Guideline Value for MAHARAJA GARDEN

Maharaja Garden guideline value

The current guideline value of Maharaja Garden is Rs 3,550 per sq.ft, effective from 1 July 2024. This area is located in Ramapuram village and falls under the Chennai South Joint II SRO. The land classification for this street is Residential Class I Type - II.

How the guideline value of Maharaja Garden has changed

The guideline value for Maharaja Garden has seen significant changes over the years. In 2003, the value was Rs 346 per sq.ft, which increased to Rs 1,100 per sq.ft in 2007. This was followed by a substantial jump to Rs 3,200 per sq.ft in 2012, but it then decreased to Rs 2,144 per sq.ft in 2017. The value rose again to Rs 3,200 per sq.ft in 2023, and the latest revision in 2024 has set the value at Rs 3,550 per sq.ft. The register has no figure for the year 2002 for this street.

From 2017 to 2023, there was a 49% increase, while the change from 2023 to 2024 reflects an 11% rise. Notably, the overall increase from 2003 to 2024 is a remarkable 926%, showcasing the significant growth in the guideline value over the years.

Guideline values in Ramapuram

In Ramapuram, there are 394 streets under the Chennai South Joint II SRO with a 2024 guideline value ranging from Rs 1,950 to Rs 6,600 per sq.ft. The median guideline value for these streets is Rs 3,100 per sq.ft, placing Maharaja Garden's 2024 figure above this median.

• Mahalakshmi Nagar Main Road: Rs 3,100 per sq.ft (2024)
• Mahaver Garden: Rs 3,550 per sq.ft (2024)
• Mahalakshmi Nagar Annexe: Rs 3,100 per sq.ft (2024)
• Maha Vishnu Salai: Rs 3,100 per sq.ft (2024)
• Mahavishnu Street: Rs 3,100 per sq.ft (2024)
• Mahalakshmi Nagar 3rd Street: Rs 3,100 per sq.ft (2024)

Stamp duty and registration fee for property in Maharaja Garden

For a 1,000 sq.ft plot at the current guideline value of Rs 3,550 per sq.ft, the total guideline value would be Rs 35,50,000. The stamp duty at 7% would amount to Rs 2,48,500, and the registration fee at 2% would be Rs 71,000, making the total charges Rs 3,19,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Maharaja Garden?

The Sub Registrar Office that covers Maharaja Garden is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

The guideline value is a critical factor when buying or selling property in Ramapuram. It serves as a benchmark to determine the minimum price at which a property can be registered. This value is used to calculate stamp duty and registration fees, ensuring that both buyers and sellers are aware of the financial obligations involved in property transactions.

When a property is sold, the guideline value helps to establish a fair price for taxation purposes. It is essential for buyers to be informed about the guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Maharaja Garden?

The current guideline value of Maharaja Garden is Rs 3,550 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 346 per sq.ft in 2003 to Rs 3,550 per sq.ft in 2024, reflecting an overall increase of 926% over the years.

What is the registration office for Maharaja Garden?

The registration office for Maharaja Garden is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

How is stamp duty calculated for properties in Maharaja Garden?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 35,50,000, the stamp duty would be Rs 2,48,500 at 7%.

What is the land classification for Maharaja Garden?

The land classification for Maharaja Garden is Residential Class I Type - II, indicating its suitability for residential development.