Guideline Value for Murugan Street

Murugan Street guideline value

The current guideline value of Murugan Street in Thiruneermalai village, under the Pammal SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class I Type - II land classification.

How the guideline value of Murugan Street has changed

The guideline value for Murugan Street has seen significant changes over the years. Starting from Rs 186 per sq.ft in 2002, it increased to Rs 245 per sq.ft in 2003, marking a rise of 32%. By 2007, the value surged to Rs 350 per sq.ft, which was a 43% increase. The 2017 revision saw a substantial jump to Rs 1,340 per sq.ft, reflecting a 283% increase. The value continued to rise, reaching Rs 2,000 per sq.ft in 2023, a 49% increase from the previous figure.

The most recent revision in 2024 set the guideline value at Rs 2,200 per sq.ft, representing a 10% increase from 2023. It is important to note that there is no figure available for the year 2012 for this street in the register.

Guideline values in Thiruneermalai

In Thiruneermalai village, there are 316 streets under the Pammal SRO that carry a 2024 guideline value ranging from Rs 1,320 to Rs 6,240 per sq.ft, with a median value of Rs 2,420 per sq.ft. The guideline value of Murugan Street is below this median.

• Muniyapillai Street: Rs 2,200 per sq.ft (2024)
• Muniappan Street: Rs 2,200 per sq.ft (2024)
• Muthumariamman Koil Street: Rs 2,420 per sq.ft (2024)
• Muthurangam Street: Rs 2,200 per sq.ft (2024)
• Muthuthamizh Nagar: Rs 2,200 per sq.ft (2024)
• Nagappa Nagar 1st Cross Road: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Murugan Street

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 to Rs 1,98,000. It is important to note that the 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 information.

Which Sub Registrar Office covers Murugan Street?

The Sub Registrar Office covering Murugan Street is the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor when buying or selling property in Thiruneermalai, as it determines the minimum value at which a property can be registered. This value is used to calculate the stamp duty and registration fees, which are mandatory during the registration process.

When a property is sold, the buyer and seller must ensure that the sale price is at least equal to the guideline value. If the sale price is lower than the guideline value, the higher value is used for calculating the applicable duties and fees.

Frequently asked questions

What is the current guideline value of Murugan Street?

The current guideline value of Murugan Street 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 increased from Rs 186 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 1083% over this period.

What is the land classification for Murugan Street?

Murugan Street is classified as Residential Class I Type - II under the guideline value register.

Where is the Pammal Sub Registrar Office located?

The Pammal Sub Registrar Office is located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone.

How is the stamp duty calculated for properties in Murugan Street?

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