Guideline Value for Murugesan Street

Murugesan Street guideline value

The current guideline value of Murugesan Street is Rs 1,650 per sq.ft, effective from 1 July 2024. This street is located in Chitlapakkam village, under the Tambaram Joint 1 SRO. The land classification for this area is Residential Class I Type - III.

How the guideline value of Murugesan Street has changed

The guideline value for Murugesan Street has seen several revisions over the years. The 2012 revision set the value at Rs 1,500 per sq.ft. However, in 2017, it decreased to Rs 1,005 per sq.ft, marking a decline of 33%. The value then rose significantly to Rs 1,500 per sq.ft in 2023, and further increased to Rs 1,650 per sq.ft in 2024, representing a 10% increase from the previous year. Notably, there are no figures available for the revisions in 2002, 2003, and 2007 for this street.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%. The increase from 2017 to 2023 was 49%, indicating a significant rise within that period. The current rate of Rs 1,650 per sq.ft aligns with the median guideline value for the village.

Guideline values in Chitlapakkam

In Chitlapakkam, there are 548 streets under the Tambaram Joint 1 SRO, with guideline values ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median value is Rs 1,650 per sq.ft, which is the same as the current guideline value for Murugesan Street.

• Muthamil Street: Rs 1,650 per sq.ft (2024)
• Murali Avenue: Rs 1,650 per sq.ft (2024)
• Muththalamman Koil Street: Rs 2,750 per sq.ft (2024)
• Muthulakshmi Nagar: Rs 3,850 per sq.ft (2024)
• Muthulakshmi Nagar Ext: Rs 2,750 per sq.ft (2024)
• Muthulakshmi Nagar Sarathambal street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Murugesan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty at 7% would amount to Rs 1,15,500, and the registration fee at 2% would be Rs 33,000. Together, the total cost for stamp duty and registration fee would be Rs 1,48,500. Please 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 information.

Which Sub Registrar Office covers Murugesan Street?

The Sub Registrar Office that covers Murugesan Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Chitlapakkam. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the transaction is recorded accurately in the official records.

When a property is sold, the guideline value helps in calculating the stamp duty and registration fees that need to be paid. This ensures transparency in property transactions and helps in maintaining the integrity of the real estate market.

Frequently asked questions

What is the current guideline value of Murugesan Street?

The current guideline value of Murugesan Street is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then back to Rs 1,500 in 2023, and finally to Rs 1,650 in 2024.

What is the land classification for Murugesan Street?

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

Where can I find the Sub Registrar Office for Murugesan Street?

The Sub Registrar Office for Murugesan Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059.

How is the stamp duty calculated for properties in Murugesan Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 16,50,000, the stamp duty would be Rs 1,15,500 at a rate of 7%.