Guideline Value for MURUGAN NAGAR PHASE II

Murugan Nagar Phase II guideline value

The current guideline value of Murugan Nagar Phase II is Rs 3,300 per sq.ft, effective from 1 July 2024. This property is located in Vengambakkam village, under the Tambaram Joint 1 SRO, and is classified as Mixed Special Type - I.

How the guideline value of Murugan Nagar Phase II has changed

The guideline value for Murugan Nagar Phase II has seen several revisions over the years. The 2017 revision set the value at Rs 2,000 per sq.ft, which increased to Rs 3,000 per sq.ft in the 2023 revision. The most recent revision in 2024 raised the value to Rs 3,300 per sq.ft, marking a 10% increase from the previous year. Overall, from 2017 to 2024, the guideline value has increased by 65%.

It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2012 in the register for this street. The significant changes between the revisions indicate a substantial rise in the guideline value over the years, particularly between 2017 and 2023, where it jumped by 50%.

Guideline values in Vengambakkam

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

• Murugan Nagar Phase I: Rs 3,300 per sq.ft (2024)
• Murugan Nagar Phase - III: Rs 2,200 per sq.ft (2024)
• Murugan Nagar Phase-IV: Rs 2,200 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 II

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. Please note that 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 more information.

Which Sub Registrar Office covers Murugan Nagar Phase II?

The Sub Registrar Office that covers Murugan Nagar 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 details.

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

The guideline value is a crucial factor when registering property transactions in Vengambakkam. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property being bought or sold.

When a property is registered, the guideline value is used to calculate the fees, ensuring that both the buyer and seller are aware of the financial implications of the transaction. This value helps maintain transparency in property dealings within the region.

Frequently asked questions

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

The current guideline value of Murugan Nagar Phase II is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 2,000 per sq.ft in 2017 to Rs 3,300 per sq.ft in 2024, representing a total increase of 65% over this period.

What is the land classification for Murugan Nagar Phase II?

Murugan Nagar Phase II is classified as Mixed Special Type - I, which affects its guideline value and potential uses.

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

The Sub Registrar Office for Murugan Nagar Phase II is located at No.26, Mes Road, East Tambaram, Chennai-600059, under the Chengalpattu registration zone.

How is stamp duty calculated for properties in Vengambakkam?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 33,00,000 would incur a stamp duty of Rs 2,31,000 at a rate of 7%.