Guideline Value for MARIYAMMA NAGAR

Mariyamma Nagar guideline value

The current guideline value of Mariyamma Nagar is Rs 2,500 per sq.ft, effective from 1 July 2024. This area is located in Korattur village, under the Villivakkam Sub Registrar Office (SRO), and is classified as Residential Class II Type - III.

How the guideline value of Mariyamma Nagar has changed

The guideline value of Mariyamma Nagar has undergone several revisions over the years. The earliest recorded revision in 2007 set the value at Rs 250 per sq.ft. This figure saw a significant increase in 2012, rising to Rs 2,300 per sq.ft, which marked an increase of 820%. However, the value dropped to Rs 1,541 per sq.ft in the 2017 revision, reflecting a decrease of 33%. The most recent revision in 2024 has brought the guideline value back up to Rs 2,500 per sq.ft, representing a 62% increase from the 2017 figure.

It is important to note that the register has no figures for the years 2023, 2003, and 2002 for this street.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median guideline value for these streets is Rs 2,500 per sq.ft, which is equal to the current guideline value for Mariyamma Nagar.

• Mariyamman Koil Street: Rs 1,600 per sq.ft (2024)
• Maruthi Flats: Rs 2,900 per sq.ft (2024)
• Meenakshi Nagar: Rs 1,600 per sq.ft (2024)
• Menabedu Road (Kanchinakuppam): Rs 2,500 per sq.ft (2024)
• Malligai Avenue: Rs 1,600 per sq.ft (2024)
• Malar Nagar Mgr.Street: Rs 2,500 per sq.ft (2024)

Stamp duty and registration fee for property in Mariyamma Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,500 per sq.ft, the total guideline value would be Rs 25,00,000. The stamp duty at 7% would amount to Rs 1,75,000, and the registration fee at 2% would be Rs 50,000, totaling Rs 2,25,000. It is important to note that the stamp 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 Mariyamma Nagar?

Mariyamma Nagar falls under the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

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

When buying or selling property in Korattur, the guideline value plays a crucial role in determining the amount of stamp duty and registration fees payable. The guideline value is used as a benchmark for calculating these fees, ensuring that they are based on a standardized value set by the authorities.

It is essential for buyers and sellers to be aware of the current guideline value to avoid any discrepancies during the registration process. This value serves as a reference point for both parties involved in the transaction.

Frequently asked questions

What is the current guideline value of Mariyamma Nagar?

The current guideline value of Mariyamma Nagar is Rs 2,500 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 250 per sq.ft in 2007 to Rs 2,500 per sq.ft in 2024, reflecting an overall increase of 900% over the years.

What is the land classification of Mariyamma Nagar?

Mariyamma Nagar is classified as Residential Class II Type - III, indicating its designation for residential purposes.

Where can I find the Villivakkam Sub Registrar Office?

The Villivakkam Sub Registrar Office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.

How is stamp duty calculated in Mariyamma Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 25,00,000 would incur a stamp duty of Rs 1,75,000 at a rate of 7%.