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 2 village, under the Chennai Central Joint I SRO, and is classified as Residential Special Type - IV.

How the guideline value of Murrays Gate Road has changed

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

This change reflects a significant upward adjustment, moving from Rs 13,000 in 2023 to Rs 14,300 in 2024. The current value is now above the median guideline value for Mylapore Part 2, which is Rs 8,800 per sq.ft.

Guideline values in Mylapore Part 2

Mylapore Part 2 has a total of 332 streets under the Chennai Central Joint I SRO, with guideline values ranging from Rs 4,400 to Rs 25,300 per sq.ft. Murrays Gate Road's 2024 figure of Rs 14,300 is above the median value of Rs 8,800 per sq.ft.

• 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 rate of Rs 14,300 per sq.ft, the guideline value amounts to Rs 1,43,00,000. The stamp duty at 7% would be Rs 10,01,000, and the registration fee at 2% would be Rs 2,86,000, bringing the total to Rs 12,87,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

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

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 2

The guideline value is a crucial factor in the registration process when buying or selling property in Mylapore Part 2. It determines the minimum value on which stamp duty and registration fees are calculated, ensuring that both buyers and sellers are aware of the official valuation of the property.

When a property is registered, the guideline value is used to assess the applicable fees, which can significantly impact the overall cost of the transaction. Buyers should be informed about the guideline value to understand their financial obligations during the property transfer process.

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 has the guideline value changed over the years?

The guideline value for Murrays Gate Road has changed from Rs 13,000 per sq.ft in 2023 to Rs 14,300 per sq.ft in 2024. There are no figures available for the years 2002, 2003, 2007, 2012, and 2017.

What is the median guideline value in Mylapore Part 2?

The median guideline value in Mylapore Part 2 is Rs 8,800 per sq.ft. Murrays Gate Road's value is above this median.

What are the stamp duty and registration fees for properties in Murrays Gate Road?

For a property valued at Rs 1,43,00,000, the stamp duty would be Rs 10,01,000 and the registration fee would be Rs 2,86,000, totaling Rs 12,87,000. Duty is charged on the higher of the guideline value or the sale price.

Where can I find the Sub Registrar Office for Murrays Gate Road?

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