Guideline Value for Murugesan Street

Murugesan Street guideline value

The current guideline value of Murugesan Street in Irumpuliyur village is Rs 2,530 per sq.ft, effective from 1 July 2024. This street falls under the Tambaram Joint 1 SRO and is classified as Residential Special Type - I.

How the guideline value of Murugesan Street has changed

Starting from the 2007 revision, the guideline value was Rs 600 per sq.ft. It saw a significant increase to Rs 2,300 per sq.ft in 2012, marking a rise of 283%. However, in the 2017 revision, the value dropped to Rs 1,541 per sq.ft, a decrease of 33%. The guideline value then increased to Rs 2,300 per sq.ft in 2023, reflecting a rise of 49%. The most recent revision in 2024 set the value at Rs 2,530 per sq.ft, which is a 10% increase from the previous year.

It is important to note that the register has no figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 322%.

Guideline values in Irumpuliyur

In Irumpuliyur, there are 218 streets under the Tambaram Joint 1 SRO that carry a 2024 guideline value, ranging from Rs 880 to Rs 6,600 per sq.ft. The median value is Rs 2,200 per sq.ft, placing Murugesan Street's 2024 figure above this median.

• Muthamil Street: Rs 2,530 per sq.ft (2024)
• Mullai Avenue: Rs 2,200 per sq.ft (2024)
• MS.P. Lane: Rs 2,530 per sq.ft (2024)
• Nagathamman Koil Street: Rs 1,650 per sq.ft (2024)
• Mothilal Street: Rs 2,530 per sq.ft (2024)
• Nalvar Street: Rs 2,200 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 2,530 per sq.ft, the total guideline value amounts to Rs 25,30,000. The stamp duty at 7% would be Rs 1,77,100, and the registration fee at 2% would be Rs 50,600, bringing the total cost for these fees to Rs 2,27,700. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

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 information.

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

The guideline value plays a crucial role in the registration process of property transactions in Irumpuliyur. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when buying or selling property in the area.

When a property is sold, the buyer must pay the stamp duty based on the higher value between the sale price and the guideline value. This ensures that the government collects the appropriate taxes on property transactions.

Frequently asked questions

What is the current guideline value of Murugesan Street?

The current guideline value of Murugesan Street is Rs 2,530 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 600 per sq.ft in 2007 to Rs 2,530 per sq.ft in 2024, which represents a total increase of 322% over the years.

What is the classification of land on Murugesan Street?

Murugesan Street is classified as Residential Special Type - I, indicating its suitability for residential development.

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

The Sub Registrar Office for Murugesan Street is located at No.26, Mes Road, East Tambaram, Chennai-600059, under the Chengalpattu registration zone.

How is stamp duty calculated for properties in Irumpuliyur?

Stamp duty is calculated based on the higher value between the guideline value and the sale price of the property. This ensures that the appropriate taxes are collected during the registration process.