Guideline Value for Murthy Street Lane (Sekar Nagar)

Murthy Street Lane (Sekar Nagar) guideline value

The current guideline value for Murthy Street Lane (Sekar Nagar) is Rs 2,400 per sq.ft, effective from 1 July 2024. This street is located in Peravallur village under the Sembiam Sub Registrar Office (SRO). The land classification for this area is Residential Class I Type - II.

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

The guideline value for Murthy Street Lane (Sekar Nagar) has seen several revisions over the years. In 2007, the guideline value was Rs 1,000 per sq.ft, which increased significantly to Rs 2,200 per sq.ft in 2012. However, it then decreased to Rs 1,474 per sq.ft in 2017. The value rose again to Rs 2,200 per sq.ft in 2023, and currently stands at Rs 2,400 per sq.ft as per the 2024 revision.

From 2017 to 2023, the value increased by 49%, while the jump from 2023 to 2024 is 9%. Notably, the overall change from 2007 to 2024 reflects a 140% increase. 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 that carry a 2024 guideline value ranging from Rs 2,200 to Rs 7,100 per sq.ft, with a median value of Rs 3,301 per sq.ft. The guideline value for Murthy Street Lane (Sekar Nagar) is below this median.

• Murthy Street (Sekar Nagar): Rs 2,700 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 Lane (Sekar Nagar)

For a 1,000 sq.ft plot at the current guideline value of Rs 2,400 per sq.ft, the total guideline value amounts to Rs 24,00,000. The stamp duty at 7% would be Rs 1,68,000, and the registration fee at 2% would be Rs 48,000, resulting in a total of Rs 2,16,000. It is important to 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 Lane (Sekar Nagar)?

The Sub Registrar Office that covers Murthy Street Lane (Sekar 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 in the registration process when buying or selling property in Peravallur. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the transaction.

When a property is registered, the higher of the guideline value or the sale price is considered for calculating these fees. This ensures that the transaction is recorded accurately and complies with the regulations set forth by the Registration Department.

Frequently asked questions

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

The current guideline value for Murthy Street Lane (Sekar Nagar) is Rs 2,400 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 2,400 per sq.ft in 2024, reflecting an overall increase of 140% over the years.

What is the median guideline value in Peravallur?

The median guideline value in Peravallur is Rs 3,301 per sq.ft, while Murthy Street Lane (Sekar Nagar) has a guideline value below this median.

What are the stamp duty and registration fees for a property in this area?

For a property valued at Rs 24,00,000, the stamp duty would be Rs 1,68,000 and the registration fee would be Rs 48,000, totaling Rs 2,16,000.

Where can I find the Sub Registrar Office for this street?

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