Guideline Value for Murugavel Nagar

Murugavel Nagar guideline value

The current guideline value of Murugavel Nagar, located in Zaminpallavaram village, is Rs 2,100 per sq.ft, effective from 1 July 2024. This area falls under the Pallavaram SRO and is classified as Residential Class IV Type - I.

How the guideline value of Murugavel Nagar has changed

Over the years, the guideline value of Murugavel Nagar has experienced several revisions. The earliest recorded value in the register is from 2003, which was Rs 136 per sq.ft. This figure saw a significant increase in 2007 to Rs 600 per sq.ft, marking a rise of 341%. In 2012, the value increased to Rs 2,000 per sq.ft, reflecting a 233% increase. However, in 2017, the value dropped to Rs 1,340 per sq.ft, a decrease of 33%. The guideline value then rose again to Rs 2,000 per sq.ft in 2023, and currently stands at Rs 2,100 per sq.ft from the 2024 revision, indicating a 5% increase from the previous year.

In summary, from 2003 to 2024, the overall increase in the guideline value is an impressive 1444%. Notably, the register has no figure for the year 2002 for this street.

Guideline values in Zaminpallavaram

Zaminpallavaram village has a total of 638 streets under the Pallavaram SRO, with guideline values ranging from Rs 2,100 to Rs 11,000 per sq.ft. The median guideline value for these streets is Rs 3,300 per sq.ft, placing Murugavel Nagar's 2024 figure below that median.

• Murugesapuram: Rs 3,300 per sq.ft (2024)
• Murugesapuram 1 To 4 Streets: Rs 3,300 per sq.ft (2024)
• Muthalamman Koil Street: Rs 2,100 per sq.ft (2024)
• Murugan Koil Street: Rs 2,100 per sq.ft (2024)
• Munusamy Street: Rs 3,520 per sq.ft (2024)
• Municipal Road: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Murugavel Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,100 per sq.ft, the total guideline value amounts to Rs 21,00,000. The stamp duty at 7% would be Rs 1,47,000, and the registration fee at 2% would be Rs 42,000, bringing the total fees to Rs 1,89,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Murugavel Nagar?

The Sub Registrar Office that covers Murugavel Nagar is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Zaminpallavaram. It is used to determine the stamp duty and registration fees that buyers must pay when purchasing property. The guideline value is established by the Registration Department and reflects the market conditions and property classifications in the area.

When a property is sold, the buyer must ensure that the sale price is either equal to or higher than the guideline value to avoid any discrepancies during registration. This ensures that the government receives the appropriate revenue from property transactions based on the established guideline values.

Frequently asked questions

What is the current guideline value of Murugavel Nagar?

The current guideline value of Murugavel Nagar is Rs 2,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 136 per sq.ft in 2003 to Rs 2,100 per sq.ft in 2024, indicating an overall increase of 1444% over the years.

What is the land classification of Murugavel Nagar?

Murugavel Nagar is classified as Residential Class IV Type - I, which indicates its zoning for residential purposes.

What is the stamp duty rate applicable in Murugavel Nagar?

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

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

The Sub Registrar Office for Murugavel Nagar is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044. You can find more information by visiting the relevant link.