Guideline Value for Murugesan Street

Murugesan Street guideline value

The current guideline value of Murugesan Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Virugambakkam village, under the Virugambakkam SRO, and is classified as Residential Class III Type - II.

How the guideline value of Murugesan Street has changed

The guideline value for Murugesan Street has undergone several revisions over the years. In 2003, the value was Rs 573 per sq.ft, which increased to Rs 1,100 per sq.ft in 2007. This was a significant jump of 92%. The value then rose dramatically to Rs 3,500 per sq.ft in 2012, marking an increase of 218%. However, from 2012 to 2017, the value decreased by 33% to Rs 2,345 per sq.ft. Following this, the value saw a substantial rise of 49% to Rs 3,500 per sq.ft in 2023, before reaching the current value of Rs 3,850 per sq.ft in 2024, which is a 10% increase.

It is important to note that there is no figure available for Murugesan Street in the 2002 revision. Overall, from 2003 to 2024, the guideline value has increased by 572%.

Guideline values in Virugambakkam

In Virugambakkam, there are 391 streets under the Virugambakkam SRO that carry a 2024 guideline value, ranging from Rs 2,750 to Rs 13,200 per sq.ft, with a median value of Rs 4,400 per sq.ft. The guideline value of Murugesan Street is below this median.

• Munuswamy Street: Rs 4,400 per sq.ft (2024)
• Munusamy Road ( Near Prasad Colour Lab): Rs 8,800 per sq.ft (2024)
• M.G. Samy Nagar: Rs 3,850 per sq.ft (2024)
• Natesanagar I st Main Road: Rs 4,400 per sq.ft (2024)
• Natesanagar I st Main Road 2nd Cross Street: Rs 4,400 per sq.ft (2024)
• Natesanagar I st Main Road I St Cross Street: Rs 4,400 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 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total to Rs 3,46,500. It is important to note that duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Murugesan Street?

The Sub Registrar Office that covers Murugesan Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Virugambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. This value is used to calculate the stamp duty and registration fees that are payable during the transaction.

When a property is sold, the guideline value ensures that the transaction is recorded accurately and fairly in the public registry. Buyers and sellers must consider this value to understand their financial obligations during the registration process.

Frequently asked questions

What is the current guideline value of Murugesan Street?

The current guideline value of Murugesan Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, starting from Rs 573 per sq.ft in 2003 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 572% over this period.

What is the land classification of Murugesan Street?

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

What are the stamp duty and registration fees for properties on Murugesan Street?

For a property valued at Rs 38,50,000, the stamp duty would be Rs 2,69,500, and the registration fee would be Rs 77,000, totaling Rs 3,46,500.

Which office handles registrations for Murugesan Street?

The Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037, handles registrations for Murugesan Street.