Guideline Value for Murthy Nagar

Murthy Nagar guideline value

The current guideline value of Murthy Nagar is Rs 6,300 per sq.ft, effective from 1 July 2024. This area is located in Egmore village and falls under the Periamet SRO. The land classification for this street is Residential Class II Type - II.

How the guideline value of Murthy Nagar has changed

The guideline value for Murthy Nagar has seen several revisions over the years. Starting from the 2002 revision, the guideline value was Rs 627 per sq.ft. This increased to Rs 692 per sq.ft in 2003, followed by a significant rise to Rs 1,200 per sq.ft in 2007. The 2012 revision saw the value at Rs 5,800 per sq.ft, which was unchanged in the 2023 revision. The most recent revision in 2024 set the guideline value at Rs 6,300 per sq.ft, reflecting a 9% increase from the previous year.

Between the revisions, notable changes include a 383% increase from 2007 to 2012, and a 49% increase from 2017 to 2023. The overall change from 2002 to 2024 is a substantial 905%. There are no figures available for the revisions in 2012 and 2017 specific to this street.

Guideline values in Egmore

In Egmore, there are 465 streets under the Periamet SRO that carry a 2024 guideline value ranging from Rs 2,800 to Rs 22,000 per sq.ft, with a median value of Rs 7,100 per sq.ft. The guideline value for Murthy Nagar is below this median.

• Murrari Avenue: Rs 13,400 per sq.ft (2024)
• Munusamy Lane: Rs 4,900 per sq.ft (2024)
• Muniya Pillai Street: Rs 7,100 per sq.ft (2024)
• Murugesan Naicken Street: Rs 3,900 per sq.ft (2024)
• Murugesan street: Rs 3,900 per sq.ft (2024)
• Muktha Garden: Rs 13,400 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 6,300 per sq.ft, the total guideline value amounts to Rs 63,00,000. The stamp duty at 7% would be Rs 4,41,000, and the registration fee at 2% would be Rs 1,26,000, totaling Rs 5,67,000. It is important to note that stamp 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 detailed calculations.

Which Sub Registrar Office covers Murthy Nagar?

The Sub Registrar Office covering Murthy Nagar is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003. You can find your SRO for more information.

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

The guideline value serves as a benchmark for property transactions in Egmore. When buying or selling property, the guideline value is used to determine the applicable stamp duty and registration fees, ensuring that the transaction is recorded accurately in the official register.

It is crucial for buyers and sellers to be aware of the guideline value as it directly impacts the costs associated with property registration. Understanding this value helps in making informed decisions during property transactions.

Frequently asked questions

What is the current guideline value of Murthy Nagar?

The current guideline value of Murthy Nagar is Rs 6,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 627 per sq.ft in 2002 to Rs 6,300 per sq.ft in 2024, marking an overall increase of 905% over this period.

What is the land classification of Murthy Nagar?

Murthy Nagar is classified as Residential Class II Type - II, indicating its designation for residential purposes.

Where can I find the Sub Registrar Office for Murthy Nagar?

The Sub Registrar Office for Murthy Nagar is located at 1103, Poonamallee High Road, Chennai-600 003.

How is stamp duty calculated in Murthy Nagar?

Stamp duty in Murthy Nagar is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 63,00,000, the stamp duty at 7% would be Rs 4,41,000.