Guideline Value for MURUGESA REDDY STREET

Murugesa Reddy Street guideline value

The current guideline value of Murugesa Reddy Street is Rs 1,000 per sq.ft as per the 2024 revision, effective from 1 July 2024. This street is located in Vengathur village and falls under the jurisdiction of the Manavalanagar SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Murugesa Reddy Street has changed

Over the years, the guideline value of Murugesa Reddy Street has seen several revisions. The 2007 revision set the value at Rs 250 per sq.ft, which increased significantly to Rs 1,000 per sq.ft in the 2012 revision. However, in the 2017 revision, the value decreased to Rs 670 per sq.ft. The subsequent revisions in 2023 and 2024 maintained the value at Rs 1,000 per sq.ft, showing no change from 2023 to 2024.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 300%. The register does not contain figures for the years 2002 and 2003 for this street.

Guideline values in Vengathur

In Vengathur, there are 186 streets under the Manavalanagar SRO, with guideline values ranging from Rs 500 to Rs 2,000 per sq.ft. The median value is Rs 1,000 per sq.ft, which is equal to the current guideline value of Murugesa Reddy Street.

• Murugan Street: Rs 700 per sq.ft (2024)
• Mullai Street: Rs 700 per sq.ft (2024)
• Mu.Varadharasanar Street: Rs 1,300 per sq.ft (2024)
• Navalar Street: Rs 1,300 per sq.ft (2024)
• M.G.R. Nagar: Rs 600 per sq.ft (2024)
• Navaneetham Nagar: Rs 700 per sq.ft (2024)

Stamp duty and registration fee for property in Murugesa Reddy Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,000 per sq.ft, the total guideline value would be Rs 10,00,000. The stamp duty at 7% would amount to Rs 70,000, and the registration fee at 2% would be Rs 20,000, totaling Rs 90,000. It is important to note that the 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 details.

Which Sub Registrar Office covers Murugesa Reddy Street?

The Sub Registrar Office that covers Murugesa Reddy Street is the Manavalanagar Sub Registrar Office, located at Thandalam Main Road, Nungambakkam Village, Manavalanagar-602002, Chennai registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Vengathur. It is used to determine the stamp duty and registration fees when a property is bought or sold. Buyers and sellers must consider the guideline value to ensure compliance with local regulations.

When registering a property, the guideline value is compared against the sale price. The higher of the two is used to calculate the stamp duty and registration fees, ensuring that the transaction is appropriately valued according to government standards.

Frequently asked questions

What is the current guideline value of Murugesa Reddy Street?

The current guideline value of Murugesa Reddy Street is Rs 1,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen various changes, starting from Rs 250 per sq.ft in 2007 to Rs 1,000 per sq.ft in 2012, decreasing to Rs 670 per sq.ft in 2017, and then remaining at Rs 1,000 per sq.ft in 2023 and 2024.

What is the land classification for Murugesa Reddy Street?

The land classification for Murugesa Reddy Street is Residential Class I Type - I.

Where can I find the Sub Registrar Office for Murugesa Reddy Street?

The Sub Registrar Office for Murugesa Reddy Street is the Manavalanagar Sub Registrar Office, located at Thandalam Main Road, Nungambakkam Village, Manavalanagar-602002, Chennai registration zone.

How is the stamp duty calculated for properties on Murugesa Reddy Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 10,00,000, the stamp duty would be Rs 70,000 at 7%.