Guideline Value for Murthy Raja Street

Murthy Raja Street guideline value

The current guideline value of Murthy Raja Street in Peravallur village, under the Sembiam SRO, is Rs 2,700 per sq.ft, effective from 1 July 2024. This street is classified as Residential Class I Type - I.

How the guideline value of Murthy Raja Street has changed

Over the years, the guideline value of Murthy Raja Street has seen significant changes. In 2002, the guideline value was Rs 325 per sq.ft, which increased to Rs 354 per sq.ft in 2003. The value continued to rise to Rs 700 per sq.ft in 2007, and then saw a substantial jump to Rs 2,500 per sq.ft in 2012. However, it decreased to Rs 1,675 per sq.ft in 2017. Following this, the value increased to Rs 2,500 per sq.ft in 2023, and finally reached Rs 2,700 per sq.ft in 2024, marking an 8% increase from the previous year.

When looking at the changes between revisions, the increase from 2017 to 2023 was 49%, while the decrease from 2012 to 2017 was 33%. The jump from 2007 to 2012 was 257%, and the increase from 2003 to 2007 was 98%. The value rose by 9% from 2002 to 2003. Overall, from 2002 to 2024, the guideline value has increased by 731%. There are no figures available for revisions other than those mentioned.

Guideline values in Peravallur

In Peravallur, there are 423 streets under the Sembiam SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 7,100 per sq.ft. The median guideline value is Rs 3,301 per sq.ft, which means that Murthy Raja Street's 2024 figure is below the median.

• Murthy Street Lane (Sekar Nagar): Rs 2,400 per sq.ft (2024)
• Murthy Street (Sekar Nagar): Rs 2,700 per sq.ft (2024)
• Murthy Street (Vetri Nagar): Rs 2,700 per sq.ft (2024)
• Nagammal Street (Vetri Nagar Extension): Rs 3,301 per sq.ft (2024)
• Narayana Reddy Street: Rs 2,400 per sq.ft (2024)
• Meri Helan Street: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Murthy Raja Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value would be Rs 27,00,000. The stamp duty at 7% would amount to Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total fees to Rs 2,43,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Murthy Raja Street?

The Sub Registrar Office that covers Murthy Raja Street is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more information.

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

When buying or selling property in Peravallur, the guideline value plays a crucial role in determining the stamp duty and registration fees. These fees are calculated based on the guideline value or the sale price, whichever is higher, ensuring that the government receives appropriate revenue from property transactions.

The guideline value is also important for buyers and sellers to understand the official valuation of the property. It serves as a reference point in negotiations and helps in assessing the financial implications of property transactions in the area.

Frequently asked questions

What is the current guideline value of Murthy Raja Street?

The current guideline value of Murthy Raja Street is Rs 2,700 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 325 per sq.ft in 2002 to Rs 2,700 per sq.ft in 2024, with various increases and decreases in between.

What is the median guideline value in Peravallur?

The median guideline value in Peravallur is Rs 3,301 per sq.ft, which means Murthy Raja Street's value is below this median.

What are the stamp duty and registration fees for a property on this street?

For a 1,000 sq.ft property on Murthy Raja Street, the total stamp duty and registration fees would amount to Rs 2,43,000 based on the current guideline value.

Which office handles registrations for Murthy Raja Street?

The Sembiam Sub Registrar Office handles registrations for Murthy Raja Street, located at 5, Papermills Road, Sembiam, Chennai - 600011.