Guideline Value for Moorthigal lane

Moorthigal lane guideline value

The current guideline value of Moorthigal lane is Rs 11,000 per sq.ft, effective from 1 July 2024. This street is located in Muthialpet village and falls under the Chennai North Joint I SRO. The land classification for this area is Residential Special Type - I.

How the guideline value of Moorthigal lane has changed

The guideline value for Moorthigal lane has seen significant changes over the years. In 2002, the value was Rs 2,052 per sq.ft, which increased to Rs 2,332 per sq.ft in 2003. Following this, the value rose to Rs 2,600 per sq.ft in 2007, and then saw a substantial increase to Rs 10,000 per sq.ft in 2012. However, it decreased to Rs 6,700 per sq.ft in 2017 before climbing back to Rs 10,000 per sq.ft in 2023. The latest revision in 2024 set the value at Rs 11,000 per sq.ft.

From 2017 to 2023, the guideline value increased by 49%, and from 2023 to 2024, it rose by 10%. The most notable increase was from 2007 to 2012, where the value jumped by 285%. Overall, from 2002 to 2024, the guideline value has increased by 436%. There are no figures available for the revisions in years other than those listed.

Guideline values in Muthialpet

Muthialpet village has 160 streets under the Chennai North Joint I SRO, with guideline values ranging from Rs 3,800 to Rs 18,000 per sq.ft as of 2024. The median guideline value for these streets is Rs 5,500 per sq.ft, placing Moorthigal lane's current value above this median.

• Moore street Ist lane: Rs 7,700 per sq.ft (2024)
• Moore street 2nd lane: Rs 7,700 per sq.ft (2024)
• Moore street: Rs 15,900 per sq.ft (2024)
• Moorthy lingam lane+: Rs 3,800 per sq.ft (2024)
• Moottaikaran street: Rs 7,100 per sq.ft (2024)
• Mooker Nallamuthu street: Rs 18,000 per sq.ft (2024)

Stamp duty and registration fee for property in Moorthigal lane

For a 1,000 sq.ft plot at the current rate of Rs 11,000 per sq.ft, the guideline value amounts to Rs 1,10,00,000. The stamp duty at 7% would be Rs 7,70,000, and the registration fee at 2% would be Rs 2,20,000, making the total 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. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Moorthigal lane?

The Sub Registrar Office that covers Moorthigal lane is the Chennai North Joint I Sub Registrar Office, located at Nsc Bose Road, Kuralagam First Floor, Esplaned Street, Chennai-105. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Muthialpet. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees. Buyers and sellers must consider this value when negotiating sale prices.

When registering a property, the guideline value is used to calculate the stamp duty and registration fees. The fees are based on the higher of the guideline value or the actual sale price, ensuring that the registration reflects the true value of the property being transferred.

Frequently asked questions

What is the current guideline value of Moorthigal lane?

The current guideline value of Moorthigal lane 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 significantly from Rs 2,052 per sq.ft in 2002 to Rs 11,000 per sq.ft in 2024, with various increases and decreases throughout the years.

What is the registration office for Moorthigal lane?

The registration office for Moorthigal lane is the Chennai North Joint I Sub Registrar Office, located at Nsc Bose Road, Kuralagam First Floor, Esplaned Street, Chennai-105.

How is the stamp duty calculated for properties in Moorthigal lane?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 1,10,00,000, the stamp duty would be Rs 7,70,000 at a rate of 7%.

What is the median guideline value for streets in Muthialpet?

The median guideline value for streets in Muthialpet is Rs 5,500 per sq.ft as of 2024, with Moorthigal lane's value being above this median.