Guideline Value for Murugan Nagar 1 to 4th Street

Murugan Nagar 1 to 4th Street guideline value

The current guideline value of Murugan Nagar 1 to 4th Street is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Konnur village and falls under the Konnur SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Murugan Nagar 1 to 4th Street has changed

The guideline value for Murugan Nagar 1 to 4th Street has seen significant changes over the years. In 2007, the value was Rs 700 per sq.ft, which increased dramatically to Rs 5,000 per sq.ft in 2012, marking a rise of 614%. However, from 2012 to 2017, the value decreased to Rs 3,350 per sq.ft, a drop of 33%. The value then rose to Rs 5,000 per sq.ft in 2023, reflecting a 49% increase.

As of the latest revision in 2024, the guideline value stands at Rs 5,500 per sq.ft, which is a 10% increase from the previous year. Overall, from 2007 to 2024, the guideline value has increased by 686%. It is important to note that the register has no figures for the years 2002 and 2003 for this street.

Guideline values in Konnur

In Konnur, there are 249 streets under the Konnur SRO with a 2024 guideline value ranging from Rs 2,750 to Rs 7,100 per sq.ft. The median value is Rs 3,800 per sq.ft, placing Murugan Nagar 1 to 4th Street's value above this median.

• Murugan Nagar 1 to 4th Street: Rs 5,500 per sq.ft (2024)
• Murugan Nagar 1 to 4th Street Extension: Rs 5,500 per sq.ft (2024)
• Murugan Nagar 1 to 4 Cross Street: Rs 5,500 per sq.ft (2024)
• Muthtamil Nagar: Rs 6,000 per sq.ft (2024)
• Mounasami Madam Street: Rs 3,800 per sq.ft (2024)
• Nehru Nagar: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Murugan Nagar 1 to 4th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value would be Rs 55,00,000. The stamp duty at 7% would amount to Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, resulting in a total cost of Rs 4,95,000. 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 more details.

Which Sub Registrar Office covers Murugan Nagar 1 to 4th Street?

The Sub Registrar Office that covers Murugan Nagar 1 to 4th Street is the Konnur Sub Registrar Office, located at Sub Register Office, Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai. You can find your SRO for further assistance.

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

The guideline value plays a crucial role in the registration process of property transactions in Konnur. It serves as a benchmark for determining the minimum price at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duties and registration fees.

When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees. Buyers should be aware that these fees are based on the higher of the guideline value and the sale price, which can affect the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Murugan Nagar 1 to 4th Street?

The current guideline value of Murugan Nagar 1 to 4th Street is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 700 per sq.ft in 2007 to Rs 5,500 per sq.ft in 2024, marking an overall increase of 686% over the years.

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

For a property valued at Rs 55,00,000, the stamp duty would be Rs 3,85,000, and the registration fee would be Rs 1,10,000, totaling Rs 4,95,000.

Where can I find the Sub Registrar Office for Murugan Nagar 1 to 4th Street?

The Konnur Sub Registrar Office is located at Sub Register Office, Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai.

What is the significance of the guideline value in property transactions?

The guideline value is used to determine the minimum price for property registration and is essential for calculating stamp duties and registration fees during property transactions.