Guideline Value for MARS NAGAR

Mars Nagar guideline value

The current guideline value of Mars Nagar, located in Kerugambakkam village under the Pammal SRO, is Rs 2,530 per sq.ft. This rate is effective from 1 July 2024 and falls under the Residential Class I Type - II land classification.

How the guideline value of Mars Nagar has changed

The guideline value for Mars Nagar has seen several revisions over the years. The 2017 revision set the value at Rs 1,541 per sq.ft, which was followed by a significant increase to Rs 2,300 per sq.ft in the 2023 revision. The most recent revision in 2024 marked another increase to Rs 2,530 per sq.ft, reflecting a 10% rise from the previous year. It is important to note that there are no figures available for the revisions in 2002, 2003, 2007, and 2012 for this street.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. The jump from 2017 to 2023 was 49%, indicating a substantial change in the value over these years.

Guideline values in Kerugambakkam

In Kerugambakkam, there are 144 streets under the Pammal SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 4,800 per sq.ft, with a median value of Rs 2,200 per sq.ft. Mars Nagar's 2024 figure of Rs 2,530 per sq.ft is above this median.

• Mani Nagar: Rs 1,980 per sq.ft (2024)
• M.G.R.Street (ward 1): Rs 1,980 per sq.ft (2024)
• M.G.R.Street (ward 9): Rs 1,980 per sq.ft (2024)
• M.K.Nagar: Rs 1,980 per sq.ft (2024)
• Moorthy Nagar: Rs 1,760 per sq.ft (2024)
• Madha Town: Rs 2,860 per sq.ft (2024)

Stamp duty and registration fee for property in Mars Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,530 per sq.ft, the total guideline value would be Rs 25,30,000. The stamp duty at 7% would amount to Rs 1,77,100, and the registration fee at 2% would be Rs 50,600, bringing the total cost for these fees to Rs 2,27,700. 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 Mars Nagar?

The Sub Registrar Office covering Mars Nagar is the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Kerugambakkam, as it serves as a benchmark for determining the minimum value at which a property can be registered. When buying or selling property, the registration fees and stamp duty are calculated based on this guideline value, ensuring that the government receives due revenue from property transactions.

It is essential for buyers and sellers to be aware of the guideline value as it impacts the overall cost of property transactions. Understanding this value helps in making informed decisions during the buying or selling process.

Frequently asked questions

What is the current guideline value of Mars Nagar?

The current guideline value of Mars Nagar is Rs 2,530 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since the 2017 revision, the guideline value has increased by 64% to Rs 2,530 per sq.ft in 2024. The change from 2023 to 2024 was a 10% increase.

What is the land classification for Mars Nagar?

Mars Nagar falls under the Residential Class I Type - II land classification. This classification is important for determining the suitability of land for residential purposes.

Where is the Pammal Sub Registrar Office located?

The Pammal Sub Registrar Office is located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone.

How is stamp duty calculated for properties in Mars Nagar?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. Additionally, a registration fee of 2% is applicable, which adds to the overall cost of property transactions.