Guideline Value for Sri Murugan Nagar

Sri Murugan Nagar guideline value

The current guideline value of Sri Murugan Nagar in Nandhivaram village is Rs 1,000 per sq.ft, effective from 1 July 2024. This area falls under the Gooduvancheri SRO and is classified as Residential Class II Type - I.

How the guideline value of Sri Murugan Nagar has changed

The guideline value for Sri Murugan Nagar has seen several revisions over the years. In 2002, the guideline value was Rs 116 per sq.ft, which increased to Rs 328 per sq.ft in 2007, marking a significant rise of 183%. By 2012, the value rose to Rs 1,000 per sq.ft, reflecting an increase of 205%. However, from 2012 to 2017, the value decreased to Rs 670 per sq.ft, a drop of 33%. The subsequent revision in 2023 maintained the value at Rs 1,000 per sq.ft, with no change from the previous year.

The most recent revision in 2024 again set the guideline value at Rs 1,000 per sq.ft, indicating no change from 2023. Overall, from 2002 to 2024, the guideline value has increased by 762%.

Guideline values in Nandhivaram

Nandhivaram village has a total of 169 streets under the Gooduvancheri SRO with a 2024 guideline value ranging from Rs 1,000 to Rs 3,500 per sq.ft. The median guideline value for these streets is Rs 1,500 per sq.ft, placing Sri Murugan Nagar's 2024 value below this median.

• Sri Meenakshi Avenue: Rs 1,000 per sq.ft (2024)
• Sri Mahalakshmi Nagar Extn 14th Cross St: Rs 1,500 per sq.ft (2024)
• Sri Mahalakshmi Nagar 13th Cross St: Rs 1,500 per sq.ft (2024)
• Sri Ragavendra Colony: Rs 1,000 per sq.ft (2024)
• Sriram Nagar: Rs 1,500 per sq.ft (2024)
• Sri Sai Baba Nagar: Rs 1,200 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Murugan Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,000 per sq.ft, the total guideline value amounts to Rs 10,00,000. The stamp duty, charged at 7%, would be Rs 70,000, and the registration fee at 2% would be Rs 20,000, resulting in a total of Rs 90,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Sri Murugan Nagar?

The Sub Registrar Office that covers Sri Murugan Nagar is the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nandhivaram, Guduvancheri-603202, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Nandhivaram. It serves as a benchmark for determining the stamp duty and registration fees during the sale or purchase of property. Buyers and sellers must consider this value to ensure compliance with local regulations.

When registering a property, the guideline value is used to calculate the applicable fees, which are mandatory for the legal transfer of ownership. It is essential for both parties in a transaction to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Sri Murugan Nagar?

The current guideline value of Sri Murugan Nagar is Rs 1,000 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since 2002, the guideline value has increased from Rs 116 per sq.ft to Rs 1,000 per sq.ft in 2024, reflecting an overall increase of 762%.

What is the land classification of Sri Murugan Nagar?

Sri Murugan Nagar is classified as Residential Class II Type - I, indicating its suitability for residential development.

Where can I find the Gooduvancheri Sub Registrar Office?

The Gooduvancheri Sub Registrar Office is located at Defence Colony Road, near Veterinary Hospital, Nandhivaram, Guduvancheri-603202, Chengalpattu registration zone.

How is stamp duty calculated in Sri Murugan Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For instance, for a property valued at Rs 10,00,000, the stamp duty at 7% would be Rs 70,000.