Guideline Value for Murugesan Street

Murugesan Street guideline value

The current guideline value of Murugesan Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Tondaiarpet village, under the Royapuram SRO, and is classified as Residential Class I Type - I.

How the guideline value of Murugesan Street has changed

The guideline value for Murugesan Street has seen several revisions over the years. In 2007, the value was set at Rs 900 per sq.ft, which increased significantly to Rs 2,000 per sq.ft in 2012, marking a rise of 122%. However, from 2012 to 2017, the value decreased to Rs 1,340 per sq.ft, reflecting a decline of 33%. The most recent revision in 2024 shows a substantial increase to Rs 2,200 per sq.ft, which is a rise of 64% from the 2017 figure. There are no figures available for the years 2023, 2003, and 2002 for this street.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 144%. This reflects the changes in property valuation over the years, highlighting the fluctuations in the guideline values set by the registration department.

Guideline values in Tondaiarpet

In Tondaiarpet, there are 1,384 streets under the Royapuram SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 10,100 per sq.ft. The median guideline value for these streets is Rs 1,600 per sq.ft, placing Murugesan Street's 2024 figure above that median.

• Muniram Pandian Street: Rs 2,200 per sq.ft (2024)
• Muniappa Lane: Rs 1,300 per sq.ft (2024)
• Muneewaran Nagar 1st Street: Rs 1,300 per sq.ft (2024)
• Muneeswaran Nagar 2nd Street: Rs 1,300 per sq.ft (2024)
• Muthappa Mudali Street: Rs 2,200 per sq.ft (2024)
• Muthiah Chetty 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 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, totaling Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Murugesan Street?

The Sub Registrar Office that covers Murugesan Street is the Royapuram Sub Registrar Office, located at 535, Tondaiyarpet High Road, Near Maharani Theatre, Chennai 600021. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Tondaiarpet. When buying or selling property, the guideline value is used to determine the applicable stamp duty and registration fees. This ensures that the transaction is recorded accurately and that the government receives the necessary revenue from property sales.

It is essential for buyers and sellers to be aware of the current guideline value, as it can significantly impact the overall cost of the transaction. Understanding these values helps in making informed decisions during the property registration process.

Frequently asked questions

What is the current guideline value of Murugesan Street?

The current guideline value of Murugesan Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 900 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2024, marking an overall increase of 144%.

What is the land classification for Murugesan Street?

Murugesan Street is classified as Residential Class I Type - I, indicating its designation for residential purposes.

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

The Sub Registrar Office for Murugesan Street is the Royapuram Sub Registrar Office, located at 535, Tondaiyarpet High Road, Near Maharani Theatre, Chennai 600021.

How is stamp duty calculated for properties in Tondaiarpet?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property with a guideline value of Rs 22,00,000, the stamp duty would be Rs 1,54,000 at a rate of 7%.