Guideline Value for Murthi Lane

Murthi Lane guideline value

The current guideline value of Murthi Lane in Muthiyalpet village is Rs 4,400 per sq.ft, effective from 1 July 2024. This street falls under the Sowcarpet Sub Registrar Office and is classified as Residential Class I Type - I.

How the guideline value of Murthi Lane has changed

The guideline value for Murthi Lane has undergone several revisions over the years. In the 2007 revision, the value was set at Rs 1,200 per sq.ft, which increased significantly to Rs 4,000 per sq.ft in 2012. However, there was a decrease to Rs 2,680 per sq.ft in the 2017 revision. Following this, the value rose to Rs 4,000 per sq.ft in 2023, and finally, it has reached Rs 4,400 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

In terms of percentage changes, the value increased by 233% from 2007 to 2012, decreased by 33% from 2012 to 2017, and then saw a significant rise of 49% from 2017 to 2023. Overall, from 2007 to 2024, the guideline value has increased by 267%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Muthiyalpet

In Muthiyalpet, there are 357 streets under the Sowcarpet SRO, with guideline values ranging from Rs 3,800 to Rs 16,500 per sq.ft. The median guideline value for these streets is Rs 4,400 per sq.ft, which is the same as the current value for Murthi Lane.

• Murugappan Street: Rs 6,000 per sq.ft (2024)
• Muniappa Mudali Street: Rs 5,500 per sq.ft (2024)
• Murugesa Mudali Street: Rs 4,900 per sq.ft (2024)
• Mulla Sahib Street: Rs 5,500 per sq.ft (2024)
• Mulla Sahib Lane: Rs 5,500 per sq.ft (2024)
• Mottai Maistry Street: Rs 3,800 per sq.ft (2024)

Stamp duty and registration fee for property in Murthi Lane

For a 1,000 sq.ft plot at the current rate of Rs 4,400 per sq.ft, the guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, totaling Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Murthi Lane?

The Sub Registrar Office that covers Murthi Lane is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Muthiyalpet. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the guideline value is used to assess the applicable duties, ensuring that both the buyer and seller are aware of the financial obligations involved in the transfer of ownership.

Frequently asked questions

What is the current guideline value of Murthi Lane?

The current guideline value of Murthi Lane is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2007 to Rs 4,400 per sq.ft in 2024, with several revisions in between, including a decrease in 2017.

What is the classification of land on Murthi Lane?

Murthi Lane is classified as Residential Class I Type - I according to the guideline value register.

Where can I find the Sowcarpet Sub Registrar Office?

The Sowcarpet Sub Registrar Office is located at No.11, Davidson Street, Sowcarpet, Chennai-01.

How is stamp duty calculated for properties in Murthi Lane?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at Rs 4,400 per sq.ft incurs a total of Rs 3,96,000 in duties.