Guideline Value for Murthy Street

Murthy Street guideline value

The current guideline value of Murthy Street is Rs 6,600 per sq.ft, effective from 1 July 2024. This street is located in Kodambakkam village, under the Ashok Nagar SRO, and is classified as Residential Class II Type - II.

How the guideline value of Murthy Street has changed

The guideline value for Murthy Street has seen significant changes over the years. In 2007, the guideline value was Rs 1,460 per sq.ft. This figure increased dramatically to Rs 6,000 per sq.ft in the 2012 revision, marking a 311% increase. There is no figure available for this street in the revisions for 2002, 2003, 2017, and 2023.

From the 2012 revision to the current 2024 revision, the guideline value rose by 10%, bringing it to Rs 6,600 per sq.ft. Overall, from 2007 to 2024, the guideline value has increased by 352%.

Guideline values in Kodambakkam

In Kodambakkam, there are 1,031 streets under the Ashok Nagar SRO with a 2024 guideline value ranging from Rs 2,200 to Rs 11,000 per sq.ft. The median guideline value is Rs 4,900 per sq.ft, placing Murthy Street's 2024 figure above this median.

• Murthy Street Extension: Rs 6,600 per sq.ft (2024)
• Murasolimaran Street: Rs 3,300 per sq.ft (2024)
• Murugan Store RoadS.No. 349/1 Part: Rs 2,200 per sq.ft (2024)
• Murugan Street(Kodambakkam Salai): Rs 5,500 per sq.ft (2024)
• Munusamy Street Block 94: Rs 3,300 per sq.ft (2024)
• Munusamy Street Block 79: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Murthy Street

For a 1,000 sq.ft plot at the current guideline value of Rs 6,600 per sq.ft, the total guideline value amounts to Rs 66,00,000. The stamp duty at 7% would be Rs 4,62,000, and the registration fee at 2% would be Rs 1,32,000. Together, the total cost for these fees would be Rs 5,94,000. Duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for further assistance.

Which Sub Registrar Office covers Murthy Street?

The Sub Registrar Office that covers Murthy Street is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur EB Office. You can find your SRO for more details.

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

The guideline value is a critical factor when registering property in Kodambakkam. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property transactions.

When buying or selling property, the guideline value is compared with the sale price. The higher of the two figures is used to calculate the applicable duties and fees, ensuring compliance with local regulations.

Frequently asked questions

What is the current guideline value of Murthy Street?

The current guideline value of Murthy Street is Rs 6,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,460 per sq.ft in 2007 to Rs 6,600 per sq.ft in 2024, marking an overall increase of 352%.

What are the other streets in Kodambakkam with their guideline values?

Other streets in Kodambakkam include Murthy Street Extension at Rs 6,600 per sq.ft, Murasolimaran Street at Rs 3,300 per sq.ft, and Murugan Store RoadS.No. 349/1 Part at Rs 2,200 per sq.ft, among others.

How are stamp duty and registration fees calculated?

Stamp duty is calculated at 7% of the guideline value or sale price, whichever is higher, while the registration fee is charged at 2% of the same figure.

Where can I find my Sub Registrar Office?

The Ashok Nagar Sub Registrar Office covers Murthy Street. You can find more details about your SRO through the provided link.