Guideline Value for Murugan Nagar 8th Street

Murugan Nagar 8th Street guideline value

The current guideline value of Murugan Nagar 8th Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Kolathur village under the Sembiam SRO, classified as Residential Class I Type - I.

How the guideline value of Murugan Nagar 8th Street has changed

In the 2007 revision, the guideline value was Rs 1,000 per sq.ft. This figure increased significantly to Rs 3,000 per sq.ft in the 2012 revision, representing a 200% increase. However, in the 2017 revision, the value decreased to Rs 2,010 per sq.ft, marking a decline of 33%. The value then rose to Rs 3,000 per sq.ft in the 2023 revision, which was a 49% increase. 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.

The register has no figure for the years 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 879 streets under the Sembiam SRO, with guideline values 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 8th Street.

• Murugan Nagar 7th Street: Rs 3,300 per sq.ft (2024)
• Murugan Nagar 9th Street: Rs 3,300 per sq.ft (2024)
• Murugan Nagar 6th Street: Rs 3,300 per sq.ft (2024)
• Murugan Nagar 5th 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 8th 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, while the registration fee at 2% would be 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 our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Murugan Nagar 8th Street?

The Sub Registrar Office that covers Murugan Nagar 8th 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 property transactions in Kolathur. It is used to determine the stamp duty and registration fees that need to be paid at the time of registration. Buyers and sellers should be aware that the guideline value serves as a benchmark for the transaction value.

When buying or selling property, the guideline value ensures that the transaction is recorded at a fair value, which is essential for tax purposes and legal documentation. It is advisable to check the latest guideline values to ensure compliance with the current regulations.

Frequently asked questions

What is the current guideline value of Murugan Nagar 8th Street?

The current guideline value of Murugan Nagar 8th 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%.

What are the stamp duty and registration fees for property in Murugan Nagar 8th Street?

For a 1,000 sq.ft plot, the total guideline value is Rs 33,00,000. The stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Which office handles property registrations for Murugan Nagar 8th Street?

The Sembiam Sub Registrar Office handles property registrations for Murugan Nagar 8th Street, located at 5, Papermills Road, Sembiam, Chennai - 600011.

What is the land classification of Murugan Nagar 8th Street?

Murugan Nagar 8th Street is classified as Residential Class I Type - I.