Guideline Value for Muralikrishna Nagar 2nd Street

Muralikrishna Nagar 2nd Street guideline value

The current guideline value of Muralikrishna Nagar 2nd Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Valasaravakkam village under the Virugambakkam SRO, classified as Residential Class II Type - I.

How the guideline value of Muralikrishna Nagar 2nd Street has changed

The guideline value for Muralikrishna Nagar 2nd Street has undergone several revisions over the years. In 2012, the value was Rs 3,500 per sq.ft, which decreased to Rs 2,345 per sq.ft in the 2017 revision. However, the value saw a significant increase in the 2024 revision, rising to Rs 3,850 per sq.ft, marking a 64% increase from 2017. Overall, from 2012 to 2024, the guideline value increased by 10%.

The register does not provide figures for the years 2002, 2003, 2007, and 2023. Therefore, the only revisions available for this street are from 2012, 2017, and 2024.

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 is Rs 3,850 per sq.ft, which is equal to the current guideline value of Muralikrishna Nagar 2nd Street.

• Muralikrishna Nagar 1st Street: Rs 3,850 per sq.ft (2024)
• Muralikrishna Nagar Madurai Veeran Koil Street: Rs 3,850 per sq.ft (2024)
• Muralikrishna Nagar: 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 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the guideline value totals Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total to 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 details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Muralikrishna Nagar 2nd Street?

The Sub Registrar Office covering Muralikrishna Nagar 2nd 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 information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Valasaravakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring transparency in property transactions.

When registering a property, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Muralikrishna Nagar 2nd Street?

The current guideline value of Muralikrishna Nagar 2nd Street is Rs 3,850 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 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 represents a 64% increase from 2017 to 2024.

What is the land classification for Muralikrishna Nagar 2nd Street?

Muralikrishna Nagar 2nd Street is classified as Residential Class II Type - I, which indicates its intended use for residential purposes.

Where can I find the registration office for Muralikrishna Nagar 2nd Street?

The registration office for Muralikrishna Nagar 2nd Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is the stamp duty calculated for properties in this area?

Stamp duty is calculated based on the guideline value or the sale price of the property, whichever is higher. For example, for a property valued at Rs 38,50,000, the stamp duty at 7% would be Rs 2,69,500.