Guideline Value for NERKUNDRAM ROAD MURTHY NAGAR

Nerkundram Road Murthy Nagar guideline value

The current guideline value of Nerkundram Road Murthy Nagar is Rs 3,850 per sq.ft, effective from 1 July 2024. This area is located in Nerkundram village and falls under the Virugambakkam SRO. The land classification for this street is Residential Class I Type - I.

How the guideline value of Nerkundram Road Murthy Nagar has changed

The guideline value for Nerkundram Road Murthy Nagar has seen several revisions over the years. Starting with the 2012 revision, the value was set at Rs 3,500 per sq.ft. This changed in the 2017 revision to Rs 2,345 per sq.ft, reflecting a decrease of 33%. However, from 2017 to 2023, the value increased significantly to Rs 3,500 per sq.ft, marking a rise of 49%. The most recent revision in 2024 has further increased the value to Rs 3,850 per sq.ft, a rise of 10% from the previous year.

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

Guideline values in Nerkundram

Nerkundram village has a total of 476 streets under the Virugambakkam SRO, with guideline values ranging from Rs 1,650 to Rs 6,600 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, positioning Nerkundram Road Murthy Nagar's 2024 figure above this median.

• Nerkundram Road: Rs 3,350 per sq.ft (2024)
• Nerkundram Scheme(Tnhb): Rs 6,600 per sq.ft (2024)
• NESAMMAL NAGAR 1st Street: Rs 2,200 per sq.ft (2024)
• NESAMMAL NAGAR 2nd Street: Rs 2,200 per sq.ft (2024)
• NESAMMAL NAGAR Annexe: Rs 2,750 per sq.ft (2024)
• NESAMMAL NAGAR - Madhavan Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Nerkundram Road Murthy Nagar

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, while the registration fee at 2% would be Rs 77,000. Together, the total cost for stamp duty and registration fee would be Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Nerkundram Road Murthy Nagar?

The Nerkundram Road Murthy Nagar area is covered by the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more details.

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

The guideline value is a crucial factor when registering property transactions in Nerkundram. It is used to determine the stamp duty and registration fees that must be paid at the time of registration.

When you buy or sell property, it is important to be aware that the guideline value may influence the overall cost of the transaction. Buyers should ensure they are informed about the current guideline value to avoid any surprises during the registration process.

Frequently asked questions

What is the current guideline value for Nerkundram Road Murthy Nagar?

The current guideline value for Nerkundram Road Murthy Nagar 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 from Rs 3,500 per sq.ft in 2012 to Rs 2,345 per sq.ft in 2017, then increased to Rs 3,500 per sq.ft in 2023, and finally to Rs 3,850 per sq.ft in 2024.

What is the median guideline value for streets in Nerkundram?

The median guideline value for streets in Nerkundram is Rs 2,200 per sq.ft, with Nerkundram Road Murthy Nagar's 2024 figure being above this median.

What are the stamp duty and registration fees for a property in Nerkundram Road Murthy Nagar?

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

Which office handles property registrations for Nerkundram Road Murthy Nagar?

The Virugambakkam Sub Registrar Office handles property registrations for Nerkundram Road Murthy Nagar, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.