Guideline Value for Murali Avenue

Murali Avenue guideline value

The current guideline value of Murali Avenue is Rs 1,650 per sq.ft. This street is located in Chitlapakkam village and falls under the Tambaram Joint 1 SRO. The land classification for this area is Residential Class I Type - III.

How the guideline value of Murali Avenue has changed

Over the years, the guideline value of Murali Avenue has seen several revisions. The 2012 revision set the guideline value at Rs 1,500 per sq.ft, which was then reduced to Rs 1,005 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 1,500 per sq.ft, and the latest 2024 revision has raised it further to Rs 1,650 per sq.ft, marking a 10% increase from the previous year.

In terms of percentage changes, the guideline value increased by 49% from 2017 to 2023 and saw a decrease of 33% from 2012 to 2017. Overall, from 2012 to 2024, there has been a 10% increase in the guideline value. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Chitlapakkam

In Chitlapakkam, there are 548 streets under the Tambaram Joint 1 SRO, with guideline values ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median guideline value for these streets is Rs 1,650 per sq.ft, which is equal to the current guideline value of Murali Avenue.

• Munu Adhi Street: Rs 2,750 per sq.ft (2024)
• Murugesan Street: Rs 1,650 per sq.ft (2024)
• Muthamil Street: Rs 1,650 per sq.ft (2024)
• Muththalamman Koil Street: Rs 2,750 per sq.ft (2024)
• Muthulakshmi Nagar: Rs 3,850 per sq.ft (2024)
• muthulakshmi Nagar Ext: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Murali Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value amounts to Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total fees to Rs 1,48,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Murali Avenue?

The Sub Registrar Office that covers Murali Avenue is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value plays a crucial role in property transactions in Chitlapakkam, as it is used to determine the stamp duty and registration fees during the sale or purchase of property. Buyers and sellers must be aware that these fees are calculated based on the guideline value or the sale price, whichever is higher.

When registering a property, the guideline value ensures that the transaction is recorded at a fair value, which helps in maintaining transparency in the real estate market. This value is periodically revised to reflect changes in the market and local conditions.

Frequently asked questions

What is the current guideline value of Murali Avenue?

The current guideline value of Murali Avenue is Rs 1,650 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2023 to Rs 1,650 per sq.ft in 2024, which is a 10% increase. It was Rs 1,005 per sq.ft in 2017, reflecting a 49% increase from that year to 2023.

What is the land classification for Murali Avenue?

Murali Avenue is classified as Residential Class I Type - III, indicating its suitability for residential purposes.

Where is the Sub Registrar Office for Murali Avenue located?

The Sub Registrar Office for Murali Avenue is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059.

How is the stamp duty calculated for properties in Murali Avenue?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 16,50,000, the stamp duty would be Rs 1,15,500 at a rate of 7%.