Guideline Value for MARAIMALAI ADIGALAR STREET (RAZACK GARDEN)

Maraimalai Adigalar Street (Razack Garden) guideline value

The current guideline value of Maraimalai Adigalar Street (Razack Garden) is Rs 6,000 per sq.ft, effective from 1 July 2024. This street is located in Arumbakkam village, under the jurisdiction of the Kodambakkam SRO, and is classified as Residential Special Type - II.

How the guideline value of Maraimalai Adigalar Street (Razack Garden) has changed

The guideline value for Maraimalai Adigalar Street (Razack Garden) has undergone several revisions over the years. In 2007, the guideline value was Rs 1,250 per sq.ft, which increased significantly to Rs 5,500 per sq.ft in 2012, marking a 340% rise. However, this value dropped to Rs 3,685 per sq.ft in 2017, reflecting a decrease of 33% from the previous revision. The 2023 revision set the value at Rs 5,500 per sq.ft, and in the latest 2024 revision, it increased to Rs 6,000 per sq.ft, representing a 9% increase from 2023.

Overall, from 2007 to 2024, the guideline value has increased by 380%. Notably, there are no figures available for this street in the 2002 and 2003 revisions.

Guideline values in Arumbakkam

In Arumbakkam, there are 391 streets under the Kodambakkam SRO, with guideline values ranging from Rs 3,300 to Rs 16,500 per sq.ft. The median guideline value for these streets is Rs 6,000 per sq.ft, which is the same as the current guideline value for Maraimalai Adigalar Street (Razack Garden).

• Mariamman Koil Street: Rs 3,800 per sq.ft (2024)
• Mariamman Koil Street-Ashok Nagar: Rs 5,000 per sq.ft (2024)
• Maruthai Street: Rs 3,800 per sq.ft (2024)
• Mangali Nagar I St Street: Rs 6,600 per sq.ft (2024)
• Mangali Nagar II Nd Street: Rs 6,600 per sq.ft (2024)
• Mangali Nagar III Rd Street: Rs 6,600 per sq.ft (2024)

Stamp duty and registration fee for property in Maraimalai Adigalar Street (Razack Garden)

For a 1,000 sq.ft plot at the current guideline value of Rs 6,000 per sq.ft, the total guideline value would be Rs 60,00,000. The stamp duty at 7% would amount to Rs 4,20,000, and the registration fee at 2% would be Rs 1,20,000, bringing the total fees together to Rs 5,40,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Maraimalai Adigalar Street (Razack Garden)?

The Sub Registrar Office that covers Maraimalai Adigalar Street (Razack Garden) is the Kodambakkam Sub Registrar Office, located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026. You can find your SRO for more information.

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

The guideline value is an essential factor when buying or selling property in Arumbakkam. It serves as a reference point for determining the stamp duty and registration fees applicable during the registration process. Buyers and sellers must be aware of the guideline value to ensure compliance with legal requirements and to accurately calculate the associated costs.

During the registration of property, the guideline value is considered to establish the minimum value for taxation purposes. This means that if the sale price exceeds the guideline value, the stamp duty will be calculated based on the sale price instead.

Frequently asked questions

What is the current guideline value of Maraimalai Adigalar Street (Razack Garden)?

The current guideline value of Maraimalai Adigalar Street (Razack Garden) is Rs 6,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several changes, starting from Rs 1,250 per sq.ft in 2007 to Rs 6,000 per sq.ft in 2024, which is a total increase of 380% over the years.

What is the land classification for Maraimalai Adigalar Street (Razack Garden)?

Maraimalai Adigalar Street (Razack Garden) is classified as Residential Special Type - II.

Where can I find the Kodambakkam Sub Registrar Office?

The Kodambakkam Sub Registrar Office is located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026.

How is the stamp duty calculated for property transactions in Arumbakkam?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, if the guideline value is Rs 60,00,000, the stamp duty at 7% would be Rs 4,20,000.