Guideline Value for Sri Murugan Nagar

Sri Murugan Nagar guideline value

The current guideline value of Sri Murugan Nagar, located in Moulivakkam village under the Kunrathur SRO, is Rs 2,450 per sq.ft. This value is effective from 1 July 2024 and pertains to land classified as Residential Special Type - I.

How the guideline value of Sri Murugan Nagar has changed

The guideline value for Sri Murugan Nagar has undergone several revisions over the years. Starting from Rs 250 per sq.ft in 2003, it increased to Rs 750 per sq.ft in 2007, followed by a significant rise to Rs 2,200 per sq.ft in 2012. However, it saw a decrease to Rs 1,474 per sq.ft in 2017. The value then increased to Rs 2,200 per sq.ft in 2023 and is currently set at Rs 2,450 per sq.ft from the 2024 revision. The register has no figure for this street in 2002.

In terms of percentage changes, the guideline value rose by 200% from 2003 to 2007, decreased by 33% from 2012 to 2017, and increased by 49% from 2017 to 2023. The latest revision from 2023 to 2024 shows an increase of 11%. Overall, from 2003 to 2024, the guideline value has increased by 880%.

Guideline values in Moulivakkam

Moulivakkam village has a total of 44 streets under the Kunrathur SRO, with 2024 guideline values ranging from Rs 2,000 to Rs 3,900 per sq.ft. The median value is Rs 2,450 per sq.ft, which is equal to the guideline value of Sri Murugan Nagar.

• Sri Lakshmi Nagar: Rs 2,650 per sq.ft (2024)
• Srinivasapuram: Rs 2,450 per sq.ft (2024)
• Sri Kamatchi Amman Nagar: Rs 2,450 per sq.ft (2024)
• Sri Kamakshi Nagar: Rs 2,450 per sq.ft (2024)
• Sri Ranga Nagar: Rs 2,450 per sq.ft (2024)
• Sri Sairam Avenue , Sathyanarayanapuram: Rs 2,450 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 2,450 per sq.ft, the total guideline value would be Rs 24,50,000. The stamp duty at 7% would be Rs 1,71,500, and the registration fee at 2% would be Rs 49,000, making the total cost Rs 2,20,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more details on costs associated with property transactions.

Which Sub Registrar Office covers Sri Murugan Nagar?

The Sub Registrar Office that covers Sri Murugan Nagar is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more information.

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

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 Moulivakkam, the guideline value is used to calculate the stamp duty and registration fees, which are essential costs in the transaction process.

It is important for buyers and sellers to be aware of the current guideline value to ensure compliance with registration requirements and to avoid any potential legal issues during the property transfer process.

Frequently asked questions

What is the current guideline value of Sri Murugan Nagar?

The current guideline value of Sri Murugan Nagar is Rs 2,450 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 250 per sq.ft in 2003 to Rs 2,450 per sq.ft in 2024, with various increases and a decrease in the intervening years.

What is the classification of land in Sri Murugan Nagar?

The land in Sri Murugan Nagar is classified as Residential Special Type - I.

Where is the Kunrathur Sub Registrar Office located?

The Kunrathur Sub Registrar Office is located at No.59, Road Street, Kundrathur, Chennai -600 069.

How is stamp duty calculated for properties in Sri Murugan Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft property at the current guideline value, the stamp duty would be Rs 1,71,500.