Guideline Value for Murthy Nagar

Murthy Nagar guideline value

The current guideline value for Murthy Nagar, located in Ullagaram village under the Alandur SRO, is Rs 2,800 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class II Type - I.

How the guideline value of Murthy Nagar has changed

Over the years, the guideline value of Murthy Nagar has undergone several revisions. In 2002, the guideline value was Rs 166 per sq.ft, which increased to Rs 186 per sq.ft in 2003. The value saw a significant rise to Rs 1,000 per sq.ft in 2007, followed by a decrease to Rs 2,500 per sq.ft in 2012. The value then dropped to Rs 1,675 per sq.ft in 2017, before climbing to Rs 2,500 per sq.ft in 2023. The latest revision in 2024 has set the guideline value at Rs 2,800 per sq.ft.

The changes between revisions are notable. From 2002 to 2003, there was a 12% increase. The value rose by 438% from 2003 to 2007, followed by a 150% increase from 2007 to 2012. However, there was a 33% decrease from 2012 to 2017. The value then increased by 49% from 2017 to 2023, and most recently, there has been a 12% increase from 2023 to 2024. Overall, from 2002 to 2024, the guideline value has increased by 1587%.

Guideline values in Ullagaram

In Ullagaram, there are 298 streets under the Alandur SRO with a 2024 guideline value ranging from Rs 1,700 to Rs 5,500 per sq.ft. The median guideline value for these streets is Rs 2,800 per sq.ft, which is equal to the current value for Murthy Nagar.

• Muthu Mugammadu Street (Muthu Nagar): Rs 3,900 per sq.ft (2024)
• Nadesan Street: Rs 3,900 per sq.ft (2024)
• M G R Street Main: Rs 3,900 per sq.ft (2024)
• Nanganallur Co-operative Building Society Colony 18th Street: Rs 3,900 per sq.ft (2024)
• Nanganallur Co-operative Building Society Colony 19th Street: Rs 3,900 per sq.ft (2024)
• Nanganallur Co-Operative Building Society Colony 21st Street: Rs 3,900 per sq.ft (2024)

Stamp duty and registration fee for property in Murthy Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,800 per sq.ft, the total guideline value would be Rs 28,00,000. The stamp duty, charged at 7%, would be Rs 1,96,000, and the registration fee at 2% would be Rs 56,000. Together, the total charges would amount to Rs 2,52,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Murthy Nagar?

The Sub Registrar Office that covers Murthy Nagar is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for more details.

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

The guideline value is a crucial factor when registering property transactions in Ullagaram. It is used to determine the stamp duty and registration fees that buyers and sellers must pay during the property registration process.

When a property is sold, the guideline value serves as a benchmark for the minimum price at which the property can be registered. This ensures that the government receives the appropriate revenue from property transactions, based on the established guideline values.

Frequently asked questions

What is the current guideline value of Murthy Nagar?

The current guideline value of Murthy Nagar is Rs 2,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 166 per sq.ft in 2002 to Rs 2,800 per sq.ft in 2024, reflecting a total increase of 1587% over this period.

What are the stamp duty and registration fees for property in Murthy Nagar?

For a 1,000 sq.ft plot, the total guideline value is Rs 28,00,000. The stamp duty at 7% would be Rs 1,96,000, and the registration fee at 2% would be Rs 56,000, totaling Rs 2,52,000.

Which office handles property registrations for Murthy Nagar?

The Alandur Sub Registrar Office handles property registrations for Murthy Nagar, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

What is the land classification for Murthy Nagar?

The land classification for Murthy Nagar is Residential Class II Type - I, indicating its suitability for residential development.