Guideline Value for Muthurajulu Street

Muthurajulu Street guideline value

The current guideline value of Muthurajulu Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Velachery village under the Velacheri SRO and is classified as Residential Class II Type - II.

How the guideline value of Muthurajulu Street has changed

The guideline value for Muthurajulu Street has undergone several revisions over the years. In the 2012 revision, the value was set at Rs 4,000 per sq.ft. This figure decreased to Rs 2,680 per sq.ft in the 2017 revision, marking a decline of 33%. However, the most recent 2024 revision saw a significant increase to Rs 4,400 per sq.ft, which is a 64% rise from the 2017 figure.

Overall, comparing the 2012 and 2024 revisions, the guideline value has increased by 10%. It is important to note that there are no figures available for the revisions in 2002, 2003, 2007, and 2023 for this street.

Guideline values in Velachery

In Velachery village, 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 the same as the current guideline value for Muthurajulu Street.

• Muthuraja Street: Rs 4,400 per sq.ft (2024)
• Nagendira Nagar: Rs 13,200 per sq.ft (2024)
• Nagendira Nagar, Velachery Main Road: Rs 13,200 per sq.ft (2024)
• Murugu Nagar Extension: Rs 4,400 per sq.ft (2024)
• Murugu Nagar 6th Street: Rs 4,400 per sq.ft (2024)
• Murugu Nagar 6th Main Road: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Muthurajulu Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, making the total fees together Rs 3,96,000. 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 Muthurajulu Street?

The Sub Registrar Office that covers Muthurajulu 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 is a crucial factor in property transactions, as it determines the minimum value at which a property can be registered. When buying or selling property in Velachery, the buyer and seller must consider this value to ensure compliance with local regulations.

During the registration process, the guideline value is used to calculate 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 Muthurajulu Street?

The current guideline value of Muthurajulu 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 from Rs 4,000 per sq.ft in 2012 to Rs 2,680 per sq.ft in 2017, and then increased to Rs 4,400 per sq.ft in 2024.

What is the land classification for Muthurajulu Street?

Muthurajulu Street is classified as Residential Class II Type - II.

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

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is the stamp duty calculated for property in Muthurajulu Street?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at Rs 4,400 per sq.ft would have a total guideline value of Rs 44,00,000, leading to a stamp duty of Rs 3,08,000.