Guideline Value for Murali Avenue

Murali Avenue guideline value

The current guideline value of Murali Avenue, located in Neelankarai village under the Neelankarai SRO, is Rs 1,700 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class III Type - I land classification.

How the guideline value of Murali Avenue has changed

The guideline value for Murali Avenue has seen several revisions over the years. In 2002, the value was Rs 136 per sq.ft, which increased to Rs 148 per sq.ft in 2003. This was followed by a significant rise to Rs 700 per sq.ft in 2007, marking a 373% increase. By 2012, the value was Rs 1,500 per sq.ft, reflecting a 114% increase from the previous revision. However, it then dropped to Rs 1,005 per sq.ft in 2017, a decrease of 33%. The value rose again to Rs 1,500 per sq.ft in 2023, and finally, it reached Rs 1,700 per sq.ft in 2024, representing a 13% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1150%. The register has no figures for revisions in years other than those specified.

Guideline values in Neelankarai

In Neelankarai, there are 377 streets under the Neelankarai SRO that carry a 2024 guideline value, ranging from Rs 1,000 to Rs 10,500 per sq.ft. The median guideline value for these streets is Rs 2,200 per sq.ft, placing Murali Avenue's 2024 figure below that median.

• Muthalamman Koil Street: Rs 1,700 per sq.ft (2024)
• Moul Kuppam Road Known as Kuppam: Rs 1,700 per sq.ft (2024)
• Muthu Mariammn Koil 1st Street: Rs 1,700 per sq.ft (2024)
• Muthu Mariammn Koil 2nd Street: Rs 1,700 per sq.ft (2024)
• Muthu Mariammn Koil 3rd Street: Rs 1,700 per sq.ft (2024)
• Muthu Mariammn Koil Street: Rs 1,700 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 1,700 per sq.ft, the total guideline value would be Rs 17,00,000. The stamp duty at 7% would amount to Rs 1,19,000, while the registration fee at 2% would be Rs 34,000, bringing the total to Rs 1,53,000. 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 further calculations.

Which Sub Registrar Office covers Murali Avenue?

The Sub Registrar Office that covers Murali Avenue is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. To find your SRO, you can visit find your SRO.

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

The guideline value is a critical factor when registering property transactions in Neelankarai. It serves as a benchmark for determining the minimum value of a property for registration purposes. Buyers and sellers must be aware that the guideline value can influence the stamp duty and registration fees applicable to the transaction.

When a property is sold, the guideline value is used to calculate the stamp duty, which is charged at a percentage of the higher value between the guideline value and the sale price. Therefore, understanding the guideline value is essential for anyone looking to buy or sell property in the area.

Frequently asked questions

What is the current guideline value of Murali Avenue?

The current guideline value of Murali Avenue is Rs 1,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 136 per sq.ft in 2002 to Rs 1,700 per sq.ft in 2024, with various increases and decreases across the years.

What is the land classification for Murali Avenue?

Murali Avenue is classified as Residential Class III Type - I.

What are the stamp duty and registration fees for property in Murali Avenue?

For a 1,000 sq.ft plot, the total guideline value is Rs 17,00,000, with a stamp duty of Rs 1,19,000 and a registration fee of Rs 34,000, totaling Rs 1,53,000.

Which office handles registrations for Murali Avenue?

The Neelankarai Sub Registrar Office handles registrations for Murali Avenue, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.