Guideline Value for Murugambedu Main Road

Murugambedu Main Road guideline value

The current guideline value of Murugambedu Main Road is Rs 2,100 per sq.ft, effective from 1 July 2024. This road is located in Korattur village and falls under the Villivakkam SRO. The land classification for this area is Residential Class III Type - I.

How the guideline value of Murugambedu Main Road has changed

The guideline value for Murugambedu Main Road has undergone several revisions over the years. The 2012 revision set the value at Rs 2,000 per sq.ft, which then decreased to Rs 1,340 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 2,000 per sq.ft, and the latest 2024 revision further raised it to Rs 2,100 per sq.ft, marking an increase of 5% from the previous year.

From 2012 to 2024, the overall change in guideline value is an increase of 5%. The most significant change occurred between 2017 and 2023, where the value increased by 49%. It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO with a 2024 guideline value ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median value for these streets is Rs 2,500 per sq.ft, making the guideline value of Murugambedu Main Road below this median.

• Muthamil Nagar 12th Cross Street: Rs 2,100 per sq.ft (2024)
• Muthamil Nagar (All Streets): Rs 2,100 per sq.ft (2024)
• Muthamil Nagar Extension: Rs 2,100 per sq.ft (2024)
• Nagamman Nagar: Rs 1,600 per sq.ft (2024)
• M.M.Nagar: Rs 1,300 per sq.ft (2024)
• Nagathamman Koil Street: Rs 2,900 per sq.ft (2024)

Stamp duty and registration fee for property in Murugambedu Main Road

For a 1,000 sq.ft plot at the current rate of Rs 2,100 per sq.ft, the guideline value amounts to Rs 21,00,000. The stamp duty at 7% would be Rs 1,47,000, and the registration fee at 2% would be Rs 42,000, bringing the total to Rs 1,89,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Murugambedu Main Road?

The Sub Registrar Office that covers Murugambedu Main Road is the Villivakkam 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 information.

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

The guideline value is a crucial factor when it comes to the registration of property transactions in Korattur. It serves as the basis for calculating the stamp duty and registration fees, ensuring that these charges are applied fairly based on the property’s value.

When buying or selling property, the guideline value helps in determining the minimum price at which a property can be registered. This ensures that the transaction is documented accurately and that the appropriate taxes are collected by the government.

Frequently asked questions

What is the current guideline value of Murugambedu Main Road?

The current guideline value of Murugambedu Main Road is Rs 2,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,100 per sq.ft in 2024.

What is the land classification for Murugambedu Main Road?

The land classification for Murugambedu Main Road is Residential Class III Type - I.

Where can I find the registration office for Murugambedu Main Road?

The registration office for Murugambedu Main Road is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is the stamp duty calculated for properties in Murugambedu Main Road?

The stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 21,00,000 would incur a stamp duty of Rs 1,47,000.