Guideline Value for MURTHY NAGAR STREET

Murthy Nagar Street guideline value

The current guideline value of Murthy Nagar Street 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 Street has changed

The guideline value for Murthy Nagar Street has seen several revisions over the years. The 2003 revision recorded a value of Rs 588 per sq.ft, which increased to Rs 600 per sq.ft in 2007. Following this, the 2012 revision brought the value to Rs 3,000 per sq.ft, but it then decreased to Rs 2,010 per sq.ft in the 2017 revision. The 2023 revision saw a significant rise to Rs 3,000 per sq.ft, and the latest 2024 revision further increased this to Rs 3,200 per sq.ft, marking a 7% increase from the previous year.

Overall, from the 2003 revision to the 2024 revision, the guideline value has increased by 444%. Notably, there is no figure for Murthy Nagar Street in the 2002 revision.

Guideline values in Perambur

In Perambur village, there are 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. The guideline value for Murthy Nagar Street is above this median.

• MURTHY NAGAR LANE 2nd 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 Street

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, and the registration fee at 2% would be Rs 64,000, totaling Rs 2,88,000. 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 Street?

The Sub Registrar Office that covers Murthy Nagar Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Perambur. It establishes a baseline for the property’s value, which helps determine the applicable stamp duty and registration fees.

When a property is sold, the guideline value serves as a reference point for the transaction. The registration authority will use this value to calculate the necessary fees, ensuring that all transactions are recorded accurately and transparently.

Frequently asked questions

What is the current guideline value of Murthy Nagar Street?

The current guideline value of Murthy Nagar 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 changed multiple times, starting from Rs 588 per sq.ft in 2003 to Rs 3,200 per sq.ft in 2024. The most significant increase occurred from 2017 to 2023, with a rise of 49%.

What are the other streets in Perambur with similar guideline values?

Other streets in Perambur with a guideline value of Rs 3,200 per sq.ft include Murthy Nagar Lane 2nd Street, Murthy Nagar 1st Lane, and Muniappa Naicken Street.

What is the registration fee for property in Murthy Nagar Street?

The registration fee for property in Murthy Nagar Street is calculated based on the guideline value. For a property valued at Rs 32,00,000, the registration fee would be Rs 64,000, which is 2% of the guideline value.

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

The Purasaivakkam Sub Registrar Office covers Murthy Nagar Street, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find more details online.