Guideline Value for Murugan Store RoadS.No. 349/1 Part

Murugan Store RoadS.No. 349/1 Part guideline value

The current guideline value of Murugan Store RoadS.No. 349/1 Part is Rs 2,200 per sq.ft, effective from 1 July 2024. This property is located in Kodambakkam village and falls under the Ashok Nagar SRO. The land classification for this area is Residential Class V Type - I.

How the guideline value of Murugan Store RoadS.No. 349/1 Part has changed

Over the years, the guideline value for Murugan Store RoadS.No. 349/1 Part has seen significant changes. The earliest recorded revision was in 2007, when the guideline value was Rs 620 per sq.ft. This figure increased dramatically to Rs 2,000 per sq.ft in the 2012 revision, marking a rise of 223%. The most recent revision in 2024 set the guideline value at Rs 2,200 per sq.ft, which is a 10% increase from the 2012 figure.

It is important to note that there are no recorded figures for the years 2002, 2003, 2017, and 2023 for this street. Overall, from 2007 to 2024, the guideline value has increased by 255%.

Guideline values in Kodambakkam

In Kodambakkam, there are 1,031 streets under the Ashok Nagar SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 11,000 per sq.ft. The median guideline value for these streets is Rs 4,900 per sq.ft, placing the guideline value of Murugan Store RoadS.No. 349/1 Part below this median.

• Murugan Street(Kodambakkam Salai): Rs 5,500 per sq.ft (2024)
• Murthy Street Extension: Rs 6,600 per sq.ft (2024)
• Murthy Street: Rs 6,600 per sq.ft (2024)
• Murugesa Naicker Colony Block 79: Rs 4,100 per sq.ft (2024)
• Murasolimaran Street: Rs 3,300 per sq.ft (2024)
• Murugesan Street Block 78: Rs 4,900 per sq.ft (2024)

Stamp duty and registration fee for property in Murugan Store RoadS.No. 349/1 Part

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total fees together to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Murugan Store RoadS.No. 349/1 Part?

The Sub Registrar Office that covers Murugan Store RoadS.No. 349/1 Part is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more details.

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

The guideline value is a crucial factor when registering property transactions in Kodambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value helps both parties understand the financial implications of the transaction. It is essential for buyers to be aware of the guideline value to ensure they are paying a fair price and to calculate the associated fees accurately.

Frequently asked questions

What is the current guideline value of Murugan Store RoadS.No. 349/1 Part?

The current guideline value of Murugan Store RoadS.No. 349/1 Part is Rs 2,200 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly from Rs 620 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2024, marking an overall increase of 255%.

What is the registration office for Murugan Store RoadS.No. 349/1 Part?

The registration office for Murugan Store RoadS.No. 349/1 Part is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is stamp duty calculated for properties in this area?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 22,00,000 would incur a stamp duty of Rs 1,54,000.

What is the land classification for Murugan Store RoadS.No. 349/1 Part?

The land classification for Murugan Store RoadS.No. 349/1 Part is Residential Class V Type - I, indicating its suitability for residential development.