Guideline Value for Murugan Syndigate

Murugan Syndigate guideline value

The current guideline value of Murugan Syndigate is Rs 4,400 per sq.ft, effective from 1 July 2024. This area is located in Velachery village, under the Velacheri SRO, and is classified as Residential Class II Type - II.

How the guideline value of Murugan Syndigate has changed

The guideline value for Murugan Syndigate has undergone several revisions over the years. In 2007, the value was Rs 1,800 per sq.ft, which increased to Rs 4,000 per sq.ft in 2012. However, it then decreased to Rs 2,680 per sq.ft in 2017. The most recent revision in 2024 saw a significant increase to Rs 4,400 per sq.ft. Notably, there are no figures available for the years 2023, 2003, and 2002 for this street.

From 2017 to 2024, the guideline value increased by 64%. The change from 2012 to 2017 was a decrease of 33%, while the increase from 2007 to 2012 was 122%. Overall, from 2007 to 2024, the guideline value has increased by 144%.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value is Rs 4,400 per sq.ft, making the guideline value of Murugan Syndigate equal to this median.

• Murugan Syndigate 1st main Road: Rs 4,400 per sq.ft (2024)
• Murugan Syndigate, Park Avenue 1st Street: Rs 4,400 per sq.ft (2024)
• Murugan Syndigate, Park Avenue 2nd Street: Rs 4,400 per sq.ft (2024)
• Murugan Syndigate, Park Avenue 3rd Street: Rs 4,400 per sq.ft (2024)
• Murugu Nagar: Rs 4,400 per sq.ft (2024)
• Murugu Nagar 1st Cross Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Murugan Syndigate

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. It is important to 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 Syndigate?

The Murugan Syndigate area falls under the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. For more information, you can find your SRO.

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

The guideline value is a crucial factor when buying or selling property in Velachery. It is used to determine the stamp duty and registration fees applicable during the registration process. Buyers should be aware that the guideline value may influence the overall cost of the transaction.

When a property is sold, the guideline value serves as a benchmark for assessing the transaction's value, ensuring compliance with local regulations. It is essential for both buyers and sellers to understand how this value impacts their financial obligations during the property transfer process.

Frequently asked questions

What is the current guideline value of Murugan Syndigate?

The current guideline value of Murugan Syndigate is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,800 per sq.ft in 2007 to Rs 4,400 per sq.ft in 2024, showing an overall increase of 144% over the years.

What is the land classification of Murugan Syndigate?

Murugan Syndigate is classified as Residential Class II Type - II.

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.

How is stamp duty calculated for properties in Murugan Syndigate?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000 at a rate of 7%.