Guideline Value for Murugan Nagar

Murugan Nagar guideline value

The current guideline value of Murugan Nagar, located in Mannoor village under the Sriperumpudur SRO, is Rs 100 per sq.ft. This value is effective from 1 July 2024 and falls under the Residential Class IV Type - I land classification.

How the guideline value of Murugan Nagar has changed

Over the years, the guideline value for Murugan Nagar has seen several revisions. The 2007 revision set the value at Rs 40 per sq.ft, which increased to Rs 100 per sq.ft in the 2012 revision. However, it then decreased to Rs 67 per sq.ft in the 2017 revision. The 2023 revision maintained this value at Rs 100 per sq.ft, and the current 2024 revision has also set it at Rs 100 per sq.ft, resulting in no change from the previous year.

From 2017 to 2023, there was a significant increase of 49%. The overall change from the 2007 revision to the 2024 revision reflects a 150% increase in the guideline value. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Mannoor

Mannoor village has a total of 56 streets under the Sriperumpudur SRO that carry a 2024 guideline value ranging from Rs 100 to Rs 1,500 per sq.ft, with a median value of Rs 250 per sq.ft. The guideline value of Murugan Nagar is below this median.

• Muthu Street: Rs 200 per sq.ft (2024)
• Mettu Street: Rs 200 per sq.ft (2024)
• Nemili Road: Rs 300 per sq.ft (2024)
• Ochan street: Rs 250 per sq.ft (2024)
• Pachiappan Nagar: Rs 250 per sq.ft (2024)
• Main Road: Rs 600 per sq.ft (2024)

Stamp duty and registration fee for property in Murugan Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 100 per sq.ft, the total guideline value amounts to Rs 1,00,000. The stamp duty at 7% would be Rs 7,000, and the registration fee at 2% would be Rs 2,000, bringing the total fees to Rs 9,000. 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 further calculations.

Which Sub Registrar Office covers Murugan Nagar?

The Sub Registrar Office that covers Murugan Nagar is the Sriperumpudur Sub Registrar Office, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is a critical factor when registering property transactions in Mannoor. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the sale or purchase of property.

When you buy or sell property, the guideline value ensures that the transaction is recorded at a standard rate, which helps in maintaining transparency in property dealings. This value is essential for both buyers and sellers to understand their financial obligations during the registration process.

Frequently asked questions

What is the current guideline value of Murugan Nagar?

The current guideline value of Murugan Nagar is Rs 100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 40 per sq.ft in 2007 to Rs 100 per sq.ft in 2012, decreased to Rs 67 per sq.ft in 2017, and then returned to Rs 100 per sq.ft in both 2023 and 2024.

What is the median guideline value in Mannoor?

The median guideline value in Mannoor is Rs 250 per sq.ft, with Murugan Nagar's value being below this median.

What are the stamp duty rates for property in Murugan Nagar?

The stamp duty rate for property in Murugan Nagar is 7%, and the registration fee is 2% of the guideline value or sale price, whichever is higher.

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

The Sub Registrar Office for Murugan Nagar is located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone.