Guideline Value for Murugan Nagar 5th Street

Murugan Nagar 5th Street guideline value

The current guideline value of Murugan Nagar 5th 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 5th Street has changed

The guideline value for Murugan Nagar 5th Street has seen several revisions over the years. In 2007, the 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, the value decreased to Rs 2,010 per sq.ft in 2017, reflecting a decline of 33%. The next revision in 2023 saw the value rise to Rs 3,000 per sq.ft, followed by a further increase to Rs 3,300 per sq.ft in 2024, which is a 10% increase from the previous year. The register has no figure for this street for the years 2002 and 2003.

Overall, from 2007 to 2024, the guideline value has increased by 230%. The revisions have shown significant fluctuations, particularly the jump from Rs 1,000 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, highlighting the changes in the property landscape in this area.

Guideline values in Kolathur

In Kolathur, there are 879 streets under the Sembiam SRO with 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 the same as the current value for Murugan Nagar 5th Street.

• Murugan Nagar 4th Street: Rs 3,300 per sq.ft (2024)
• Murugan Nagar 6th Street: Rs 3,300 per sq.ft (2024)
• Murugan Nagar 3rd Street: Rs 3,300 per sq.ft (2024)
• Murugan Nagar 7th Street: Rs 3,300 per sq.ft (2024)
• Murugan Nagar 2nd Street: Rs 3,300 per sq.ft (2024)
• Murugan Nagar 8th Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Murugan Nagar 5th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total 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 details.

Which Sub Registrar Office covers Murugan Nagar 5th Street?

The Sub Registrar Office that covers Murugan Nagar 5th 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

When buying or selling property in Kolathur, the guideline value plays a crucial role in determining the stamp duty and registration fees. The guideline value is set by the government and is used as a benchmark for property transactions, ensuring that the taxes collected reflect the market value of the property.

During the registration process, the buyer must pay stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions, and it helps maintain transparency in the real estate market.

Frequently asked questions

What is the current guideline value of Murugan Nagar 5th Street?

The current guideline value of Murugan Nagar 5th 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, reflecting a significant increase of 230% over this period.

What are the stamp duty rates for property transactions?

The stamp duty for property transactions is charged at 7% of the guideline value or the sale price, whichever is higher. In addition, there is a registration fee of 2%.

Where is the Sembiam Sub Registrar Office located?

The Sembiam Sub Registrar Office is located at 5, Papermills Road, Sembiam, Chennai - 600011.

What is the land classification for Murugan Nagar 5th Street?

The land classification for Murugan Nagar 5th Street is Residential Class I Type - I, indicating that it is designated for residential purposes.