Guideline Value for Moorthy Nagar

Moorthy Nagar guideline value

The current guideline value of Moorthy Nagar, located in Nandambakkam village under the Padappai SRO, is Rs 440 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class V Type - III.

How the guideline value of Moorthy Nagar has changed

The guideline value for Moorthy Nagar has undergone several revisions over the years. In 2007, the guideline value was Rs 50 per sq.ft, which saw a significant increase to Rs 400 per sq.ft in 2012. However, this value dropped to Rs 268 per sq.ft in 2017. The most recent revisions show an increase to Rs 400 per sq.ft in 2023, followed by a further rise to Rs 440 per sq.ft in 2024, marking a 10% increase from the previous year.

Between the revisions, the 2012 to 2017 period saw a decrease of 33%, while the jump from 2007 to 2012 was remarkable at 700%. Overall, from 2007 to 2024, the guideline value has increased by 780%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Nandambakkam

Nandambakkam village has a total of 94 streets under the Padappai SRO, with guideline values for 2024 ranging from Rs 440 to Rs 2,300 per sq.ft. The median guideline value in this area is Rs 880 per sq.ft, placing Moorthy Nagar's current value below that median.

• Nandambakkam To Kundrathur Road: Rs 1,210 per sq.ft (2024)
• Nandavanam Nagar: Rs 990 per sq.ft (2024)
• Nandhavanam Nagar Extn: Rs 990 per sq.ft (2024)
• Nandhavanam Nagar Extn (S.No.549/1B): Rs 990 per sq.ft (2024)
• N.C.Nagar: Rs 440 per sq.ft (2024)
• Mallika Nagar: Rs 990 per sq.ft (2024)

Stamp duty and registration fee for property in Moorthy Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 440 per sq.ft, the total guideline value amounts to Rs 4,40,000. The stamp duty at 7% would be Rs 30,800, and the registration fee at 2% would be Rs 8,800, bringing the total fees to Rs 39,600. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Moorthy Nagar?

The Sub Registrar Office that covers Moorthy Nagar is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a critical factor in property transactions in Nandambakkam, as it determines the amount of stamp duty and registration fees payable during the sale or purchase of property. When registering a property, the guideline value serves as a benchmark for calculating these fees, ensuring that they are proportionate to the property's value.

It is essential for buyers and sellers to be aware of the current guideline value, as it can impact the overall cost of the transaction. Additionally, the guideline value is regularly revised to reflect changes in the real estate market, which can affect property transactions in the area.

Frequently asked questions

What is the current guideline value of Moorthy Nagar?

The current guideline value of Moorthy Nagar is Rs 440 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2007, the guideline value has increased from Rs 50 per sq.ft to Rs 440 per sq.ft in 2024, marking an overall increase of 780% over this period.

What is the land classification of Moorthy Nagar?

Moorthy Nagar is classified as Residential Class V Type - III, which is relevant for determining its guideline value.

Where can I find the registration office for Moorthy Nagar?

The registration office for Moorthy Nagar is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.

How is stamp duty calculated in Moorthy Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 4,40,000 incurs a stamp duty of Rs 30,800 at the rate of 7%.