Guideline Value for MURUGAN STREET

Murugan Street guideline value

The current guideline value of Murugan Street in Tnagar village is Rs 13,200 per sq.ft, effective from 1 July 2024. This street falls under the Thiyagaraya nagar SRO and is classified as Mixed Special Type - II.

How the guideline value of Murugan Street has changed

The guideline value of Murugan Street has undergone several revisions over the years. In 2012, the guideline value was set at Rs 12,000 per sq.ft, which decreased to Rs 8,040 per sq.ft in 2017. However, from 2017 to 2023, there was a significant increase of 49%, bringing the value up to Rs 12,000 per sq.ft. The latest revision in 2024 saw another increase of 10%, resulting in the current value of Rs 13,200 per sq.ft.

It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for Murugan Street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Tnagar

In Tnagar, there are 262 streets under the Thiyagaraya nagar SRO with a 2024 guideline value ranging from Rs 4,400 to Rs 27,500 per sq.ft. The median value among these streets is Rs 11,000 per sq.ft, making Murugan Street's 2024 figure above the median.

• Murugesan Street: Rs 11,000 per sq.ft (2024)
• Muthukrishnan Street: Rs 11,000 per sq.ft (2024)
• Motilal Street: Rs 14,300 per sq.ft (2024)
• Muthurangan Salai: Rs 13,200 per sq.ft (2024)
• Moosa Sait Street: Rs 11,000 per sq.ft (2024)
• Moopparappan Street: Rs 7,700 per sq.ft (2024)

Stamp duty and registration fee for property in Murugan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 13,200 per sq.ft, the total guideline value amounts to Rs 1,32,00,000. The stamp duty is charged at 7%, which would be Rs 9,24,000, and the registration fee at 2% amounts to Rs 2,64,000. Together, the total cost for stamp duty and registration fee would be Rs 11,88,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Murugan Street?

The Sub Registrar Office that covers Murugan Street is the Thiyagaraya nagar Sub Registrar Office, located at 27/14, Vetnari Hospital Road, Panpet, Nandhanam, Chennai-35. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Tnagar. It serves as a reference point for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the guideline value is assessed to ensure that the transaction is registered at a value that reflects the current market standards. This helps in maintaining transparency and accountability in property transactions.

Frequently asked questions

What is the current guideline value of Murugan Street?

The current guideline value of Murugan Street is Rs 13,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 12,000 per sq.ft in 2012 to Rs 8,040 per sq.ft in 2017, then increased to Rs 12,000 per sq.ft in 2023, and finally to Rs 13,200 per sq.ft in 2024.

What is the land classification of Murugan Street?

Murugan Street is classified as Mixed Special Type - II under the current land classification.

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

The Thiyagaraya nagar Sub Registrar Office covers Murugan Street and is located at 27/14, Vetnari Hospital Road, Panpet, Nandhanam, Chennai-35.

How is 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, a 1,000 sq.ft plot at Rs 13,200 per sq.ft incurs a stamp duty of Rs 9,24,000.