Guideline Value for Murugappa Nagar 2nd Street

Murugappa Nagar 2nd Street guideline value

The current guideline value of Murugappa Nagar 2nd 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 2nd Street has changed

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

Since there are no previous figures for this street, there have been no changes between the revisions listed. The 2024 figure stands alone as the current guideline value.

Guideline values in Madipakkam-1

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

• Murugappa Nagar 2nd Cross Street: Rs 2,200 per sq.ft (2024)
• Murugappa Nagar 3rd Cross Street: Rs 2,200 per sq.ft (2024)
• Murugappa Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• Murugappa Nagar 3rd Street: Rs 2,200 per sq.ft (2024)
• Murugappa Nagar 1st Cross 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 2nd 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, leading to a total of Rs 1,98,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Murugappa Nagar 2nd Street?

The Murugappa Nagar 2nd Street falls under the jurisdiction of 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 Madipakkam-1

The guideline value plays a crucial role during property registration in Madipakkam-1. It is used to determine the stamp duty and registration fees that need to be paid when a property is bought or sold.

When a property transaction occurs, the guideline value is compared with the sale price, and the higher of the two is considered for calculating the applicable duties and fees. This ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Murugappa Nagar 2nd Street?

The current guideline value of Murugappa Nagar 2nd 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 2nd Street in the years 2002, 2003, 2007, 2012, 2017, and 2023. The only available figure is from the 2024 revision, which is Rs 2,200 per sq.ft.

What are the guideline values of other streets in Madipakkam-1?

Other streets in Madipakkam-1 have guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft, with a median of Rs 2,750 per sq.ft. Murugappa Nagar 2nd Street's value is below this median.

What are the stamp duty and registration fees for properties in this area?

The stamp duty is charged at 7%, and the registration fee is 2% of the guideline value or sale price, whichever is higher. For a 1,000 sq.ft plot at Rs 2,200 per sq.ft, the total fees would be Rs 1,98,000.

Where is the Sub Registrar Office for Murugappa Nagar 2nd Street?

The Velacheri Sub Registrar Office covers Murugappa Nagar 2nd Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.