Guideline Value for Murugan Nagar 1st Street

Murugan Nagar 1st Street guideline value

The current guideline value of Murugan Nagar 1st Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Kolathur village and falls under the Sembiam SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Murugan Nagar 1st Street has changed

The guideline value for Murugan Nagar 1st Street has seen several revisions over the years. In 2007, the guideline value was Rs 1,000 per sq.ft, which increased significantly to Rs 3,000 per sq.ft in 2012, marking a 200% rise. However, from 2012 to 2017, the value decreased to Rs 2,010 per sq.ft, showing a decline of 33%. The value then rose to Rs 3,000 per sq.ft in 2023, reflecting a 49% increase. The latest revision in 2024 set the guideline value at Rs 3,300 per sq.ft, which is a 10% increase from the previous year.

It is important to note that there are no figures available for the revisions in 2002 and 2003 for this street. Overall, the guideline value has increased by 230% from Rs 1,000 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024.

Guideline values in Kolathur

In Kolathur, there are 879 streets under the Sembiam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 6,000 per sq.ft. The median guideline value for these streets is Rs 3,300 per sq.ft, which is equal to the 2024 figure for Murugan Nagar 1st Street.

• Murugan Nagar 10th Street: Rs 3,300 per sq.ft (2024)
• Murugan Nagar 2nd Street: Rs 3,300 per sq.ft (2024)
• Murugan Nagar 3rd Street: Rs 3,300 per sq.ft (2024)
• Murugan Nagar 4th Street: Rs 3,300 per sq.ft (2024)
• Murugan Nagar 5th Street: Rs 3,300 per sq.ft (2024)
• Murugan Nagar 6th Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Murugan Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total cost for these fees to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use our stamp duty and registration fee calculator for more accurate estimates based on your property details.

Which Sub Registrar Office covers Murugan Nagar 1st Street?

The Sub Registrar Office that covers Murugan Nagar 1st Street 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 Kolathur

The guideline value is a crucial factor when registering property transactions in Kolathur. It serves as a benchmark for determining the minimum value at which a property can be sold or purchased, ensuring that the transaction is legally recognized and taxed appropriately.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are essential components of the registration process. This ensures that both parties are aware of the costs involved and that the transaction adheres to legal requirements.

Frequently asked questions

What is the current guideline value of Murugan Nagar 1st Street?

The current guideline value of Murugan Nagar 1st Street is Rs 3,300 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 3,300 per sq.ft in 2024, showing an overall increase of 230% over the years.

What are the stamp duty and registration fees for a property in Murugan Nagar 1st Street?

For a 1,000 sq.ft property, the total guideline value is Rs 33,00,000, leading to a stamp duty of Rs 2,31,000 and a registration fee of Rs 66,000, totaling Rs 2,97,000.

Which office handles property registrations in Kolathur?

The Sembiam Sub Registrar Office handles property registrations for Murugan Nagar 1st Street and is located at 5, Papermills Road, Sembiam, Chennai - 600011.

What is the land classification for Murugan Nagar 1st Street?

The land classification for Murugan Nagar 1st Street is Residential Class I Type - I.