Guideline Value for Murugan Street

Murugan Street guideline value

The current guideline value of Murugan Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Saligramam village, under the Virugambakkam SRO, and is classified as Residential Class II Type - II.

How the guideline value of Murugan Street has changed

The guideline value for Murugan Street has undergone several revisions over the years. In 2002, the value was Rs 309 per sq.ft, which increased to Rs 338 per sq.ft in 2003, marking a 9% rise. The value further increased significantly to Rs 550 per sq.ft in 2007, representing a 63% increase. In 2012, the value was revised to Rs 3,500 per sq.ft, which was a substantial increase of 536% from the previous revision.

Following this, the guideline value saw a decrease to Rs 2,345 per sq.ft in 2017, a drop of 33%. The value then rose to Rs 3,500 per sq.ft in 2023, before reaching the current figure of Rs 3,850 per sq.ft in 2024, reflecting a 10% increase. Overall, from 2002 to 2024, the guideline value has increased by 1,146%.

Guideline values in Saligramam

In Saligramam, there are 333 streets under the Virugambakkam SRO with a 2024 guideline value ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, placing Murugan Street's 2024 guideline value below this median.

• Munusamy Street: Rs 4,950 per sq.ft (2024)
• Mullai Street: Rs 3,300 per sq.ft (2024)
• Muthukumaran Street: Rs 7,150 per sq.ft (2024)
• Muthukumarappa Road: Rs 9,900 per sq.ft (2024)
• Muthulakshmi Street: Rs 4,400 per sq.ft (2024)
• Muthuramalinga Street: Rs 5,500 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 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, while the registration fee at 2% would be Rs 77,000. Together, these fees would total Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Murugan Street?

The Sub Registrar Office that covers Murugan Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in the registration of property transactions in Saligramam. When buying or selling property, the guideline value serves as a benchmark for determining the applicable stamp duty and registration fees. It is essential for buyers and sellers to be aware of the current guideline value to ensure compliance with legal requirements during the registration process.

Additionally, the guideline value helps in assessing the fair value of properties in the area, providing a reference point for both buyers and sellers. This ensures that all transactions are conducted transparently and in accordance with the regulations set forth by the Registration Department.

Frequently asked questions

What is the current guideline value of Murugan Street?

The current guideline value of Murugan Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 309 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, representing an overall increase of 1,146% over this period.

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

For a 1,000 sq.ft plot, the stamp duty would be Rs 2,69,500 and the registration fee would be Rs 77,000, totaling Rs 3,46,500 based on the current guideline value.

Which office handles property registrations for Murugan Street?

The Virugambakkam Sub Registrar Office handles property registrations for Murugan Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How does the guideline value affect property transactions?

The guideline value is used to determine the stamp duty and registration fees during property transactions. It provides a reference point for assessing property values and ensures compliance with legal requirements during registration.