Guideline Value for Murugesan Street / Murugesan Colony

Murugesan Street / Murugesan Colony guideline value

The current guideline value of Murugesan Street / Murugesan Colony is Rs 3,300 per sq.ft, effective from 1 July 2024. This area is located in Kolathur village and falls under the Sembiam SRO, classified as Residential Class I Type - I.

How the guideline value of Murugesan Street / Murugesan Colony has changed

The guideline value has seen several revisions over the years. In 2002, the value was Rs 233 per sq.ft, which increased to Rs 253 per sq.ft in 2003. Following this, the value rose significantly to Rs 700 per sq.ft in 2007, marking an increase of 177%. In 2012, the value was Rs 3,000 per sq.ft, which was a decrease of 33% from the previous revision. The guideline value then increased to Rs 2,010 per sq.ft in 2017, and further rose to Rs 3,000 per sq.ft in 2023, before reaching the current value of Rs 3,300 per sq.ft in 2024, reflecting a 10% increase from 2023.

Overall, from 2002 to 2024, the guideline value has increased by 1316%. The register has no figure for this street for the years not mentioned in the revisions above.

Guideline values in Kolathur

In Kolathur, there are 879 streets under the Sembiam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 6,000 per sq.ft. The median value is Rs 3,300 per sq.ft, which is equal to the current guideline value of Murugesan Street / Murugesan Colony.

• Murugan Nagar 9th Street: Rs 3,300 per sq.ft (2024)
• Murugan Nagar 8th Street: Rs 3,300 per sq.ft (2024)
• Murugan Nagar 7th Street: Rs 3,300 per sq.ft (2024)
• Murugan Nagar 6th Street: Rs 3,300 per sq.ft (2024)
• Murugan Nagar 5th Street: Rs 3,300 per sq.ft (2024)
• Murugan Nagar 4th Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Murugesan Street / Murugesan Colony

For a 1,000 sq.ft plot at the current rate, the guideline value is Rs 33,00,000. The stamp duty at 7% amounts to Rs 2,31,000, and the registration fee at 2% is Rs 66,000, totaling Rs 2,97,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can also use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Murugesan Street / Murugesan Colony?

The Sub Registrar Office that covers Murugesan Street / Murugesan Colony is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Kolathur. 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 transaction occurs, the guideline value serves as a benchmark for calculating the applicable fees. Buyers and sellers should be aware that the stamp duty is charged on the higher of the guideline value or the sale price, which can significantly affect the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Murugesan Street / Murugesan Colony?

The current guideline value of Murugesan Street / Murugesan Colony is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 233 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 1316% over this period.

What is the median guideline value in Kolathur?

The median guideline value in Kolathur is Rs 3,300 per sq.ft, which is the same as the current value for Murugesan Street / Murugesan Colony.

What are the stamp duty and registration fees for a property in this area?

For a property valued at Rs 33,00,000, the stamp duty is Rs 2,31,000, and the registration fee is Rs 66,000, totaling Rs 2,97,000.

Where is the Sub Registrar Office for Murugesan Street / Murugesan Colony located?

The Sembiam Sub Registrar Office is located at 5, Papermills Road, Sembiam, Chennai - 600011, and it covers Murugesan Street / Murugesan Colony.