Guideline Value for Murthy Street (Sekar Nagar)

Murthy Street (Sekar Nagar) guideline value

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

How the guideline value of Murthy Street (Sekar Nagar) has changed

The guideline value of Murthy Street (Sekar Nagar) has seen several revisions over the years. In 2007, the guideline value was Rs 1,000 per sq.ft, which increased to Rs 2,500 per sq.ft in 2012. However, this figure dropped to Rs 1,675 per sq.ft in 2017. The value then rose significantly to Rs 2,500 per sq.ft in 2023 before reaching the current rate of Rs 2,700 per sq.ft in 2024.

From the 2017 revision to 2023, there was a notable increase of 49%. The 2023 to 2024 revision reflects an 8% increase. Overall, from 2007 to 2024, the guideline value has increased by 170%. It is important to note that the register has no figures for the years 2002 and 2003 for this street.

Guideline values in Peravallur

In Peravallur, there are 423 streets under the Sembiam SRO, with the 2024 guideline values ranging from Rs 2,200 to Rs 7,100 per sq.ft. The median value for these streets is Rs 3,301 per sq.ft, placing Murthy Street (Sekar Nagar) below this median.

• Murthy Street Lane (Sekar Nagar): Rs 2,400 per sq.ft (2024)
• Murthy Street (Vetri Nagar): Rs 2,700 per sq.ft (2024)
• Murthy Raja Street: 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 Street (Sekar Nagar)

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, charged at 7%, would amount to Rs 1,89,000, while the registration fee at 2% would be Rs 54,000. Together, the total cost for these fees would be Rs 2,43,000. It is important to note that 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 information.

Which Sub Registrar Office covers Murthy Street (Sekar Nagar)?

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

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

The guideline value is a crucial factor in property transactions in Peravallur. It serves as a benchmark for determining the minimum value at which properties can be registered. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, ensuring that these costs are based on a standardized valuation.

When a property is registered, the buyer must pay the applicable stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This process ensures transparency and helps in maintaining accurate records of property transactions in the area.

Frequently asked questions

What is the current guideline value of Murthy Street (Sekar Nagar)?

The current guideline value of Murthy Street (Sekar Nagar) 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 from Rs 1,000 per sq.ft in 2007 to Rs 2,700 per sq.ft in 2024, showing an overall increase of 170% over the years.

What is the median guideline value for streets in Peravallur?

The median guideline value for streets in Peravallur is Rs 3,301 per sq.ft, with Murthy Street (Sekar Nagar) being below this median at Rs 2,700 per sq.ft.

What are the registration fees for properties in Murthy Street (Sekar Nagar)?

The registration fees for properties are calculated based on the guideline value. For example, for a 1,000 sq.ft plot, the total registration fees would amount to Rs 2,43,000, including stamp duty and registration fees.

Where can I find the Sub Registrar Office for Murthy Street (Sekar Nagar)?

The Sub Registrar Office covering Murthy Street (Sekar Nagar) is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011.