Guideline Value for Murugan Nagar/Street

Murugan Nagar/Street guideline value

The current guideline value of Murugan Nagar/Street is Rs 3,900 per sq.ft, effective from 1 July 2024. This street is located in Adambakkam village under the Alandur SRO, and it falls under the Residential Class I Type - III land classification.

How the guideline value of Murugan Nagar/Street has changed

The guideline value for Murugan Nagar/Street has undergone several revisions over the years. The most recent revision in 2024 set the value at Rs 3,900 per sq.ft, an increase from Rs 3,500 per sq.ft in the 2023 revision, marking an 11% rise. Prior to that, the 2017 revision recorded a value of Rs 2,345 per sq.ft, which was a significant increase of 49% from the previous revision in 2012, which also had a value of Rs 3,500 per sq.ft. Notably, there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

Overall, from 2012 to 2024, the guideline value has increased by 11%. The fluctuations in the guideline values reflect the changes in the real estate landscape over the years, with the 2012 to 2017 period showing a decrease of 33% before the subsequent increases in the later years.

Guideline values in Adambakkam

In Adambakkam, there are 569 streets under the Alandur SRO that carry a guideline value for 2024, ranging from Rs 2,800 to Rs 11,000 per sq.ft. The median value for these streets is Rs 3,900 per sq.ft, which is equal to the guideline value of Murugan Nagar/Street.

• Muthaiyal Nagar: Rs 3,900 per sq.ft (2024)
• Mullai Street: Rs 3,900 per sq.ft (2024)
• Muthiyal Reddy 1st Street: Rs 3,900 per sq.ft (2024)
• Muthiyal Reddy Street: Rs 3,900 per sq.ft (2024)
• Muthiyal Reddy Street 2nd Lane: Rs 3,900 per sq.ft (2024)
• Muthiyal Reddy Street First Lane: Rs 3,900 per sq.ft (2024)

Stamp duty and registration fee for property in Murugan Nagar/Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,900 per sq.ft, the total guideline value amounts to Rs 39,00,000. The stamp duty at 7% would be Rs 2,73,000, and the registration fee at 2% would be Rs 78,000, making the total cost for these fees Rs 3,51,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Murugan Nagar/Street?

The Sub Registrar Office that covers Murugan Nagar/Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Adambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded at a fair value.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees, which are essential costs associated with the transfer of ownership. Buyers and sellers must be aware of the guideline value to ensure compliance with legal requirements during the property transaction.

Frequently asked questions

What is the current guideline value of Murugan Nagar/Street?

The current guideline value of Murugan Nagar/Street is Rs 3,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,345 per sq.ft in 2017 to Rs 3,500 per sq.ft in 2023, and then to Rs 3,900 per sq.ft in 2024. Overall, from 2012 to 2024, the value has increased by 11%.

What is the land classification of Murugan Nagar/Street?

Murugan Nagar/Street falls under the Residential Class I Type - III land classification.

Where is the Alandur Sub Registrar Office located?

The Alandur Sub Registrar Office is located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current guideline value, the total stamp duty and registration fees would amount to Rs 3,51,000.