1 July 2024. This street is located in Perambur village and falls under the Purasaivakkam SRO. The land classification for this area is Residential Class III Type - I.

How the guideline value of MURTHY NAGAR LANE 2nd STREET has changed

Over the years, the guideline value of MURTHY NAGAR LANE 2nd STREET has seen significant changes. The 2003 revision recorded a guideline value of Rs 588 per sq.ft, which increased to Rs 600 per sq.ft in 2007. Following this, the value rose sharply to Rs 2,010 per sq.ft in 2017, marking a 235% increase from 2007. The 2023 revision set the value at Rs 3,000 per sq.ft, reflecting a 49% increase from the 2017 figure.

The most recent revision in 2024 has further increased the guideline value to Rs 3,200 per sq.ft, a 7% rise from the previous year. Notably, there are no figures available for the years 2002 and 2012 in the register for this street.

Guideline values in Perambur

In Perambur, there are 1,114 streets under the Purasaivakkam SRO with a 2024 guideline value ranging from Rs 1,600 to Rs 7,100 per sq.ft. The median guideline value for these streets is Rs 2,700 per sq.ft, placing MURTHY NAGAR LANE 2nd STREET above this median.

• Murthy Nagar Street: Rs 3,200 per sq.ft (2024)
• MURTHY NAGAR 1st LANE: 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 LANE 2nd STREET

For a 1,000 sq.ft plot at the current guideline value of Rs 3,200 per sq.ft, the total guideline value amounts to Rs 32,00,000. The stamp duty at 7% would be Rs 2,24,000, and the registration fee at 2% would be Rs 64,000, bringing the total fees to Rs 2,88,000. It is important to note that 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 NAGAR LANE 2nd STREET?

The Sub Registrar Office covering MURTHY NAGAR LANE 2nd STREET is 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 in the registration process of property transactions in Perambur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the state receives appropriate revenue from stamp duty and registration fees.

When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees. Buyers should be aware that the duty is charged on the higher of the guideline value or the sale price, which can impact the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of MURTHY NAGAR LANE 2nd STREET?

The current guideline value of MURTHY NAGAR LANE 2nd STREET 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, marking an overall increase of 444% over the years.

What is the land classification for MURTHY NAGAR LANE 2nd STREET?

The land classification for MURTHY NAGAR LANE 2nd STREET is Residential Class III Type - I.

Where can I find the Sub Registrar Office for this area?

The Sub Registrar Office for MURTHY NAGAR LANE 2nd STREET is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

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 of the property. For example, a property with a guideline value of Rs 32,00,000 would incur a stamp duty of Rs 2,24,000 at 7%.