Guideline Value for Murugan Street

Murugan Street guideline value

The current guideline value of Murugan Street in Peerklankaranai village is Rs 1,100 per sq.ft, effective from 1 July 2024. This street falls under the Tambaram Joint 1 SRO and is classified as Residential Class II Type - I.

How the guideline value of Murugan Street has changed

The guideline value for Murugan Street has seen several revisions over the years. The 2012 revision set the value at Rs 1,000 per sq.ft, which was a decrease of 33% from Rs 670 per sq.ft in 2017. The 2023 revision increased this to Rs 1,000 per sq.ft, and the current 2024 revision has raised it to Rs 1,100 per sq.ft, marking a 10% increase from the previous year.

From the 2012 revision to the 2024 revision, the overall change in guideline value is +10%. There are no figures available for the years 2002, 2003, and 2007 in the register for this street.

Guideline values in Peerklankaranai

In Peerklankaranai, there are 322 streets under the Tambaram Joint 1 SRO with a 2024 guideline value ranging from Rs 880 to Rs 4,400 per sq.ft. The median value for these streets is Rs 1,650 per sq.ft, making the guideline value of Murugan Street below the median.

• Muthamil 2nd Cross Street: Rs 1,320 per sq.ft (2024)
• Muthamil Ist Cross Street: Rs 1,320 per sq.ft (2024)
• Muthamil Street: Rs 2,200 per sq.ft (2024)
• Mullai Street: Rs 1,320 per sq.ft (2024)
• Mullai Nagar 3ST: Rs 1,100 per sq.ft (2024)
• Mullai Nagar 2ST: Rs 1,100 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 1,100 per sq.ft, the total guideline value amounts to Rs 11,00,000. The stamp duty at 7% would be Rs 77,000, and the registration fee at 2% would be Rs 22,000, bringing the total cost to Rs 99,000. Please note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Murugan Street?

The Sub Registrar Office that covers Murugan Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor during property registration in Peerklankaranai. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when a property is bought or sold.

When you register a property, the guideline value helps ensure that the transaction is recorded at a fair value, which is essential for legal and tax purposes. Buyers and sellers must consider this value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Murugan Street?

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

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,000 per sq.ft in 2012 to Rs 1,100 per sq.ft in 2024, marking an overall increase of 10%. The value was Rs 670 per sq.ft in 2017, which was a significant increase of 49% to Rs 1,000 per sq.ft in 2023.

What is the classification of land on Murugan Street?

Murugan Street is classified as Residential Class II Type - I according to the current guidelines.

Where can I find the Tambaram Joint 1 SRO?

The Tambaram Joint 1 Sub Registrar Office is located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone.

How is stamp duty calculated for properties in Murugan Street?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft property at Rs 1,100 per sq.ft would incur a stamp duty of Rs 77,000.