Guideline Value for Murugan Nagar Phase-IV

Murugan Nagar Phase-IV guideline value

The current guideline value of Murugan Nagar Phase-IV is Rs 2,200 per sq.ft, effective from 1 July 2024. This property is located in Vengambakkam village and falls under the Tambaram Joint 1 SRO with a land classification of Residential Class I Type - IV.

How the guideline value of Murugan Nagar Phase-IV has changed

The guideline value for Murugan Nagar Phase-IV has seen several revisions over the years. The most recent revision in 2024 set the value at Rs 2,200 per sq.ft, an increase from Rs 2,000 per sq.ft in the 2023 revision. Notably, there was no change in the guideline value between the 2017 and 2023 revisions, which remained at Rs 2,000 per sq.ft. The register has no figures for the years 2012, 2007, 2003, and 2002 for this street.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 10%. The 2024 figure of Rs 2,200 per sq.ft reflects a 10% rise from the 2023 revision.

Guideline values in Vengambakkam

In Vengambakkam, there are 88 streets under the Tambaram Joint 1 SRO that carry a 2024 guideline value ranging from Rs 440 to Rs 5,000 per sq.ft, with a median value of Rs 770 per sq.ft. The guideline value for Murugan Nagar Phase-IV is above this median.

• Murugan Nagar Phase - III: Rs 2,200 per sq.ft (2024)
• Murugan Nagar Phase II: Rs 3,300 per sq.ft (2024)
• Murugan Nagar Phase I: Rs 3,300 per sq.ft (2024)
• Nagathamman Koil Street: Rs 440 per sq.ft (2024)
• M.G.R. Street: Rs 440 per sq.ft (2024)
• Metro Vengambakkam House Site Scheme: Rs 4,460 per sq.ft (2024)

Stamp duty and registration fee for property in Murugan Nagar Phase-IV

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. Note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Murugan Nagar Phase-IV?

The Sub Registrar Office covering Murugan Nagar Phase-IV is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Vengambakkam

The guideline value plays a crucial role during the registration of property transactions in Vengambakkam. It serves as a benchmark for calculating the stamp duty and registration fees, ensuring that these fees are based on a standardized value rather than the negotiated sale price.

When you buy or sell property in this area, it is essential to consider the guideline value, as it directly impacts the total costs involved in the transaction. Buyers and sellers must be aware of these values to ensure compliance with local regulations during the registration process.

Frequently asked questions

What is the current guideline value of Murugan Nagar Phase-IV?

The current guideline value of Murugan Nagar Phase-IV is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained at Rs 2,000 per sq.ft from 2017 until 2023 and increased to Rs 2,200 per sq.ft in 2024. There was no figure available for the years 2012, 2007, 2003, and 2002.

What are the other streets in Vengambakkam with their guideline values?

Other streets in Vengambakkam include Murugan Nagar Phase - III at Rs 2,200 per sq.ft, Murugan Nagar Phase II and Phase I at Rs 3,300 per sq.ft, Nagathamman Koil Street and M.G.R. Street at Rs 440 per sq.ft, and Metro Vengambakkam House Site Scheme at Rs 4,460 per sq.ft.

What fees are associated with buying property in Murugan Nagar Phase-IV?

When buying property in Murugan Nagar Phase-IV, the stamp duty is 7% of the guideline value, and the registration fee is 2%. For example, for a 1,000 sq.ft plot, the total fees would be Rs 1,98,000 based on the current guideline value.

Where can I find the Sub Registrar Office for Murugan Nagar Phase-IV?

The Sub Registrar Office for Murugan Nagar Phase-IV is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059. You can find more information about this office through the provided link.