Guideline Value for Murugappa Nagar 1st Street

Murugappa Nagar 1st Street guideline value

The current guideline value for Murugappa Nagar 1st 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. The land classification for this area is Residential Class II Type - I.

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

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

Since there are no figures for the previous revisions, there have been no changes noted between the revisions above. The 2024 guideline value stands alone without any historical data for comparison.

Guideline values in Madipakkam-1

In Madipakkam-1, there are a total of 1,823 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value for the area is Rs 2,750 per sq.ft, placing Murugappa Nagar 1st Street's 2024 figure below this median.

• Murugappa Nagar 1st Cross 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 Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total fees to 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, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Murugappa Nagar 1st Street?

The Sub Registrar Office that covers Murugappa Nagar 1st 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 during the registration process of property transactions in Madipakkam-1. It serves as a benchmark for calculating the stamp duty and registration fees, ensuring that the government receives its due revenue from property transactions.

When buying or selling property, the guideline value helps in determining the minimum value at which the property can be registered. This value is essential for both buyers and sellers to understand their financial obligations during the transaction process.

Frequently asked questions

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

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

How has the guideline value changed over the years?

There are no recorded figures for Murugappa Nagar 1st Street for the years 2023, 2017, 2012, 2007, 2003, and 2002. The only available figure is from the 2024 revision.

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

The land classification for Murugappa Nagar 1st Street is Residential Class II Type - I, indicating its suitability for residential purposes.

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. This office handles the registration of properties in the area.

How is stamp duty calculated for properties in Murugappa Nagar 1st Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, on a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 at 7%.