Guideline Value for Murrays Gate Road

Murrays Gate Road guideline value

The current guideline value of Murrays Gate Road is Rs 14,300 per sq.ft, effective from 1 July 2024. This road is located in Mylapore Part 1 village and falls under the Chennai Central Joint I SRO. The land classification for this street is Residential Special Type - IV.

How the guideline value of Murrays Gate Road has changed

Over the years, the guideline value of Murrays Gate Road has undergone several revisions. The register has no figure for this street from the years 2002, 2003, 2007, 2012, and 2017. However, the 2023 revision recorded a guideline value of Rs 13,000 per sq.ft, which increased by 10% to Rs 14,300 per sq.ft in the 2024 revision.

This significant change reflects the latest valuation effective from July 2024. The 2024 figure of Rs 14,300 per sq.ft is higher than the previous year's value, indicating a notable adjustment in the guideline value for this street.

Guideline values in Mylapore Part 1

In Mylapore Part 1, there are 333 streets under the Chennai Central Joint I SRO, with guideline values ranging from Rs 4,400 to Rs 25,300 per sq.ft. The median value for these streets is Rs 8,800 per sq.ft, placing Murrays Gate Road's 2024 figure above this median.

• Muthaiah Mudali Street: Rs 8,700 per sq.ft (2024)
• Muthaiah Pillai Street: Rs 8,700 per sq.ft (2024)
• Mudaliyanndan Thottam: Rs 7,700 per sq.ft (2024)
• Mudaliyandan Street: Rs 7,700 per sq.ft (2024)
• Muthiah Street: Rs 8,700 per sq.ft (2024)
• Muthu Lane: Rs 8,700 per sq.ft (2024)

Stamp duty and registration fee for property in Murrays Gate Road

For a 1,000 sq.ft plot at the current guideline value of Rs 14,300 per sq.ft, the total guideline value amounts to Rs 1,43,00,000. The stamp duty, charged at 7%, would be Rs 10,01,000, and the registration fee at 2% would be Rs 2,86,000, resulting in a total of Rs 12,87,000. 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 accurate calculations.

Which Sub Registrar Office covers Murrays Gate Road?

The Sub Registrar Office that covers Murrays Gate Road is the Chennai Central Joint I Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Mylapore Part 1

The guideline value plays a crucial role in property transactions in Mylapore Part 1. It serves as a benchmark for calculating stamp duty and registration fees during the sale or purchase of property. Buyers and sellers must consider this value to ensure compliance with the legal requirements during registration.

When a property is registered, the guideline value is used to determine the applicable stamp duty and registration fees. This ensures that the government receives the appropriate revenue based on the property's valuation, which is essential for maintaining transparency in real estate transactions.

Frequently asked questions

What is the current guideline value of Murrays Gate Road?

The current guideline value of Murrays Gate Road is Rs 14,300 per sq.ft, effective from 1 July 2024.

How much did the guideline value increase from 2023 to 2024?

The guideline value increased by 10% from Rs 13,000 per sq.ft in 2023 to Rs 14,300 per sq.ft in 2024.

What is the land classification for Murrays Gate Road?

The land classification for Murrays Gate Road is Residential Special Type - IV.

Where is the Sub Registrar Office for Murrays Gate Road located?

The Sub Registrar Office for Murrays Gate Road is located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014.

What are the stamp duty and registration fees for a property on Murrays Gate Road?

For a property valued at the current guideline value of Rs 14,300 per sq.ft, the stamp duty would be Rs 10,01,000 and the registration fee would be Rs 2,86,000 for a 1,000 sq.ft plot, totaling Rs 12,87,000.