Guideline Value for Murthy street

Murthy street guideline value

The current guideline value of Murthy street in Chindadripet village, under the Periamet SRO, is Rs 4,400 per sq.ft, effective from 1 July 2024. This classification falls under Residential Class II Type - I.

How the guideline value of Murthy street has changed

The guideline value for Murthy street has seen several revisions over the years. In 2007, the value was Rs 700 per sq.ft, which increased significantly to Rs 4,000 per sq.ft in 2012. However, there was a decrease to Rs 2,680 per sq.ft in 2017. Following this, the value rose to Rs 4,000 per sq.ft in 2023, and currently stands at Rs 4,400 per sq.ft as of the 2024 revision. Notably, the register has no figures for the years 2002 and 2003.

From 2007 to 2012, the value increased by 471%. However, it decreased by 33% from 2012 to 2017. The value saw a significant increase of 49% from 2017 to 2023, and a further increase of 10% from 2023 to 2024. Overall, from 2007 to 2024, the guideline value has increased by 529%.

Guideline values in Chindadripet

In Chindadripet, there are 98 streets under the Periamet SRO that carry a 2024 guideline value, ranging from Rs 2,500 to Rs 18,100 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, placing Murthy street's 2024 figure above this median.

• Mukkyyamman koil 1st lane: Rs 3,300 per sq.ft (2024)
• Mukkiyamman Koil street: Rs 3,800 per sq.ft (2024)
• Mukkiyamman Koil II ndlane: Rs 2,500 per sq.ft (2024)
• Nagamani Mudali street: Rs 3,300 per sq.ft (2024)
• Navalar Neduncheziyan Nagar Coovam River Side: Rs 2,500 per sq.ft (2024)
• Navalar Neduncheziyan Nagar Fire Proof House: Rs 2,500 per sq.ft (2024)

Stamp duty and registration fee for property in Murthy street

For a 1,000 sq.ft plot at the current rate of Rs 4,400 per sq.ft, the guideline value amounts to Rs 44,00,000. The stamp duty charged at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, totaling Rs 3,96,000. It is important to note that the 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 more details.

Which Sub Registrar Office covers Murthy street?

The Sub Registrar Office that covers Murthy street is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Chindadripet. When a property is bought or sold, the guideline value is used to determine the stamp duty and registration fees applicable during the registration process.

It is essential for buyers and sellers to be aware of the current guideline value, as it directly influences the costs associated with property transactions. Accurate knowledge of these values ensures compliance with legal requirements and helps in making informed decisions.

Frequently asked questions

What is the current guideline value of Murthy street?

The current guideline value of Murthy street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 700 per sq.ft in 2007 to Rs 4,400 per sq.ft in 2024, reflecting a significant increase over the years.

What is the land classification for Murthy street?

Murthy street is classified under Residential Class II Type - I.

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

The Sub Registrar Office for Murthy street is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003.

How is stamp duty calculated for properties in Murthy street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000 at 7%.