Guideline Value for MURUGAN AVENUE PHASE II

Murugan Avenue Phase II guideline value

The current guideline value of Murugan Avenue Phase II is Rs 1,100 per sq.ft, effective from 1 July 2024. This property is located in Puthur village, under the Tambaram Joint 1 SRO, and is classified as Residential Special Type - V.

How the guideline value of Murugan Avenue Phase II has changed

The guideline value for Murugan Avenue Phase II has undergone several revisions over the years. In 2012, the value was set at Rs 1,000 per sq.ft. This figure remained unchanged until the 2017 revision, which saw a decrease to Rs 670 per sq.ft. However, from 2017 to 2023, the value increased significantly to Rs 1,000 per sq.ft, marking a 49% rise. The most recent revision in 2024 raised the value to Rs 1,100 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 for this street. Overall, from 2012 to 2024, the guideline value has seen a net increase of 10%.

Guideline values in Puthur

Puthur village has 63 streets under the Tambaram Joint 1 SRO that carry a 2024 guideline value, ranging from Rs 330 to Rs 4,600 per sq.ft. The median value for these streets is Rs 1,100 per sq.ft, which is equal to the current guideline value of Murugan Avenue Phase II.

• Murugan Avenue Phase I: Rs 1,100 per sq.ft (2024)
• Murugan Avenue Phase III: Rs 1,100 per sq.ft (2024)
• Murugan Avenue Phase IV: Rs 1,100 per sq.ft (2024)
• Murugan Avenue Phase V: Rs 1,100 per sq.ft (2024)
• Murugan Enclave: Rs 1,650 per sq.ft (2024)
• Murugan Nagar & J.P. Avenue: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Murugan Avenue Phase II

For a 1,000 sq.ft plot at the current guideline value of Rs 1,100 per sq.ft, the total guideline value amounts to Rs 11,00,000. The stamp duty is charged at 7%, which totals Rs 77,000, and the registration fee is 2%, amounting to Rs 22,000. Together, the total cost for these fees is Rs 99,000. It is essential to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator to estimate your fees accurately.

Which Sub Registrar Office covers Murugan Avenue Phase II?

The Sub Registrar Office that covers Murugan Avenue Phase II is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Puthur. It serves as the minimum value for which properties must be registered, ensuring that the transaction is recorded at a fair price according to government standards.

When buying or selling a property, the guideline value determines the stamp duty and registration fees that need to be paid. This value helps in maintaining transparency and accountability in real estate transactions within the region.

Frequently asked questions

What is the current guideline value of Murugan Avenue Phase II?

The current guideline value of Murugan Avenue Phase II is Rs 1,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,000 per sq.ft in 2012 to Rs 670 per sq.ft in 2017, then back to Rs 1,000 per sq.ft in 2023, and finally to Rs 1,100 per sq.ft in 2024.

What is the land classification for Murugan Avenue Phase II?

Murugan Avenue Phase II is classified as Residential Special Type - V, which indicates its suitability for residential development.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is 2% of the guideline value. For example, for a 1,000 sq.ft plot, the total fees amount to Rs 99,000.

Where is the Sub Registrar Office for Murugan Avenue Phase II located?

The Tambaram Joint 1 Sub Registrar Office is located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone.