Guideline Value for Muralikrishna Nagar 1st Street

Muralikrishna Nagar 1st Street guideline value

The current guideline value of Muralikrishna Nagar 1st Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Valasaravakkam village, under the Virugambakkam SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Muralikrishna Nagar 1st Street has changed

The guideline value for Muralikrishna Nagar 1st Street has seen several revisions over the years. The 2012 revision set the value at Rs 3,500 per sq.ft, which then decreased to Rs 2,345 per sq.ft in the 2017 revision. This was a decline of 33%. However, the latest revision in 2024 has increased the guideline value to Rs 3,850 per sq.ft, marking a significant increase of 64% from the 2017 figure.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%. It is important to note that there are no figures available for the revisions in 2023, 2007, 2003, and 2002 for this street.

Guideline values in Valasaravakkam

In Valasaravakkam, there are 774 streets under the Virugambakkam SRO, with guideline values ranging from Rs 2,750 to Rs 8,800 per sq.ft. The median guideline value for these streets is Rs 3,850 per sq.ft, which is the same as the current value for Muralikrishna Nagar 1st Street.

• Muralikrishna Nagar: Rs 3,850 per sq.ft (2024)
• Muralikrishna Nagar 2nd Street: Rs 3,850 per sq.ft (2024)
• Muralikrishna Nagar Madurai Veeran Koil Street: Rs 3,850 per sq.ft (2024)
• Muralikrishna Nagar Main Street: Rs 3,850 per sq.ft (2024)
• Muthumari Amman Koil Street (Janaki Nagar Extn): Rs 4,950 per sq.ft (2024)
• Muthumariamman Street: Rs 4,950 per sq.ft (2024)

Stamp duty and registration fee for property in Muralikrishna Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value amounts to Rs 38,50,000. The stamp duty, charged at 7%, would be Rs 2,69,500, while the registration fee at 2% would be Rs 77,000. Together, these fees total Rs 3,46,500. It is important to note that duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Muralikrishna Nagar 1st Street?

The Sub Registrar Office that covers Muralikrishna Nagar 1st Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more details.

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

The guideline value is a crucial factor when registering property in Valasaravakkam. It determines the minimum value at which a property can be registered and is used to calculate the stamp duty and registration fees that buyers must pay.

When a property is sold, the guideline value helps ensure that the transaction is recorded at a fair value, reflecting the current market conditions set by the registration department. This process helps maintain transparency in property transactions.

Frequently asked questions

What is the current guideline value of Muralikrishna Nagar 1st Street?

The current guideline value of Muralikrishna Nagar 1st Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,500 per sq.ft in 2012 to Rs 2,345 per sq.ft in 2017, and then increased to Rs 3,850 per sq.ft in 2024. This shows a significant increase from 2017 to 2024.

What are the stamp duty rates for properties in this area?

The stamp duty for properties in Muralikrishna Nagar 1st Street is charged at 7% of the guideline value or sale price, whichever is higher. This is part of the total registration costs incurred during property transactions.

Which Sub Registrar Office handles registrations for this street?

The Virugambakkam Sub Registrar Office handles registrations for Muralikrishna Nagar 1st Street. It is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

Are there other streets with the same guideline value?

Yes, there are several other streets in Valasaravakkam that share the same guideline value of Rs 3,850 per sq.ft for 2024, including Muralikrishna Nagar, Muralikrishna Nagar 2nd Street, Muralikrishna Nagar Madurai Veeran Koil Street, and Muralikrishna Nagar Main Street.