Guideline Value for SAI MURUGAN STREET

Sai Murugan Street guideline value

The current guideline value of Sai Murugan Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Villivakkam village, under the Villivakkam SRO, and is classified as Residential Class IV Type - II.

How the guideline value of Sai Murugan Street has changed

Since the early 2000s, the guideline value of Sai Murugan Street has seen significant changes. In 2002, the guideline value was Rs 529 per sq.ft. This increased to Rs 605 per sq.ft in 2003, marking a rise of 14%. The value then rose to Rs 950 per sq.ft in 2007, an increase of 57%. Following this, the value surged to Rs 3,000 per sq.ft in 2012, reflecting a substantial increase of 216%. However, from 2012 to 2017, the value decreased to Rs 2,010 per sq.ft, a decline of 33%. The value then rose again to Rs 3,000 per sq.ft in 2023, which was a 49% increase. The latest revision in 2024 has set the guideline value at Rs 3,300 per sq.ft, representing a 10% increase from the previous year.

There are no figures available for the revisions in years other than those specified. The guideline value has overall increased by 524% from 2002 to 2024.

Guideline values in Villivakkam

In Villivakkam, there are 372 streets under the Villivakkam SRO that carry a 2024 guideline value, ranging from Rs 1,600 to Rs 13,200 per sq.ft. The median guideline value for these streets is Rs 4,900 per sq.ft, placing Sai Murugan Street's 2024 figure below this median.

• Reddy Street: Rs 3,300 per sq.ft (2024)
• Sathiya Nagar (Slum Board): Rs 2,700 per sq.ft (2024)
• School Road: Rs 9,900 per sq.ft (2024)
• Ramakrishnapuram: Rs 3,300 per sq.ft (2024)
• Raja Street: Rs 3,300 per sq.ft (2024)
• SIDCO NAGAR 10th STREET: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Sai Murugan Street

For a 1,000 sq.ft plot at the current rate of Rs 3,300 per sq.ft, the guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, totaling Rs 2,97,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Sai Murugan Street?

The Sub Registrar Office that covers Sai Murugan Street is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near Nolambur Eb Office. You can find your SRO for more information.

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

The guideline value is a critical factor in the registration process when buying or selling property in Villivakkam. It serves as a benchmark for calculating the stamp duty and registration fees, ensuring that the transaction is recorded at a fair value as per government regulations.

When a property is sold, the buyer must pay the stamp duty based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Sai Murugan Street?

The current guideline value of Sai Murugan Street is Rs 3,300 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 529 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 524% over this period.

What is the land classification for Sai Murugan Street?

Sai Murugan Street is classified as Residential Class IV Type - II under the Villivakkam SRO.

What are the stamp duty rates for property in Sai Murugan Street?

The stamp duty rate for property in Sai Murugan Street is 7%, based on the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office located for Sai Murugan Street?

The Villivakkam Sub Registrar Office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near Nolambur Eb Office.