Guideline Value for MURTHY NAGAR MAIN RAOD

Murthy Nagar Main Raod guideline value

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

How the guideline value of Murthy Nagar Main Raod has changed

Over the years, the guideline value for Murthy Nagar Main Raod has seen several revisions. The earliest recorded figure 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 2017. However, from 2017 to 2023, the value increased significantly to Rs 2,000 per sq.ft, marking a 49% rise. The most recent revision in 2024 brought the value to Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year.

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

Guideline values in Chettiyaragaram

In Chettiyaragaram, there are 22 streets under the Chennai South Joint I SRO that have a 2024 guideline value ranging from Rs 1,210 to Rs 4,400 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, which is equal to the current guideline value of Murthy Nagar Main Raod.

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

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, charged at 7%, would be Rs 1,54,000, while the registration fee at 2% would be Rs 44,000. This brings the total cost together 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.

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

Which Sub Registrar Office covers Murthy Nagar Main Raod?

The Sub Registrar Office that covers Murthy Nagar Main Raod 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. You can find your SRO for more details.

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

The guideline value plays a crucial role in property transactions in Chettiyaragaram. It is used to determine the stamp duty and registration fees when buying or selling property. Buyers must ensure that the sale price of the property is either equal to or higher than the guideline value to comply with registration requirements.

When registering a property, the guideline value is referenced to calculate the applicable fees. This ensures that the government receives the appropriate revenue from property transactions, based on the established values for different areas.

Frequently asked questions

What is the current guideline value of Murthy Nagar Main Raod?

The current guideline value of Murthy Nagar Main Raod 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 Main Raod?

Murthy Nagar Main Raod is classified as Residential Special Type - II under the Chennai South Joint I SRO.

What are the stamp duty and registration fees for property in this area?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Where can I find the Sub Registrar Office for Murthy Nagar Main Raod?

The Sub Registrar Office for Murthy Nagar Main Raod is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, fanepet Nandanam, Chennai -600 035.