Guideline Value for Murugan Nagar 7th Street

Murugan Nagar 7th Street guideline value

The current guideline value of Murugan Nagar 7th 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 7th Street has changed

The guideline value for Murugan Nagar 7th Street has undergone several revisions over the years. The earliest recorded figure is from 2007, where the guideline value was Rs 1,000 per sq.ft. It then increased to Rs 3,000 per sq.ft in 2012, marking a significant rise of 200%. However, from 2012 to 2017, the value decreased to Rs 2,010 per sq.ft, representing a decline of 33%. The value then rose again to Rs 3,000 per sq.ft in 2023, a notable increase of 49% from the 2017 revision. The most recent revision in 2024 set the guideline value at Rs 3,300 per sq.ft, reflecting 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, from 2007 to 2024, the guideline value has increased by 230%.

Guideline values in Kolathur

In Kolathur, there are a total of 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 current guideline value of Murugan Nagar 7th Street.

• Murugan Nagar 6th Street: Rs 3,300 per sq.ft (2024)
• Murugan Nagar 8th Street: Rs 3,300 per sq.ft (2024)
• Murugan Nagar 5th Street: Rs 3,300 per sq.ft (2024)
• Murugan Nagar 9th Street: Rs 3,300 per sq.ft (2024)
• Murugan Nagar 4th Street: Rs 3,300 per sq.ft (2024)
• Murugan Nagar 3rd Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Murugan Nagar 7th 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 be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, resulting in a total of Rs 2,97,000. Please note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Murugan Nagar 7th Street?

The Sub Registrar Office that covers Murugan Nagar 7th 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 plays a crucial role during property transactions in Kolathur. It is used to determine the stamp duty and registration fees that need to be paid when buying or selling property. The guideline value serves as a benchmark for the valuation of the property, ensuring that the transaction is recorded accurately.

When registering a property, the buyer must pay the stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Murugan Nagar 7th Street?

The current guideline value of Murugan Nagar 7th 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 significantly over the years, increasing from Rs 1,000 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, which is an overall increase of 230%.

What is the land classification for Murugan Nagar 7th Street?

The land classification for Murugan Nagar 7th Street is Residential Class I Type - I.

Where is the Sembiam Sub Registrar Office located?

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

How is the stamp duty calculated for properties in Kolathur?

The stamp duty for properties in Kolathur is calculated based on the higher of the guideline value or the sale price. The rate is typically 7% of the guideline value.