Guideline Value for MURUGESAN STREET

Murugesan Street guideline value

The current guideline value of Murugesan Street is Rs 11,000 per sq.ft. This street is located in Tnagar village, under the Thiyagaraya nagar SRO, and is classified as Residential Special Type - I.

How the guideline value of Murugesan Street has changed

The guideline value for Murugesan Street has undergone several revisions over the years. In 2002, the value was Rs 1,410 per sq.ft, which increased to Rs 2,850 per sq.ft in 2003, marking a significant rise of 102%. The value continued to rise, reaching Rs 5,293 per sq.ft in 2007, an increase of 86%. In 2012, the value was Rs 10,000 per sq.ft, reflecting an 89% increase from the previous revision. However, it dropped to Rs 6,700 per sq.ft in 2017, a decrease of 33%. The value then rose dramatically to Rs 10,000 per sq.ft in 2023, and finally, it reached Rs 11,000 per sq.ft in the 2024 revision, which is effective from 1 July 2024, representing a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 680%. The register has no figures for the years not mentioned in the revisions.

Guideline values in Tnagar

In Tnagar, there are 262 streets under the Thiyagaraya nagar SRO that carry a 2024 guideline value, ranging from Rs 4,400 to Rs 27,500 per sq.ft. The median value is Rs 11,000 per sq.ft, which is equal to the 2024 figure for Murugesan Street.

• Murugan Street: Rs 13,200 per sq.ft (2024)
• Muthukrishnan Street: Rs 11,000 per sq.ft (2024)
• Muthurangan Salai: Rs 13,200 per sq.ft (2024)
• Motilal Street: Rs 14,300 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 Murugesan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 11,000 per sq.ft, the total guideline value would be Rs 1,10,00,000. The stamp duty at 7% would amount to Rs 7,70,000, and the registration fee at 2% would be Rs 2,20,000, bringing the total fees to Rs 9,90,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Murugesan Street?

The Sub Registrar Office that covers Murugesan 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 is a critical factor in property transactions in Tnagar. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when buying or selling property. Buyers and sellers must be aware of the current guideline value to ensure compliance with registration requirements.

When a property is registered, the guideline value is used to calculate the applicable duties. This ensures that the transaction is recorded accurately, reflecting the value of the property as per the latest revisions.

Frequently asked questions

What is the current guideline value of Murugesan Street?

The current guideline value of Murugesan Street is Rs 11,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,410 per sq.ft in 2002 to Rs 11,000 per sq.ft in 2024, showing an overall increase of 680%.

What is the land classification of Murugesan Street?

Murugesan Street is classified as Residential Special Type - I, which indicates its intended use for residential purposes.

What are the stamp duty and registration fees for property in Murugesan Street?

For a property valued at Rs 1,10,00,000, the stamp duty would be Rs 7,70,000 and the registration fee would be Rs 2,20,000, totaling Rs 9,90,000.

Where is the Sub Registrar Office for Murugesan Street located?

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