Guideline Value for Murugan Nagar

Murugan Nagar guideline value

The current guideline value of Murugan Nagar, located in Thirumudivakkam village under the Padappai SRO, is Rs 1,320 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Special Type - I.

How the guideline value of Murugan Nagar has changed

Over the years, the guideline value of Murugan Nagar has seen several revisions. The 2012 revision set the value at Rs 1,200 per sq.ft, which was then reduced to Rs 804 per sq.ft in the 2017 revision. However, from 2017 to 2023, there was a significant increase of 49%, bringing the value back up to Rs 1,200 per sq.ft. The most recent revision in 2024 has further increased the guideline value to Rs 1,320 per sq.ft, marking a 10% rise from the previous year, 2023.

There are no figures available in the register for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Thirumudivakkam

In Thirumudivakkam, there are 56 streets under the Padappai SRO that carry a 2024 guideline value ranging from Rs 660 to Rs 3,860 per sq.ft. The median value for these streets is Rs 1,320 per sq.ft, which is equal to the guideline value of Murugan Nagar.

• Meenatchi Amman Nagar: Rs 660 per sq.ft (2024)
• Mangalapuri: Rs 1,320 per sq.ft (2024)
• Omshakthy Industrial Park: Rs 3,860 per sq.ft (2024)
• Omshakthy Mathura: Rs 2,200 per sq.ft (2024)
• Mahalakshmi Nagar: Rs 1,320 per sq.ft (2024)
• Mahalakshmi Avenue: Rs 1,320 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 1,320 per sq.ft, the total guideline value amounts to Rs 13,20,000. The stamp duty at 7% would be Rs 92,400, and the registration fee at 2% would be Rs 26,400, bringing the total charges to Rs 1,18,800. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Murugan Nagar?

The Sub Registrar Office covering Murugan Nagar is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more information.

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

When buying or selling property in Thirumudivakkam, the guideline value is used as a reference for calculating the stamp duty and registration fees. It is essential for both buyers and sellers to be aware of the current guideline value to ensure compliance with local regulations during the registration process.

The guideline value serves as a benchmark to determine the minimum value at which properties can be registered. This ensures that the government receives appropriate revenue from property transactions and helps maintain transparency in the real estate market.

Frequently asked questions

What is the current guideline value of Murugan Nagar?

The current guideline value of Murugan Nagar is Rs 1,320 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2023 to Rs 1,320 per sq.ft in 2024, reflecting a 10% increase. It was Rs 804 per sq.ft in 2017, which was an increase of 49% from the previous value.

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

For a property valued at Rs 13,20,000, the stamp duty at 7% would be Rs 92,400, and the registration fee at 2% would be Rs 26,400, totaling Rs 1,18,800.

Which Sub Registrar Office covers Murugan Nagar?

The Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone, covers Murugan Nagar.

What is the land classification for Murugan Nagar?

The land classification for Murugan Nagar is Residential Special Type - I, indicating its suitability for residential development.