Guideline Value for MURUGAN NAGAR PHASE - III

Murugan Nagar Phase - III guideline value

The current guideline value of Murugan Nagar Phase - III is Rs 2,200 per sq.ft. This property is located in Vengambakkam village, under the Tambaram Joint 1 SRO, and is classified as Residential Class I Type - IV.

How the guideline value of Murugan Nagar Phase - III has changed

Over the years, the guideline value of Murugan Nagar Phase - III has seen several revisions. The register does not provide figures for the years 2002, 2003, 2007, and 2012. The guideline value was Rs 2,000 per sq.ft in both 2017 and 2023, showing no change during this period. However, in the 2024 revision, the value increased to Rs 2,200 per sq.ft, marking a 10% increase from the previous year.

From 2017 to 2024, the overall change in the guideline value is also 10%. This reflects the consistent valuation over the years, with the most recent adjustment in 2024 indicating a shift in the property market conditions in the area.

Guideline values in Vengambakkam

In Vengambakkam, there are 88 streets under the Tambaram Joint 1 SRO that carry a 2024 guideline value, ranging from Rs 440 to Rs 5,000 per sq.ft. The median value for these streets is Rs 770 per sq.ft, placing the guideline value of Murugan Nagar Phase - III above this median.

• Murugan Nagar Phase II: Rs 3,300 per sq.ft (2024)
• Murugan Nagar Phase-IV: Rs 2,200 per sq.ft (2024)
• Murugan Nagar Phase I: Rs 3,300 per sq.ft (2024)
• Nagathamman Koil Street: Rs 440 per sq.ft (2024)
• M.G.R. Street: Rs 440 per sq.ft (2024)
• Metro Vengambakkam House Site Scheme: Rs 4,460 per sq.ft (2024)

Stamp duty and registration fee for property in Murugan Nagar Phase - III

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, and the registration fee at 2% would be Rs 44,000, totaling 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 further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Murugan Nagar Phase - III?

The Sub Registrar Office that covers Murugan Nagar Phase - III 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 Vengambakkam

The guideline value is a critical factor in the registration process when buying or selling property in Vengambakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When registering a property, the authorities will assess the guideline value to ensure that the correct fees are collected, which helps maintain transparency and fairness in property transactions within the region.

Frequently asked questions

What is the current guideline value of Murugan Nagar Phase - III?

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

How has the guideline value changed over the years?

From 2017 to 2023, the guideline value remained stable at Rs 2,000 per sq.ft. However, in the 2024 revision, it increased to Rs 2,200 per sq.ft, marking a 10% increase from the previous year.

What is the land classification for Murugan Nagar Phase - III?

Murugan Nagar Phase - III is classified as Residential Class I Type - IV, indicating its suitability for residential development.

What are the stamp duty and registration fees for properties 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. These fees are based on the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Murugan Nagar Phase - III?

The Tambaram Joint 1 Sub Registrar Office covers Murugan Nagar Phase - III, located at No.26, mes Road, East Tambaram, Chennai-600059. This office handles all registration activities for the area.