Guideline Value for Murugan Street

Murugan Street guideline value

The current guideline value of Murugan Street in Madipakkam-1 village, under the Velacheri SRO, is Rs 2,750 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class I Type - III land classification.

How the guideline value of Murugan Street has changed

The guideline value register has no figures for Murugan Street for the years 2002, 2003, 2007, 2012, 2017, and 2023. The only recorded figure is from the 2024 revision, which is Rs 2,750 per sq.ft.

As there are no previous figures for this street, there are no changes to report between revisions. The current value aligns with the median value of Rs 2,750 per sq.ft for the 1823 streets in Madipakkam-1 under the Velacheri SRO.

Guideline values in Madipakkam-1

In Madipakkam-1, the guideline values range from Rs 1,650 to Rs 5,500 per sq.ft, with a median value of Rs 2,750 per sq.ft. Murugan Street's 2024 figure matches this median value.

• Murugappa Nagar 1st Cross Street: Rs 2,200 per sq.ft (2024)
• Murugappa Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• Murugappa Nagar 2nd Cross Street: Rs 2,200 per sq.ft (2024)
• Murugappa Nagar 2nd Street: Rs 2,200 per sq.ft (2024)
• Murugappa Nagar 3rd Cross Street: Rs 2,200 per sq.ft (2024)
• Murugappa Nagar 3rd Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Murugan Street

For a 1,000 sq.ft plot at the current rate of Rs 2,750 per sq.ft, the guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, totaling Rs 2,47,500. 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 Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more details.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a crucial factor in property transactions in Madipakkam-1, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices to ensure compliance with registration requirements.

When registering a property, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the state government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Murugan Street?

The current guideline value of Murugan Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

What land classification does Murugan Street fall under?

Murugan Street falls under the Residential Class I Type - III land classification.

Are there any previous guideline values for Murugan Street?

The guideline value register has no figures for Murugan Street for the years 2002, 2003, 2007, 2012, 2017, and 2023. The only recorded figure is from the 2024 revision.

What are the guideline values in Madipakkam-1?

The guideline values in Madipakkam-1 range from Rs 1,650 to Rs 5,500 per sq.ft, with a median value of Rs 2,750 per sq.ft, which is the same as the value for Murugan Street.

Where is the Velacheri Sub Registrar Office located?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.