Guideline Value for SANTHOSH NAGAR MURUGAN KOIL STREET

Santhosh Nagar Murugan Koil Street guideline value

The current guideline value of Santhosh Nagar Murugan Koil Street is Rs 2,900 per sq.ft, effective from 1 July 2024. This street is located in Korattur village, under the Villivakkam SRO, and is classified as Residential Class II Type - II.

How the guideline value of Santhosh Nagar Murugan Koil Street has changed

The guideline value for Santhosh Nagar Murugan Koil Street has undergone several revisions over the years. The 2012 revision set the value at Rs 2,700 per sq.ft, which then decreased to Rs 1,809 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 2,700 per sq.ft, and the most recent 2024 revision raised it further to Rs 2,900 per sq.ft, marking a 7% increase from the previous year.

Notably, there are no figures available for the revisions in 2002, 2003, and 2007 for this street. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 7%.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO, with guideline values ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median guideline value for these streets is Rs 2,500 per sq.ft, placing Santhosh Nagar Murugan Koil Street above this median with its 2024 figure of Rs 2,900 per sq.ft.

• Santhosh Nagar Phase II: Rs 2,900 per sq.ft (2024)
• Santhosh Nagar: Rs 2,900 per sq.ft (2024)
• Saraswathi Nagar: Rs 2,100 per sq.ft (2024)
• Saratha Nagar: Rs 1,600 per sq.ft (2024)
• Saratha Nagar Extension: Rs 1,600 per sq.ft (2024)
• Sampath Salai: Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Santhosh Nagar Murugan Koil Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,900 per sq.ft, the total guideline value would be Rs 29,00,000. The stamp duty at 7% would amount to Rs 2,03,000, while the registration fee at 2% would be Rs 58,000, bringing the total cost for these fees to Rs 2,61,000. It is important to note that duty is charged on the higher of the guideline value and the sale price.

You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Santhosh Nagar Murugan Koil Street?

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

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

The guideline value is a crucial factor in property transactions in Korattur. It serves as the basis for calculating stamp duty and registration fees, which are mandatory when registering a property. Buyers and sellers should be aware that these fees are determined based on the guideline value or the sale price, whichever is higher.

When buying or selling property, understanding the guideline value helps in ensuring that the transaction is compliant with local regulations. It also aids in estimating the total cost involved in the registration process, which is essential for effective financial planning.

Frequently asked questions

What is the current guideline value of Santhosh Nagar Murugan Koil Street?

The current guideline value of Santhosh Nagar Murugan Koil Street is Rs 2,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,700 per sq.ft in 2023 to Rs 2,900 per sq.ft in 2024, marking a 7% increase. It decreased from Rs 2,700 per sq.ft in 2012 to Rs 1,809 per sq.ft in 2017, before rising again to Rs 2,700 per sq.ft in 2023.

What is the land classification for Santhosh Nagar Murugan Koil Street?

Santhosh Nagar Murugan Koil Street is classified as Residential Class II Type - II, indicating its designation for residential use.

What are the stamp duty and registration fees for property transactions?

The stamp duty is calculated at 7% of the guideline value, while the registration fee is 2%. For a property valued at Rs 29,00,000, the total fees would amount to Rs 2,61,000.

Where can I find the Sub Registrar Office for Santhosh Nagar Murugan Koil Street?

The Villivakkam Sub Registrar Office covers Santhosh Nagar Murugan Koil Street, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.