Guideline Value for Moorthi Nagar

Moorthi Nagar guideline value

The current guideline value of Moorthi Nagar, located in Malligaicherry village under the Konnur SRO, is Rs 3,800 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Special Type - I.

How the guideline value of Moorthi Nagar has changed

The guideline value for Moorthi Nagar has seen several revisions over the years. Starting from the 2002 revision, the guideline value was Rs 436 per sq.ft. This increased to Rs 471 per sq.ft in 2003. The next significant change occurred in 2007, when the value rose to Rs 1,000 per sq.ft, marking a 112% increase. In 2012, the value increased to Rs 3,500 per sq.ft, representing a substantial 250% rise from the previous revision.

From 2012 to 2017, the guideline value decreased to Rs 2,345 per sq.ft, a decline of 33%. However, the value rebounded to Rs 3,500 per sq.ft in 2023, and the latest revision in 2024 set the guideline value at Rs 3,800 per sq.ft, reflecting a 9% increase from the previous year. Overall, from 2002 to 2024, the guideline value has increased by 772%.

Guideline values in Malligaicherry

In Malligaicherry, there are 49 streets under the Konnur SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 6,000 per sq.ft, with a median value of Rs 2,400 per sq.ft. The guideline value for Moorthi Nagar is above this median.

• M.T.H. Road: Rs 6,000 per sq.ft (2024)
• Murugesan Nagar: Rs 2,400 per sq.ft (2024)
• Masuthi Street: Rs 2,200 per sq.ft (2024)
• Masuthi Second Street: Rs 2,200 per sq.ft (2024)
• Masuthi First Street: Rs 2,200 per sq.ft (2024)
• Narayana Mesthri First Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Moorthi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 3,800 per sq.ft, the total guideline value would be Rs 38,00,000. The stamp duty, charged at 7%, would amount to Rs 2,66,000, while the registration fee at 2% would be Rs 76,000. Together, the total cost for these fees would be Rs 3,42,000. 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 Moorthi Nagar?

The Sub Registrar Office that covers Moorthi Nagar is the Konnur Sub Registrar Office, located at Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai. You can find your SRO for more information.

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

The guideline value is an essential factor when registering property transactions in Malligaicherry. 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.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees based on the property's value. This ensures transparency and fairness in property transactions, as the fees are based on established values rather than subjective assessments.

Frequently asked questions

What is the current guideline value of Moorthi Nagar?

The current guideline value of Moorthi Nagar is Rs 3,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 436 per sq.ft in 2002 to Rs 3,800 per sq.ft in 2024, reflecting an overall increase of 772% over the years.

What is the land classification for Moorthi Nagar?

The land classification for Moorthi Nagar is Residential Special Type - I.

What are the stamp duty and registration fees for a property in Moorthi Nagar?

For a property valued at Rs 38,00,000, the stamp duty would be Rs 2,66,000 and the registration fee would be Rs 76,000, totaling Rs 3,42,000.

Which office handles registrations for Moorthi Nagar?

The Konnur Sub Registrar Office handles registrations for Moorthi Nagar, located at Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai.