Guideline Value for Murugesan Nagar

Murugesan Nagar guideline value

The current guideline value of Murugesan Nagar, located in Malligaicherry village under the Konnur SRO, is Rs 2,400 per sq.ft. This value is effective from 1 July 2024 and falls under the Residential Class II Type - I land classification.

How the guideline value of Murugesan Nagar has changed

The guideline value for Murugesan Nagar has seen several revisions over the years. Starting from Rs 367 per sq.ft in 2002, it increased to Rs 397 per sq.ft in 2003. Following that, the value rose significantly to Rs 800 per sq.ft in 2007, and then to Rs 2,250 per sq.ft in 2012. However, it dropped to Rs 1,507 per sq.ft in 2017, before climbing to Rs 2,250 per sq.ft in 2023, and finally reaching Rs 2,400 per sq.ft in the 2024 revision.

In terms of percentage changes, the guideline value increased by 8% from 2002 to 2003, followed by a substantial rise of 102% from 2003 to 2007. The value then saw a remarkable increase of 181% from 2007 to 2012, but decreased by 33% from 2012 to 2017. From 2017 to 2023, it surged by 49%, and the latest revision from 2023 to 2024 reflects a 7% increase. Overall, from 2002 to 2024, the guideline value has increased by 554%.

Guideline values in Malligaicherry

Malligaicherry village has a total of 49 streets under the Konnur SRO, with guideline values ranging from Rs 2,200 to Rs 6,000 per sq.ft. The median guideline value for these streets is Rs 2,400 per sq.ft, which is equal to the current value of Murugesan Nagar.

• M.T.H. Road: Rs 6,000 per sq.ft (2024)
• Moorthi Nagar: Rs 3,800 per sq.ft (2024)
• Narayana Mesthri First Street: Rs 2,750 per sq.ft (2024)
• Narayana Mesthri Second Street: Rs 2,400 per sq.ft (2024)
• Narayana Mesthri Third Street: Rs 2,400 per sq.ft (2024)
• Masuthi Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Murugesan Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,400 per sq.ft, the total guideline value amounts to Rs 24,00,000. The stamp duty at 7% would be Rs 1,68,000, and the registration fee at 2% would be Rs 48,000, making the total cost for these fees Rs 2,16,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Murugesan Nagar?

The Sub Registrar Office covering Murugesan Nagar is the Konnur Sub Registrar Office, located at Sub Register Office, Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process of property transactions in Malligaicherry. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue from stamp duties and registration fees.

When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees. Buyers should be aware that these fees are based on the higher of the guideline value or the actual sale price, which can significantly impact the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Murugesan Nagar?

The current guideline value of Murugesan Nagar is Rs 2,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions, starting from Rs 367 per sq.ft in 2002 and reaching Rs 2,400 per sq.ft in 2024, reflecting an overall increase of 554% over the years.

What is the land classification for Murugesan Nagar?

Murugesan Nagar falls under the Residential Class II Type - I land classification.

What are the stamp duty and registration fees for properties in Murugesan Nagar?

For a property valued at Rs 24,00,000, the stamp duty would be Rs 1,68,000 and the registration fee would be Rs 48,000, totaling Rs 2,16,000.

Where is the Sub Registrar Office for Murugesan Nagar located?

The Konnur Sub Registrar Office is located at Sub Register Office, Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai.