Guideline Value for MURUGESAN NAGAR

Murugesan Nagar guideline value

The current guideline value of Murugesan Nagar is Rs 2,800 per sq.ft, effective from 1 July 2024. This area is located in Okkiyamthuraipakkam village under the Neelankarai SRO and is classified as Residential Class II Type - II.

How the guideline value of Murugesan Nagar has changed

The guideline value of Murugesan Nagar has seen several revisions over the years. In 2003, the guideline value was Rs 266 per sq.ft, which increased significantly to Rs 1,389 per sq.ft in 2007. The value then rose to Rs 2,500 per sq.ft in 2012, before dropping to Rs 1,675 per sq.ft in 2017. The 2023 revision set the value at Rs 2,500 per sq.ft, and the most recent revision in 2024 has increased it to Rs 2,800 per sq.ft.

From 2017 to 2023, the value increased by 49%. The jump from 2023 to 2024 represents a 12% increase. The overall change from 2003 to 2024 is a remarkable 953% increase.

Guideline values in Okkiyamthuraipakkam

In Okkiyamthuraipakkam, there are 453 streets under the Neelankarai SRO, with guideline values ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, making the 2024 guideline value for Murugesan Nagar below this median.

• Murugan Nagar: Rs 3,300 per sq.ft (2024)
• Munusamy Street: 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 Murugesan Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,800 per sq.ft, the total guideline value amounts to Rs 28,00,000. The stamp duty at 7% would be Rs 1,96,000, and the registration fee at 2% would be Rs 56,000, bringing the total cost for these fees to Rs 2,52,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Murugesan Nagar?

The Sub Registrar Office that covers Murugesan 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 plays a crucial role in the registration process of property transactions in Okkiyamthuraipakkam. It serves as a reference point for determining the minimum value at which a property can be registered, ensuring transparency in property dealings.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees. Buyers must pay these fees based on the higher of the guideline value or the actual sale price, which is essential for legal compliance during the registration process.

Frequently asked questions

What is the current guideline value of Murugesan Nagar?

The current guideline value of Murugesan Nagar is Rs 2,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions, starting from Rs 266 per sq.ft in 2003 to Rs 2,800 per sq.ft in 2024, reflecting an overall increase of 953% over the years.

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

Other streets in Okkiyamthuraipakkam include Murugan Nagar at Rs 3,300 per sq.ft, Munusamy Street at Rs 2,800 per sq.ft, and M.R.Street at Rs 5,500 per sq.ft, among others.

What fees are associated with buying property in Murugesan Nagar?

When buying property in Murugesan Nagar, buyers are required to pay stamp duty at 7% and a registration fee at 2% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Murugesan Nagar?

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