Guideline Value for Murugesan Gramani Street

Murugesan Gramani Street guideline value

The current guideline value of Murugesan Gramani Street is Rs 2,700 per sq.ft, effective from 1 July 2024. This street is located in Sembiam village and falls under the Sembiam SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Murugesan Gramani Street has changed

The guideline value for Murugesan Gramani Street has undergone several revisions over the years. In 2002, the guideline value was Rs 319 per sq.ft, which increased to Rs 346 per sq.ft in 2003. The value saw a significant rise to Rs 700 per sq.ft in 2007, followed by a sharp increase to Rs 2,500 per sq.ft in 2012. However, it decreased to Rs 1,675 per sq.ft in 2017. The value then rose to Rs 2,500 per sq.ft in 2023, and the latest revision in 2024 set it at Rs 2,700 per sq.ft. There are no figures available for the revisions in years other than those mentioned.

From 2017 to 2023, the guideline value increased by 49%. The revision from 2012 to 2017 saw a decrease of 33%, while the jump from 2007 to 2012 was a substantial 257%. Between 2003 and 2007, the value rose by 102%, and there was an 8% increase from 2002 to 2003. Overall, from 2002 to 2024, the guideline value has increased by 746%.

Guideline values in Sembiam

In Sembiam village, there are 250 streets under the Sembiam SRO that carry a 2024 guideline value ranging from Rs 1,700 to Rs 7,100 per sq.ft. The median value is Rs 2,700 per sq.ft, which aligns with the current guideline value of Murugesan Gramani Street.

• Muniyappa Chetty Street: Rs 2,700 per sq.ft (2024)
• Muguntha Ramanujam Street: Rs 3,500 per sq.ft (2024)
• Mugamathiyar Street: Rs 3,500 per sq.ft (2024)
• Nataraja Koil Street: Rs 2,700 per sq.ft (2024)
• Neelathottam 1st Street: Rs 2,700 per sq.ft (2024)
• Neelathottam 2nd Street: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Murugesan Gramani Street

For a 1,000 sq.ft plot at the current rate of Rs 2,700 per sq.ft, the guideline value would be Rs 27,00,000. The stamp duty at 7% would amount to Rs 1,89,000, and the registration fee at 2% would be Rs 54,000. Together, the total cost for stamp duty and registration would be Rs 2,43,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Murugesan Gramani Street?

The Sub Registrar Office that covers Murugesan Gramani Street is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for further assistance.

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

The guideline value is a critical factor when registering property transactions in Sembiam. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property being bought or sold. Buyers and sellers must be aware of the current guideline value to ensure compliance with legal requirements during the registration process.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees, which are essential costs in the transaction. It is important for both parties to understand that the higher of the guideline value and the sale price will be considered for these calculations.

Frequently asked questions

What is the current guideline value of Murugesan Gramani Street?

The current guideline value of Murugesan Gramani Street is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 319 per sq.ft in 2002 to Rs 2,700 per sq.ft in 2024, with several revisions in between, including a decrease in 2017 and increases in other years.

What is the land classification for Murugesan Gramani Street?

The land classification for Murugesan Gramani Street is Residential Class I Type - I.

Where is the Sub Registrar Office for Murugesan Gramani Street located?

The Sembiam Sub Registrar Office is located at 5, Papermills Road, Sembiam, Chennai - 600011.

How is the stamp duty calculated for properties in Sembiam?

The stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 27,00,000 would incur a stamp duty of Rs 1,89,000 at the current rate of 7%.