Guideline Value for MURUGAN KOIL STREET

Murugan Koil Street guideline value

The current guideline value of Murugan Koil Street is Rs 2,100 per sq.ft, effective from 1 July 2024. This street is located in Zaminpallavaram village, under the Pallavaram SRO, and is classified as Residential Class IV Type - I.

How the guideline value of Murugan Koil Street has changed

The guideline value for Murugan Koil Street has seen several revisions over the years. The 2012 revision set the value at Rs 2,000 per sq.ft, which remained unchanged until the 2017 revision, where it decreased to Rs 1,340 per sq.ft, marking a decline of 33%. The value increased to Rs 2,000 per sq.ft in the 2023 revision, and further rose to Rs 2,100 per sq.ft in the 2024 revision, representing a 5% increase.

From 2017 to 2023, there was a significant increase of 49%. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 5%. It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street.

Guideline values in Zaminpallavaram

In Zaminpallavaram, there are 638 streets under the Pallavaram SRO that have a 2024 guideline value ranging from Rs 2,100 to Rs 11,000 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, placing Murugan Koil Street's 2024 figure below that median.

• Murugavel Nagar: Rs 2,100 per sq.ft (2024)
• Munusamy Street: Rs 3,520 per sq.ft (2024)
• Murugesapuram: Rs 3,300 per sq.ft (2024)
• Murugesapuram 1 To 4 Streets: Rs 3,300 per sq.ft (2024)
• Muthalamman Koil Street: Rs 2,100 per sq.ft (2024)
• Municipal Road: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Murugan Koil Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,100 per sq.ft, the total guideline value amounts to Rs 21,00,000. The stamp duty at 7% would be Rs 1,47,000, and the registration fee at 2% would be Rs 42,000, totaling Rs 1,89,000. It is important 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 for further calculations.

Which Sub Registrar Office covers Murugan Koil Street?

The Sub Registrar Office that covers Murugan Koil Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Zaminpallavaram. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction, ensuring that they are calculated based on the official rates set by the government.

When buying or selling property, it is essential to be aware of the guideline value as it affects the costs involved in the transaction. Buyers should ensure that the sale price is not lower than the guideline value to avoid any discrepancies during registration.

Frequently asked questions

What is the current guideline value of Murugan Koil Street?

The current guideline value of Murugan Koil Street is Rs 2,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then back to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,100 per sq.ft in 2024.

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

For a property valued at Rs 21,00,000, the stamp duty at 7% would be Rs 1,47,000, and the registration fee at 2% would be Rs 42,000, totaling Rs 1,89,000.

Where can I find the Sub Registrar Office for Murugan Koil Street?

The Pallavaram Sub Registrar Office covers Murugan Koil Street and is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

What is the significance of the guideline value in property transactions?

The guideline value is significant as it determines the stamp duty and registration fees during property transactions. It ensures that these fees are calculated based on the official rates set by the government, providing transparency in the registration process.