Guideline Value for Murugappa Nagar 1st Cross Street

Murugappa Nagar 1st Cross Street guideline value

The current guideline value of Murugappa Nagar 1st Cross Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Madipakkam-1 village under the Velacheri SRO, and it falls under the Residential Class II Type - I land classification.

How the guideline value of Murugappa Nagar 1st Cross Street has changed

The guideline value register has no figures for Murugappa Nagar 1st Cross Street for the years 2002, 2003, 2007, 2012, 2017, and 2023. The only figure available is from the 2024 revision, which is Rs 2,200 per sq.ft.

Since there are no figures from previous revisions, there have been no changes recorded for this street between the revisions listed above. The 2024 figure is the first and only guideline value available for Murugappa Nagar 1st Cross Street.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1823 streets under the Velacheri SRO with a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median value for these streets is Rs 2,750 per sq.ft, making the guideline value of Murugappa Nagar 1st Cross Street below this median.

• 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)
• Murugappa Nagar 4th Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Murugappa Nagar 1st Cross 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, making the total cost Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information on calculating your costs, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Murugappa Nagar 1st Cross Street?

The Sub Registrar Office that covers Murugappa Nagar 1st Cross 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 serves as a benchmark for property transactions in Madipakkam-1. It is used to determine the stamp duty and registration fees that must be paid when buying or selling property in this area.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two values is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Murugappa Nagar 1st Cross Street?

The current guideline value of Murugappa Nagar 1st Cross Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How often does the guideline value get revised?

The guideline value is revised periodically, with the most recent revision for Murugappa Nagar 1st Cross Street occurring in 2024. Previous revisions in the register have no figures for this street.

What is the land classification for Murugappa Nagar 1st Cross Street?

Murugappa Nagar 1st Cross Street is classified as Residential Class II Type - I under the land classification system.

What are the stamp duty rates for properties in this area?

The stamp duty for properties in Murugappa Nagar 1st Cross Street is charged at 7% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for this street?

The Sub Registrar Office for Murugappa Nagar 1st Cross Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.