Guideline Value for MARIKA NAGAR

Marika Nagar guideline value

The current guideline value of Marika Nagar is Rs 6,100 per sq.ft, effective from 1 July 2024. This area is located in Palavakkam village under the Neelankarai SRO, classified as Residential Special Type - II.

How the guideline value of Marika Nagar has changed

The guideline value for Marika Nagar has seen several revisions over the years. The 2012 revision set the value at Rs 5,500 per sq.ft, which was then reduced to Rs 3,685 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 5,500 per sq.ft in 2023, and then to Rs 6,100 per sq.ft in the 2024 revision, marking an 11% increase from the previous year.

From the 2017 revision to the 2023 revision, there was a notable increase of 49%. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 11%. There are no figures available for the revisions in 2002, 2003, and 2007 for this street.

Guideline values in Palavakkam

In Palavakkam, there are 349 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,000 to Rs 8,800 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, placing Marika Nagar's 2024 figure above this median.

• Ma.Po.See. Street(Near Ecr): Rs 2,800 per sq.ft (2024)
• Ma.Po.See. Street Extension: Rs 2,800 per sq.ft (2024)
• Maniyammai St,: Rs 2,200 per sq.ft (2024)
• Manimegalai Street: Rs 1,700 per sq.ft (2024)
• Masilamani Naicker Street: Rs 2,800 per sq.ft (2024)
• Mayor Stalin Street: Rs 2,800 per sq.ft (2024)

Stamp duty and registration fee for property in Marika Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 6,100 per sq.ft, the total guideline value would be Rs 61,00,000. The stamp duty at 7% would amount to Rs 4,27,000, and the registration fee at 2% would be Rs 1,22,000, bringing the total to Rs 5,49,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Marika Nagar?

The Sub Registrar Office covering Marika Nagar is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration of property transactions in Palavakkam. It is used to determine the stamp duty and registration fees applicable when buying or selling property in the area.

When a property is registered, the guideline value is assessed to ensure that the appropriate fees are calculated based on the higher of the guideline value or the sale price. This ensures that the transaction is recorded accurately in the official registers.

Frequently asked questions

What is the current guideline value of Marika Nagar?

The current guideline value of Marika Nagar is Rs 6,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 5,500 per sq.ft in 2012 to Rs 3,685 per sq.ft in 2017, then to Rs 5,500 per sq.ft in 2023, and finally to Rs 6,100 per sq.ft in 2024.

What is the land classification for Marika Nagar?

Marika Nagar is classified as Residential Special Type - II, indicating its suitability for residential development.

What are the stamp duty and registration fees for property in Marika Nagar?

For a property valued at Rs 61,00,000, the stamp duty is Rs 4,27,000, and the registration fee is Rs 1,22,000, totaling Rs 5,49,000.

Where is the Sub Registrar Office for Marika Nagar located?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.