Guideline Value for Thirumurgan Street

Thirumurgan Street guideline value

The current guideline value of Thirumurgan Street is Rs 1,650 per sq.ft, effective from 1 July 2024. This street is located in Madipakkam-1 village under the Velacheri SRO, and it falls under the Residential Class II Type - II land classification.

How the guideline value of Thirumurgan Street has changed

The guideline value for Thirumurgan Street has seen several revisions over the years. The oldest recorded revision is from 2017, where the value was Rs 1,005 per sq.ft. This figure increased to Rs 1,500 per sq.ft in the 2023 revision, marking a significant rise of 49%. The most recent revision in 2024 set the value at Rs 1,650 per sq.ft, reflecting a 10% increase from the previous year.

There are no recorded guideline values for Thirumurgan Street in the revisions from 2002, 2003, 2007, and 2012. Overall, from 2017 to 2024, the guideline value has increased by 64%.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO, with guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft as of 2024. The median guideline value for these streets is Rs 2,750 per sq.ft, placing Thirumurgan Street's 2024 figure below that median.

• Thirumurugan Nagar: Rs 1,650 per sq.ft (2024)
• Thirumoolar Street: Rs 3,850 per sq.ft (2024)
• Thirumurugan Street, Sakthi Nagar Extension: Rs 2,200 per sq.ft (2024)
• Thirumalai Street: Rs 1,650 per sq.ft (2024)
• Thirupukazh Street: Rs 3,850 per sq.ft (2024)
• ThiruGnana Sambandam Street/Srinivasa Nagar: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Thirumurgan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value amounts to Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total fees together to Rs 1,48,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Thirumurgan Street?

The Sub Registrar Office that covers Thirumurgan Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more details.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value plays a crucial role in the registration process when buying or selling property in Madipakkam-1. It is used to calculate the stamp duty and registration fees, which are mandatory for property transactions. The guideline value is determined by the state government and is periodically revised based on various factors.

When a property is sold, the buyer must pay stamp duty and registration fees based on the higher of the guideline value or the sale price. This ensures that the government receives appropriate revenue from property transactions, reflecting the value of real estate in the area.

Frequently asked questions

What is the current guideline value of Thirumurgan Street?

The current guideline value of Thirumurgan Street is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Thirumurgan Street has changed from Rs 1,005 per sq.ft in 2017 to Rs 1,650 per sq.ft in 2024, reflecting an overall increase of 64%.

What is the median guideline value in Madipakkam-1?

The median guideline value for streets in Madipakkam-1 is Rs 2,750 per sq.ft, which is above the current value of Thirumurgan Street.

What are the stamp duty rates for property transactions?

The stamp duty for property transactions is charged at 7% of the guideline value or sale price, whichever is higher.

Where is the Velacheri Sub Registrar Office located?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.