Guideline Value for Murugu Nagar 2nd Cross Street

Murugu Nagar 2nd Cross Street guideline value

The current guideline value of Murugu Nagar 2nd Cross Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Velachery village, under the Velacheri SRO. The land classification for this area is Residential Class II Type - II.

How the guideline value of Murugu Nagar 2nd Cross Street has changed

The guideline value for Murugu Nagar 2nd Cross Street has seen significant changes over the years. In 2002, the value was Rs 354 per sq.ft, which increased to Rs 397 per sq.ft in 2003, marking a rise of 12%. The value then surged dramatically to Rs 1,800 per sq.ft in 2007, reflecting an increase of 353%. Following this, the value rose to Rs 4,000 per sq.ft in 2012, a growth of 122%. However, in 2017, the value decreased to Rs 2,680 per sq.ft, a drop of 33%. The most recent revision in 2024 has brought the guideline value back up to Rs 4,400 per sq.ft, an increase of 64% from the previous figure in 2017.

It is important to note that the register has no figure for this street in the 2023 revision. Overall, from 2002 to 2024, the guideline value has increased by 1143%.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value among these streets is Rs 4,400 per sq.ft, which is equal to the current guideline value of Murugu Nagar 2nd Cross Street.

• Murugu Nagar 1st Street: Rs 4,400 per sq.ft (2024)
• Murugu Nagar 2nd Main Road: Rs 4,400 per sq.ft (2024)
• Murugu Nagar 1st Main Road: Rs 4,400 per sq.ft (2024)
• Murugu Nagar 2nd Street: Rs 4,400 per sq.ft (2024)
• Murugu Nagar 1st Cross Street: Rs 4,400 per sq.ft (2024)
• Murugu Nagar 3rd Cross Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Murugu Nagar 2nd Cross Street

For a 1,000 sq.ft plot at the current rate, the guideline value is Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, while the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Murugu Nagar 2nd Cross Street?

The Sub Registrar Office that covers Murugu Nagar 2nd Cross Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Velachery. It is used to determine the stamp duty and registration fees that need to be paid at the time of registration. The fees are calculated based on the higher of the guideline value or the sale price of the property.

When a property is sold, the buyer and seller must ensure that the transaction is registered according to the prevailing guideline value. This ensures compliance with legal requirements and helps in maintaining transparency in property transactions.

Frequently asked questions

What is the current guideline value of Murugu Nagar 2nd Cross Street?

The current guideline value of Murugu Nagar 2nd Cross Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 354 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, marking an overall increase of 1143% over the years.

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

For a property valued at the current guideline of Rs 44,00,000, the stamp duty would be Rs 3,08,000 and the registration fee would be Rs 88,000, totaling Rs 3,96,000.

Which office handles the registration for Murugu Nagar 2nd Cross Street?

The Velacheri Sub Registrar Office handles the registration for Murugu Nagar 2nd Cross Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the land classification for Murugu Nagar 2nd Cross Street?

The land classification for Murugu Nagar 2nd Cross Street is Residential Class II Type - II.