Guideline Value for Murugan Nagar 6th Street

Murugan Nagar 6th Street guideline value

The current guideline value of Murugan Nagar 6th Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Kolathur village, under the Sembiam SRO, and is classified as Residential Class I Type - I.

How the guideline value of Murugan Nagar 6th Street has changed

The guideline value for Murugan Nagar 6th Street has undergone several revisions over the years. Starting from the 2007 revision, the value was Rs 1,000 per sq.ft. This increased significantly to Rs 3,000 per sq.ft in 2012, marking a 200% rise. However, the value then decreased to Rs 2,010 per sq.ft in 2017, which was a decline of 33%. The 2023 revision saw the value rise to Rs 3,000 per sq.ft, and the latest revision in 2024 set it at Rs 3,300 per sq.ft, reflecting a 10% increase from the previous year.

From 2017 to 2023, the value increased by 49%. Overall, from the 2007 revision to the 2024 revision, the guideline value has risen by 230%. It is important to note that there are no figures available for the years 2002 and 2003 in the register for this street.

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 value is Rs 3,300 per sq.ft, which is the same as the guideline value for Murugan Nagar 6th Street.

• Murugan Nagar 5th Street: Rs 3,300 per sq.ft (2024)
• Murugan Nagar 7th Street: Rs 3,300 per sq.ft (2024)
• Murugan Nagar 4th Street: Rs 3,300 per sq.ft (2024)
• Murugan Nagar 8th Street: Rs 3,300 per sq.ft (2024)
• Murugan Nagar 3rd Street: Rs 3,300 per sq.ft (2024)
• Murugan Nagar 9th Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Murugan Nagar 6th 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 is charged at 7%, amounting to Rs 2,31,000, while the registration fee is 2%, totaling Rs 66,000. Together, the total cost for these fees would be Rs 2,97,000. 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 Murugan Nagar 6th Street?

The Sub Registrar Office that covers Murugan Nagar 6th 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 in the registration process when buying or selling property in Kolathur. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is registered, the stamp duty is calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Murugan Nagar 6th Street?

The current guideline value of Murugan Nagar 6th 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 an overall increase of 230% over the years.

What is the land classification for Murugan Nagar 6th Street?

Murugan Nagar 6th Street is classified as Residential Class I Type - I.

What is the stamp duty rate for properties in this area?

The stamp duty rate for properties in Murugan Nagar 6th Street is 7% of the guideline value or sale price, whichever is higher.

Where is the Sembiam Sub Registrar Office located?

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