Guideline Value for Muthu Murugan Nagar

Muthu Murugan Nagar guideline value

The current guideline value of Muthu Murugan Nagar is Rs 990 per sq.ft, effective from 1 July 2024. This area is located in Varadarajapuram village under the Padappai SRO, classified as Residential Class III Type - I.

How the guideline value of Muthu Murugan Nagar has changed

The guideline value for Muthu Murugan Nagar has undergone several revisions over the years. In 2007, the value was Rs 120 per sq.ft, which saw a significant increase to Rs 900 per sq.ft in 2012, marking a rise of 650%. However, in 2017, the value decreased to Rs 603 per sq.ft, a drop of 33%. The value then increased again to Rs 900 per sq.ft in 2023, before reaching the current rate of Rs 990 per sq.ft in 2024, reflecting a 10% increase.

There are no figures available for the years 2002 and 2003 in the register for this street. Overall, from 2007 to 2024, the guideline value has increased by 725%.

Guideline values in Varadarajapuram

Within Varadarajapuram, there are 250 streets under the Padappai SRO with a 2024 guideline value ranging from Rs 880 to Rs 4,100 per sq.ft, and the median value is Rs 1,650 per sq.ft. Muthu Murugan Nagar's 2024 figure is below this median.

• Mv Generation Mgr Nagar: Rs 3,370 per sq.ft (2024)
• Naduveerapattu - Tambaram Road: Rs 1,650 per sq.ft (2024)
• Nannilam Nagar: Rs 990 per sq.ft (2024)
• Nano Villa: Rs 1,650 per sq.ft (2024)
• Mullai Nagarr: Rs 990 per sq.ft (2024)
• Mullai Nagar: Rs 990 per sq.ft (2024)

Stamp duty and registration fee for property in Muthu Murugan Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 990 per sq.ft, the total guideline value amounts to Rs 9,90,000. The stamp duty at 7% would be Rs 69,300, and the registration fee at 2% would be Rs 19,800, bringing the total to Rs 89,100. Please note that the duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Muthu Murugan Nagar?

The Sub Registrar Office that covers Muthu Murugan Nagar is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor during property registration in Varadarajapuram. It serves as a benchmark for determining the minimum price at which a property can be registered, ensuring that the transaction is recorded at a fair value.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees. This ensures that the government receives the appropriate revenue from property transactions based on the established guideline values.

Frequently asked questions

What is the current guideline value of Muthu Murugan Nagar?

The current guideline value of Muthu Murugan Nagar is Rs 990 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 120 per sq.ft in 2007 to Rs 990 per sq.ft in 2024, representing a total increase of 725% over the years.

What is the land classification of Muthu Murugan Nagar?

Muthu Murugan Nagar is classified as Residential Class III Type - I.

Where can I find the Padappai Sub Registrar Office?

The Padappai Sub Registrar Office is located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.

How is stamp duty calculated for properties in Muthu Murugan Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 9,90,000, the stamp duty would be Rs 69,300 at 7%.