Guideline Value for Sri Murugan Street

Sri Murugan Street guideline value

The current guideline value of Sri Murugan Street in Valasaravakkam village, under the Virugambakkam SRO, is Rs 3,850 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class II Type - I land classification.

How the guideline value of Sri Murugan Street has changed

The guideline value for Sri Murugan Street has undergone several revisions over the years. In 2002, the value was Rs 259 per sq.ft, which increased to Rs 282 per sq.ft in 2003, marking a 9% rise. The next significant jump occurred in 2012, where it remained at Rs 3,500 per sq.ft, a substantial increase of 1141% from the 2003 figure.

Following the 2012 revision, the guideline value stayed constant at Rs 3,500 per sq.ft until 2023. The 2024 revision saw the current value set at Rs 3,850 per sq.ft, reflecting a 10% increase from the previous year. Notably, there are no figures available for the revisions in 2007 and 2017 for this street.

Guideline values in Valasaravakkam

In Valasaravakkam, there are 774 streets under the Virugambakkam SRO, with the 2024 guideline values ranging from Rs 2,750 to Rs 8,800 per sq.ft. The median guideline value for these streets is Rs 3,850 per sq.ft, which is the same as the current value for Sri Murugan Street.

• Sri Lakshnmi Nagar - G.K.Street: Rs 3,850 per sq.ft (2024)
• Sri Lakshnmi Nagar 3 rd Main Road: Rs 3,850 per sq.ft (2024)
• Sri Lakshmi Nagar 9th Cross Street: Rs 3,850 per sq.ft (2024)
• Sri Lakshmi Nagar 8th Street: Rs 3,850 per sq.ft (2024)
• Sri Lakshmi Nagar 8th Cross Street: Rs 3,850 per sq.ft (2024)
• Sri Lakshmi Nagar 7th Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Murugan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value amounts to Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, leading to a total cost of 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 details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sri Murugan Street?

The Sub Registrar Office that covers Sri Murugan Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of properties in Valasaravakkam. It is used to determine the stamp duty and registration fees that need to be paid when a property is bought or sold. The authorities rely on this value to ensure that the transaction is conducted fairly and transparently.

When buying or selling property, it is essential for both parties to be aware of the current guideline value, as it directly affects the overall costs involved in the transaction. This helps in avoiding any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Sri Murugan Street?

The current guideline value of Sri Murugan Street 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 seen significant changes, from Rs 259 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 1386% over the years.

What are the stamp duty and registration fees for property in Sri Murugan Street?

For a 1,000 sq.ft plot, the total guideline value is Rs 38,50,000, with stamp duty at Rs 2,69,500 and registration fee at Rs 77,000, totaling Rs 3,46,500.

Which Sub Registrar Office covers Sri Murugan Street?

Sri Murugan Street is covered by the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the land classification for Sri Murugan Street?

Sri Murugan Street is classified as Residential Class II Type - I, which is important for understanding its use and development potential.