Guideline Value for Thiru Murugan Nagar 3rd Street

Thiru Murugan Nagar 3rd Street guideline value

The current guideline value for Thiru Murugan Nagar 3rd Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Maduravoyal village under the Virugambakkam SRO, classified as Residential Class IV Type - I.

How the guideline value of Thiru Murugan Nagar 3rd Street has changed

The guideline value for Thiru Murugan Nagar 3rd Street has undergone several revisions over the years. In 2002, the value was Rs 87 per sq.ft, which increased to Rs 96 per sq.ft in 2003. Following this, there was a significant rise to Rs 300 per sq.ft in 2007, and then a substantial jump to Rs 2,500 per sq.ft in 2012. However, it decreased to Rs 1,675 per sq.ft in 2017. The value rose again to Rs 2,500 per sq.ft in 2023, and currently stands at Rs 2,750 per sq.ft as of the 2024 revision.

The changes between these revisions indicate a 10% increase from 2023 to 2024, a 49% increase from 2017 to 2023, a 33% decrease from 2012 to 2017, a remarkable 733% increase from 2007 to 2012, a 213% increase from 2003 to 2007, and a 10% increase from 2002 to 2003. 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 for Thiru Murugan Nagar 3rd Street is below this median.

• Thiru Murugan Nagar 2nd Street: Rs 2,750 per sq.ft (2024)
• Thiru Murugan Nagar 1st 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 3rd Street

For a 1,000 sq.ft plot at the current rate of Rs 2,750 per sq.ft, the guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, totaling Rs 2,47,500. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Thiru Murugan Nagar 3rd Street?

The Sub Registrar Office that covers Thiru Murugan Nagar 3rd 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 details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Maduravoyal. It determines the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When a property is sold, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable stamp duty and registration fees. This ensures that the transaction is recorded accurately and that the government receives its due revenue.

Frequently asked questions

What is the current guideline value of Thiru Murugan Nagar 3rd Street?

The current guideline value of Thiru Murugan Nagar 3rd 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 changed significantly from Rs 87 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of 3061% over this period.

What are the stamp duty and registration fees for property in Thiru Murugan Nagar 3rd Street?

For a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500 and the registration fee would be Rs 55,000, totaling Rs 2,47,500.

Which office handles the registration for Thiru Murugan Nagar 3rd Street?

The Virugambakkam Sub Registrar Office handles the registration for Thiru Murugan Nagar 3rd Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is the guideline value determined?

The guideline value is determined by the Registration Department and is based on various factors, including land classification and location. It is revised periodically to reflect changes in the real estate market.