Guideline Value for MURUGAPPAN NAICKAR STREET

Murugappan Naickar Street guideline value

The current guideline value of Murugappan Naickar Street is Rs 1,100 per sq.ft, effective from 1 July 2024. This street is located in Vanagaram village and falls under the Chennai South Joint I SRO. The land classification for this street is Residential Class IV Type - III.

How the guideline value of Murugappan Naickar Street has changed

The guideline value for Murugappan Naickar Street has undergone several revisions over the years. The 2012 revision set the value at Rs 1,000 per sq.ft, which was then reduced to Rs 670 per sq.ft in the 2017 revision. Following this, the value increased to Rs 1,000 per sq.ft in the 2023 revision, and finally, it rose to Rs 1,100 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

In summary, from 2017 to 2023, the value increased by 49%, while there was a decrease of 33% from 2012 to 2017. Overall, from 2012 to 2024, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Vanagaram

Vanagaram village has a total of 287 streets under the Chennai South Joint I SRO, with guideline values ranging from Rs 770 to Rs 5,500 per sq.ft as of 2024. The median guideline value in this village is Rs 1,660 per sq.ft, placing Murugappan Naickar Street's 2024 figure below that median.

• Murugan Street: Rs 1,100 per sq.ft (2024)
• Munusamy Naicker Nagar: Rs 1,100 per sq.ft (2024)
• Muthumariamman Street: Rs 1,100 per sq.ft (2024)
• Mettukuppam Mayana Salai: Rs 1,660 per sq.ft (2024)
• Mettukuppam Kamatchiamman Nagar 2nd Street: Rs 1,660 per sq.ft (2024)
• Mettukuppam Kamatchiamman Nagar 1st Street: Rs 1,660 per sq.ft (2024)

Stamp duty and registration fee for property in Murugappan Naickar Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,100 per sq.ft, the total guideline value amounts to Rs 11,00,000. The stamp duty at 7% would be Rs 77,000, and the registration fee at 2% would be Rs 22,000, making the total cost for these fees Rs 99,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Murugappan Naickar Street?

The Sub Registrar Office that covers Murugappan Naickar Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Vanagaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value helps both parties understand the fair valuation of the property. It is essential for buyers to be aware of the guideline value to ensure they are paying a fair price and for sellers to set a realistic price for their property.

Frequently asked questions

What is the current guideline value of Murugappan Naickar Street?

The current guideline value of Murugappan Naickar Street is Rs 1,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,000 per sq.ft in 2012 to Rs 670 per sq.ft in 2017, then to Rs 1,000 per sq.ft in 2023, and finally to Rs 1,100 per sq.ft in 2024.

What is the land classification for Murugappan Naickar Street?

Murugappan Naickar Street is classified as Residential Class IV Type - III.

Where is the Sub Registrar Office for this street located?

The Sub Registrar Office for Murugappan Naickar Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

How is stamp duty calculated for properties on this street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value would incur a stamp duty of Rs 77,000.