Guideline Value for Murthy Street (Vetri Nagar)

Murthy Street (Vetri Nagar) guideline value

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

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

The guideline value for Murthy Street (Vetri Nagar) has seen several revisions over the years. In 2002, the guideline value was Rs 325 per sq.ft, which increased to Rs 447 per sq.ft in 2003, marking a change of +38%. The value then rose significantly to Rs 800 per sq.ft in 2007, reflecting an increase of +79%. By 2012, the value adjusted to Rs 2,500 per sq.ft, a decrease of -33% from the previous revision. In 2017, the guideline value rose again to Rs 1,675 per sq.ft, indicating an increase of +49%. The most recent revision in 2023 set the value at Rs 2,500 per sq.ft, and the current value of Rs 2,700 per sq.ft in 2024 represents an increase of +8%.

Overall, from 2002 to 2024, the guideline value has increased by +731%. There are no figures available for the years not listed in the register for this street.

Guideline values in Peravallur

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

• Murthy Street (Sekar Nagar): Rs 2,700 per sq.ft (2024)
• Murthy Street Lane (Sekar Nagar): Rs 2,400 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 (Vetri 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 at 7% would be Rs 1,89,000, and the registration fee at 2% would amount to Rs 54,000, making the total cost for stamp duty and registration fees Rs 2,43,000. Please 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 Murthy Street (Vetri Nagar)?

The Sub Registrar Office that covers Murthy Street (Vetri Nagar) 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

The guideline value plays a crucial role when buying or selling property in Peravallur. It is used to determine the stamp duty and registration fees that must be paid during the transaction. This value is set by the Registration Department and is crucial for ensuring that the correct fees are collected based on the property's value.

When registering a property, the buyer must pay the stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that all transactions are documented accurately and that the government receives the appropriate revenue from property sales.

Frequently asked questions

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

The current guideline value of Murthy Street (Vetri 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 325 per sq.ft in 2002 to Rs 2,700 per sq.ft in 2024, showing an overall increase of +731% 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, which is above the current guideline value for Murthy Street (Vetri Nagar).

What are the stamp duty and registration fees for a property in Murthy Street (Vetri Nagar)?

For a 1,000 sq.ft plot at the current guideline value, the total stamp duty and registration fees would be Rs 2,43,000, which includes a stamp duty of Rs 1,89,000 and a registration fee of Rs 54,000.

Where is the Sub Registrar Office for Murthy Street (Vetri Nagar)?

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