Guideline Value for MURUGAN NAGAR PHASE I

Murugan Nagar Phase I guideline value

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

How the guideline value of Murugan Nagar Phase I has changed

The guideline value for Murugan Nagar Phase I 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, marking a 50% rise. The most recent revision in 2024 has further increased the value to Rs 3,300 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has risen by 65%. It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Vengambakkam

In Vengambakkam, there are 88 streets under the Tambaram Joint 1 SRO with 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 Murugan Nagar Phase I's 2024 figure above that median.

• Murugan Nagar Phase II: 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 I

For a 1,000 sq.ft plot at the current rate of Rs 3,300 per sq.ft, the 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, totaling Rs 2,97,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Murugan Nagar Phase I?

The Sub Registrar Office covering Murugan Nagar Phase I 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 crucial aspect when buying or selling property in Vengambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring transparency in property transactions.

When a property is sold, the guideline value helps in calculating the applicable stamp duty and registration fees, which are essential costs involved in the transfer of property ownership. This ensures that both buyers and sellers are aware of the financial obligations they will incur during the transaction.

Frequently asked questions

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

The current guideline value of Murugan Nagar Phase I 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 changed from Rs 2,000 per sq.ft in 2017 to Rs 3,300 per sq.ft in 2024, representing an overall increase of 65% over this period.

What are the other streets in Vengambakkam and their guideline values?

Other streets in Vengambakkam include Murugan Nagar Phase II at Rs 3,300 per sq.ft, Murugan Nagar Phase - III and Murugan Nagar Phase-IV at Rs 2,200 per sq.ft, and Nagathamman Koil Street and M.G.R. Street at Rs 440 per sq.ft.

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

The Sub Registrar Office for Murugan Nagar Phase I is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059.

How is the stamp duty calculated for property transactions?

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