Guideline Value for MURUGAN NAGAR

Murugan Nagar guideline value

The current guideline value of Murugan Nagar, located in Okkiyamthuraipakkam village under the Neelankarai SRO, is Rs 3,300 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class II Type - I land classification.

How the guideline value of Murugan Nagar has changed

The guideline value for Murugan Nagar has seen several revisions over the years. In 2003, the guideline value was Rs 155 per sq.ft, which increased significantly to Rs 2,138 per sq.ft in 2007, marking a remarkable increase of 1279%. Following this, the value rose to Rs 3,000 per sq.ft in 2012, a 40% increase. However, there was a decrease to Rs 2,010 per sq.ft in 2017, which was a drop of 33%. The value then climbed to Rs 3,000 per sq.ft in 2023, and most recently, it has increased to Rs 3,300 per sq.ft in 2024, reflecting a 10% rise.

Overall, from the 2003 revision to the current 2024 figure, the guideline value has increased by 2029%. It is important to note that the register has no figure for the year 2002 for this street.

Guideline values in Okkiyamthuraipakkam

In Okkiyamthuraipakkam, there are 453 streets under the Neelankarai SRO with a 2024 guideline value range from Rs 1,100 to Rs 8,800 per sq.ft. The median value is Rs 3,300 per sq.ft, which is equal to the current guideline value of Murugan Nagar.

• Munusamy Street: Rs 2,800 per sq.ft (2024)
• Murugesan Nagar: Rs 2,800 per sq.ft (2024)
• M.R.Street: Rs 5,500 per sq.ft (2024)
• M.R.G.Nagar Main Road: Rs 2,800 per sq.ft (2024)
• M.R.G.Nagar 2nd Street: Rs 2,800 per sq.ft (2024)
• M.R.G.Nagar 1st Street: Rs 2,800 per sq.ft (2024)

Stamp duty and registration fee for property in Murugan Nagar

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, making a total of Rs 2,97,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Murugan Nagar?

The Sub Registrar Office that covers Murugan Nagar is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration of property transactions in Okkiyamthuraipakkam. It determines the minimum price at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value serves as a reference point for both buyers and sellers. It is essential to be aware of the current guideline value to ensure compliance with legal requirements during the registration process.

Frequently asked questions

What is the current guideline value of Murugan Nagar?

The current guideline value of Murugan Nagar 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 155 per sq.ft in 2003 to Rs 3,300 per sq.ft in 2024, reflecting significant increases and a few decreases through various revisions.

What is the land classification of Murugan Nagar?

Murugan Nagar is classified under Residential Class II Type - I land classification.

Where can I find the Neelankarai Sub Registrar Office?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How is stamp duty calculated for properties in Murugan Nagar?

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