Guideline Value for Murali Street

Murali Street guideline value

The current guideline value of Murali Street is Rs 7,700 per sq.ft, effective from 1 July 2024. This street is located in Nungambakkam village and falls under the Chennai Central Joint II SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Murali Street has changed

The guideline value for Murali Street has seen several revisions over the years. In 2007, the guideline value was Rs 3,000 per sq.ft, which increased significantly to Rs 7,000 per sq.ft in 2012, marking a 133% rise. However, this value decreased to Rs 4,690 per sq.ft in 2017, reflecting a drop of 33%. The value then rose sharply to Rs 7,000 per sq.ft in 2023, and currently stands at Rs 7,700 per sq.ft as of the 2024 revision, which is a 10% increase from the previous year.

There are no figures available for the revisions in 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 157%.

Guideline values in Nungambakkam

In Nungambakkam, there are 270 streets under the Chennai Central Joint II SRO that carry a guideline value for 2024, ranging from Rs 3,300 to Rs 22,000 per sq.ft. The median guideline value in this area is Rs 8,800 per sq.ft, placing Murali Street's current value below this median.

• Mosque Street: Rs 7,100 per sq.ft (2024)
• Moores Road: Rs 9,900 per sq.ft (2024)
• Moores Lane (Slum): Rs 5,500 per sq.ft (2024)
• Mohan Kumaramangalam Road: Rs 12,600 per sq.ft (2024)
• Muthusamy Street: Rs 7,100 per sq.ft (2024)
• Nachiappan Street: Rs 9,300 per sq.ft (2024)

Stamp duty and registration fee for property in Murali Street

For a 1,000 sq.ft plot at the current guideline value of Rs 7,700 per sq.ft, the total guideline value amounts to Rs 77,00,000. The stamp duty at 7% would be Rs 5,39,000, while the registration fee at 2% would be Rs 1,54,000, bringing the total cost for these fees to Rs 6,93,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Murali Street?

The Sub Registrar Office that covers Murali Street is the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Nungambakkam. It serves as a benchmark for determining the minimum sale price of a property, ensuring that the transaction is recorded at a value that reflects the prevailing market conditions.

When buyers and sellers engage in a property transaction, the guideline value helps in calculating the applicable stamp duty and registration fees. This ensures transparency and compliance with local regulations during the registration process.

Frequently asked questions

What is the current guideline value of Murali Street?

The current guideline value of Murali Street is Rs 7,700 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly from Rs 3,000 per sq.ft in 2007 to Rs 7,700 per sq.ft in 2024, marking an overall increase of 157%.

What are the guideline values of other streets in Nungambakkam?

Other streets in Nungambakkam have varying guideline values, with rates ranging from Rs 5,500 to Rs 12,600 per sq.ft in 2024.

How are stamp duty and registration fees calculated?

Stamp duty is calculated at 7% of the guideline value or sale price, whichever is higher, while the registration fee is charged at 2% of the guideline value or sale price.

Where can I find the Sub Registrar Office for Murali Street?

The Sub Registrar Office for Murali Street is the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018.