Guideline Value for Thiru Murugan Nagar 1st Street

Thiru Murugan Nagar 1st Street guideline value

The current guideline value of Thiru Murugan Nagar 1st Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Maduravoyal village under the Virugambakkam SRO, and it falls under the Residential Class IV Type - I land classification.

How the guideline value of Thiru Murugan Nagar 1st Street has changed

The guideline value for Thiru Murugan Nagar 1st Street has seen several revisions over the years. The earliest recorded value in 2002 was Rs 87 per sq.ft, which increased to Rs 96 per sq.ft in 2003. Following that, there was a significant rise to Rs 300 per sq.ft in 2007, marking an increase of 213%. The value then jumped to Rs 2,500 per sq.ft in 2012, reflecting a remarkable increase of 733%. However, from 2012 to 2017, the value decreased to Rs 1,675 per sq.ft, a decline of 33%. The value then rose again to Rs 2,500 per sq.ft in 2023, and the most recent revision in 2024 set the value at Rs 2,750 per sq.ft, an increase of 10% from the previous year.

Throughout these revisions, there are no figures available for the years not mentioned in the register. Overall, from 2002 to 2024, the guideline value has increased by 3061%.

Guideline values in Maduravoyal

In Maduravoyal, there are 636 streets under the Virugambakkam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 6,050 per sq.ft, with a median value of Rs 3,050 per sq.ft. The guideline value of Thiru Murugan Nagar 1st Street is below this median.

• Thiru Murugan Nagar 2nd Street: Rs 2,750 per sq.ft (2024)
• Thiru Murugan Nagar 3rd Street: Rs 2,750 per sq.ft (2024)
• Thiru Kumaran Nagar: Rs 2,750 per sq.ft (2024)
• Thidir Nagar Perumal Koil Street: Rs 2,200 per sq.ft (2024)
• Thidir Nagar Main Road: Rs 2,200 per sq.ft (2024)
• Thidir Nagar: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Thiru Murugan Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total cost for these fees to Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more information on calculating these fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Thiru Murugan Nagar 1st Street?

The Thiru Murugan Nagar 1st Street falls under the jurisdiction of the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more details.

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

The guideline value is a critical factor during the registration of property transactions in Maduravoyal. It serves as the basis for calculating stamp duty and registration fees, which are mandatory for all property sales. Buyers and sellers must be aware of the current guideline value to ensure compliance with local regulations.

When purchasing property, the guideline value helps determine the minimum value at which the property can be registered. This ensures that the transaction is recorded accurately and helps in maintaining transparency in property dealings.

Frequently asked questions

What is the current guideline value for Thiru Murugan Nagar 1st Street?

The current guideline value for Thiru Murugan Nagar 1st Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has experienced several revisions, increasing from Rs 87 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, which is an overall increase of 3061%.

What is the stamp duty rate for properties in Thiru Murugan Nagar 1st Street?

The stamp duty rate for properties in Thiru Murugan Nagar 1st Street is 7% of the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Thiru Murugan Nagar 1st Street?

The Sub Registrar Office for Thiru Murugan Nagar 1st Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What are the other streets in Maduravoyal with similar guideline values?

Other streets in Maduravoyal with similar guideline values include Thiru Murugan Nagar 2nd Street, Thiru Murugan Nagar 3rd Street, and Thiru Kumaran Nagar, all at Rs 2,750 per sq.ft for 2024.