Guideline Value for Muralikrishna Nagar Main Street

Muralikrishna Nagar Main Street guideline value

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

How the guideline value of Muralikrishna Nagar Main Street has changed

The guideline value for Muralikrishna Nagar Main Street has undergone several revisions over the years. In the 2012 revision, the value was set at Rs 3,500 per sq.ft. However, this figure decreased to Rs 2,345 per sq.ft in the 2017 revision, marking a decline of 33%. The most recent revision in 2024 saw a significant increase to Rs 3,850 per sq.ft, which represents a 64% rise from the 2017 figure.

Overall, when comparing the 2012 revision to the 2024 revision, there has been a modest increase of 10%. It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2023 for this street.

Guideline values in Valasaravakkam

In Valasaravakkam, there are 774 streets under the Virugambakkam SRO, with 2024 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 2024 figure for Muralikrishna Nagar Main Street.

• Muralikrishna Nagar Madurai Veeran Koil Street: Rs 3,850 per sq.ft (2024)
• Muralikrishna Nagar 2nd Street: Rs 3,850 per sq.ft (2024)
• Muralikrishna Nagar 1st Street: Rs 3,850 per sq.ft (2024)
• Muralikrishna Nagar: 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 Main 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 at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, making the total cost for these fees Rs 3,46,500. 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 specific calculations.

Which Sub Registrar Office covers Muralikrishna Nagar Main Street?

The Sub Registrar Office that covers Muralikrishna Nagar Main 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 an essential reference point when buying or selling property in Valasaravakkam. It helps determine the stamp duty and registration fees applicable during the registration process.

When a property is sold, the guideline value serves as a benchmark for calculating the taxes owed, ensuring that both the buyer and seller are aware of the financial obligations involved in the transaction.

Frequently asked questions

What is the current guideline value of Muralikrishna Nagar Main Street?

The current guideline value of Muralikrishna Nagar Main 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 and a 10% increase from 2012 to 2024.

What is the land classification for Muralikrishna Nagar Main Street?

Muralikrishna Nagar Main Street is classified as Residential Class II Type - I. This classification indicates the type of development allowed in the area.

How is the stamp duty calculated for properties in Muralikrishna Nagar Main Street?

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

Which Sub Registrar Office should I visit for transactions in Muralikrishna Nagar?

The Virugambakkam Sub Registrar Office is responsible for transactions in Muralikrishna Nagar. It is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.