Guideline Value for Murugappan Street

Murugappan Street guideline value

The current guideline value of Murugappan Street in Muthiyalpet village is Rs 6,000 per sq.ft, effective from 1 July 2024. This street falls under the jurisdiction of the Sowcarpet SRO and is classified as Residential Special Type - I.

How the guideline value of Murugappan Street has changed

The guideline value for Murugappan Street has seen significant changes over the years. In the 2003 revision, the value was Rs 1,100 per sq.ft, which increased to Rs 2,000 per sq.ft in 2007. The 2012 revision saw a rise to Rs 5,500 per sq.ft, but this was followed by a decrease to Rs 3,685 per sq.ft in 2017. The value then increased to Rs 5,500 per sq.ft in 2023, and most recently, it has risen to Rs 6,000 per sq.ft in 2024, marking a 9% increase from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by 445%. Notably, there is no figure available for Murugappan Street in the 2002 revision.

Guideline values in Muthiyalpet

Muthiyalpet village has a total of 357 streets under the Sowcarpet SRO, with guideline values ranging from Rs 3,800 to Rs 16,500 per sq.ft. The median guideline value in this village is Rs 4,400 per sq.ft, placing Murugappan Street's 2024 figure above this median.

• Murugesa Mudali Street: Rs 4,900 per sq.ft (2024)
• Murthi Lane: Rs 4,400 per sq.ft (2024)
• Muniappa Mudali Street: Rs 5,500 per sq.ft (2024)
• Mulla Sahib Street: Rs 5,500 per sq.ft (2024)
• Mulla Sahib Lane: Rs 5,500 per sq.ft (2024)
• Muthu Krishnan Street: Rs 4,900 per sq.ft (2024)

Stamp duty and registration fee for property in Murugappan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 6,000 per sq.ft, the total guideline value amounts to Rs 60,00,000. The stamp duty at 7% would be Rs 4,20,000, and the registration fee at 2% would be Rs 1,20,000, bringing the total fees to Rs 5,40,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Murugappan Street?

The Sub Registrar Office that covers Murugappan Street is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Muthiyalpet. It determines the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When a property is sold, the guideline value serves as a benchmark for taxation purposes. Buyers and sellers must be aware of the current guideline value to ensure compliance with registration requirements and to avoid any legal issues during the transaction.

Frequently asked questions

What is the current guideline value of Murugappan Street?

The current guideline value of Murugappan Street is Rs 6,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,100 per sq.ft in 2003 to Rs 6,000 per sq.ft in 2024, reflecting an overall increase of 445% over this period.

What is the land classification for Murugappan Street?

Murugappan Street is classified as Residential Special Type - I, which indicates its suitability for residential development.

Where can I find the Sub Registrar Office for Murugappan Street?

The Sowcarpet Sub Registrar Office, which covers Murugappan Street, is located at No.11, Davidson Street, Sowcarpet, Chennai-01.

How is the stamp duty calculated for properties in Murugappan Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 60,00,000, the stamp duty would be Rs 4,20,000 at 7%.