Guideline Value for Murugathamman Nagar

Murugathamman Nagar guideline value

The current guideline value of Murugathamman Nagar is Rs 830 per sq.ft, effective from 1 July 2024. This area is located in Padappai village and falls under the Padappai SRO. The land classification for this street is Residential Class III Type - I.

How the guideline value of Murugathamman Nagar has changed

The guideline value for Murugathamman Nagar has seen several revisions over the years. The 2007 revision recorded a guideline value of Rs 85 per sq.ft, which increased significantly to Rs 750 per sq.ft in 2012. However, it then decreased to Rs 502 per sq.ft in 2017. The 2023 revision brought the value back up to Rs 750 per sq.ft, and the most recent 2024 revision has set the guideline value at Rs 830 per sq.ft.

Looking at the changes, from 2007 to 2012, there was a remarkable increase of 782%. However, from 2012 to 2017, the value decreased by 33%. The period from 2017 to 2023 saw a substantial increase of 49%, and finally, from 2023 to 2024, the guideline value rose by 11%. Overall, from 2007 to 2024, the guideline value has increased by 876%.

Guideline values in Padappai

In Padappai, there are 146 streets under the Padappai SRO that carry a 2024 guideline value ranging from Rs 440 to Rs 4,000 per sq.ft. The median guideline value is Rs 830 per sq.ft, which is equal to the 2024 figure for Murugathamman Nagar.

• Murugathamman Nagar phase-II: Rs 830 per sq.ft (2024)
• Murugathamman Pettai: Rs 990 per sq.ft (2024)
• Munusamy Nagar: Rs 830 per sq.ft (2024)
• M.R.V.Nagar: Rs 830 per sq.ft (2024)
• Muthu Nagar: Rs 1,320 per sq.ft (2024)
• M.P.R Nagar: Rs 990 per sq.ft (2024)

Stamp duty and registration fee for property in Murugathamman Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 830 per sq.ft, the total guideline value amounts to Rs 8,30,000. The stamp duty at 7% would be Rs 58,100, and the registration fee at 2% would be Rs 16,600, leading to a total cost of Rs 74,700. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Murugathamman Nagar?

The Sub Registrar Office that covers Murugathamman Nagar is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Padappai. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the buyer and seller must ensure that the sale price is at least equal to the guideline value to avoid any legal complications. The registration office will use the guideline value to calculate the applicable fees, which are based on the higher of the guideline value or the sale price.

Frequently asked questions

What is the current guideline value of Murugathamman Nagar?

The current guideline value of Murugathamman Nagar is Rs 830 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 85 per sq.ft in 2007 to Rs 830 per sq.ft in 2024, showing an overall increase of 876% over the years.

What is the land classification for Murugathamman Nagar?

Murugathamman Nagar is classified as Residential Class III Type - I.

What are the stamp duty rates for property in Murugathamman Nagar?

The stamp duty rate for property in Murugathamman Nagar is 7% of the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Murugathamman Nagar?

The Sub Registrar Office for Murugathamman Nagar is located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.