Guideline Value for MARAGATHAM NAGAR

Maragatham Nagar guideline value

The current guideline value of Maragatham Nagar, located in Karambakkam village, is Rs 1,930 per sq.ft. This value is set by the Chennai South Joint I SRO and falls under the Residential Class III Type - I land classification.

How the guideline value of Maragatham Nagar has changed

The guideline value for Maragatham Nagar has undergone several revisions over the years. In 2002, the guideline value was Rs 131 per sq.ft. This increased to Rs 161 per sq.ft in 2003, marking a 23% rise. The value continued to rise significantly, reaching Rs 350 per sq.ft in 2007, which represents a 117% increase from the previous year. By 2012, the value was Rs 1,750 per sq.ft, reflecting a substantial increase of 400% from 2007. However, it then decreased by 33% to Rs 1,172 per sq.ft in 2017.

In 2023, the guideline value was revised to Rs 1,750 per sq.ft, and in the latest revision for 2024, it stands at Rs 1,930 per sq.ft, which is a 10% increase from the previous year. Overall, from 2002 to 2024, the guideline value has increased by 1373%.

Guideline values in Karambakkam

Karambakkam has a total of 159 streets under the Chennai South Joint I SRO, with guideline values ranging from Rs 1,100 to Rs 5,500 per sq.ft. The median guideline value for these streets is Rs 1,930 per sq.ft, which is the same as the current guideline value for Maragatham Nagar.

• Manthaveli Main Road: Rs 1,930 per sq.ft (2024)
• Manthaveli Cross Street: Rs 1,650 per sq.ft (2024)
• Manthaveli 1st Street: Rs 1,930 per sq.ft (2024)
• Mandaveli Colony 1st & 2nd Street: Rs 1,930 per sq.ft (2024)
• Metha Nagar: Rs 1,930 per sq.ft (2024)
• Mahalskhmi Nagar Main Road: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Maragatham Nagar

For a 1,000 sq.ft plot at the current rate of Rs 1,930 per sq.ft, the guideline value amounts to Rs 19,30,000. The stamp duty at 7% would be Rs 1,35,100, and the registration fee at 2% would be Rs 38,600, bringing the total to Rs 1,73,700. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Maragatham Nagar?

The Sub Registrar Office covering Maragatham Nagar is the Chennai South Joint I 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 Karambakkam

The guideline value is a crucial factor in the registration process when buying or selling property in Karambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction reflects the current market conditions as assessed by the authorities.

When a property is sold, the seller and buyer must consider the guideline value to calculate applicable fees, including stamp duty and registration fees. This ensures that both parties are adhering to the legal requirements set forth by the registration department.

Frequently asked questions

What is the current guideline value of Maragatham Nagar?

The current guideline value of Maragatham Nagar is Rs 1,930 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 131 per sq.ft in 2002 to Rs 1,930 per sq.ft in 2024, representing an overall increase of 1373%.

What is the stamp duty rate for property in Maragatham Nagar?

The stamp duty rate for property in Maragatham Nagar is 7% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for Maragatham Nagar located?

The Sub Registrar Office for Maragatham Nagar is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

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

Other streets in Karambakkam include Manthaveli Main Road, Manthaveli Cross Street, and Metha Nagar, all of which have guideline values ranging from Rs 1,650 to Rs 3,850 per sq.ft in 2024.