Guideline Value for MURTHY NAGAR

Murthy Nagar guideline value

The current guideline value of Murthy Nagar, located in Chettiyaragaram village under the Chennai South Joint I SRO, is Rs 2,200 per sq.ft. This value is effective from the 2024 revision, which commenced on 1 July 2024. The land classification for this area is Residential Special Type - II.

How the guideline value of Murthy Nagar has changed

Over the years, the guideline value of Murthy Nagar has seen significant changes. The 2017 revision set the value at Rs 1,340 per sq.ft, which increased to Rs 2,000 per sq.ft in the 2023 revision, marking a 49% rise. The most recent revision in 2024 brought the guideline value to Rs 2,200 per sq.ft, representing a 10% increase from the previous year.

When considering the overall change from 2017 to 2024, the guideline value has increased by 64%. It is important to note that there are no figures available for the revisions in 2002, 2003, 2007, and 2012 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 value for Murthy Nagar.

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

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. Together, these fees would total Rs 1,98,000. It is important to note that the stamp 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?

The Sub Registrar Office that covers Murthy Nagar 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 is a crucial factor when registering property transactions in Chettiyaragaram. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When buying or selling property, it is essential to be aware of the guideline value, as it can influence negotiations and the overall transaction process. Buyers and sellers should ensure that the sale price aligns with or exceeds the guideline value to avoid complications during registration.

Frequently asked questions

What is the current guideline value of Murthy Nagar?

The current guideline value of Murthy Nagar is Rs 2,200 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed since 2017?

Since 2017, the guideline value has increased by 64%, from Rs 1,340 per sq.ft to Rs 2,200 per sq.ft in 2024.

What are the stamp duty rates for property in Murthy Nagar?

The stamp duty rate for property transactions in Murthy Nagar is 7% of the guideline value or sale price, whichever is higher.

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

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

What is the land classification for Murthy Nagar?

The land classification for Murthy Nagar is Residential Special Type - II, indicating its designated use for residential purposes.