Guideline Value for MARUDHAM STREET

Marudham Street guideline value

The current guideline value of Marudham Street is Rs 1,870 per sq.ft, effective from 1 July 2024. This street is located in Medavakkam village under the Chennai South Joint I SRO, and it falls under the Residential Class III Type - I land classification.

How the guideline value of Marudham Street has changed

In the 2012 revision, the guideline value was Rs 1,700 per sq.ft. This figure remained the same until the 2017 revision, which saw a decrease to Rs 1,139 per sq.ft. From 2017 to 2023, the value increased significantly to Rs 1,700 per sq.ft, followed by another increase to Rs 1,870 per sq.ft in 2024. The register has no figures for the years 2002, 2003, and 2007 for this street.

Between the revisions, the changes were as follows: from 2012 to 2017, there was a decrease of 33%. However, from 2017 to 2023, the value rose by 49%. The overall change from 2012 to 2024 shows a net increase of 10%.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO with a 2024 guideline value ranging from Rs 1,540 to Rs 7,500 per sq.ft. The median value among these streets is Rs 2,200 per sq.ft, indicating that Marudham Street's 2024 figure is below this median.

• Masuthi Street: Rs 1,870 per sq.ft (2024)
• Medavakkam Main Road: Rs 4,400 per sq.ft (2024)
• Mandaveli Street: Rs 2,200 per sq.ft (2024)
• Mandaveli 2nd Cross Street: Rs 2,200 per sq.ft (2024)
• Mandaveli 1st Cross Street: Rs 2,200 per sq.ft (2024)
• Mambakkam Main Road: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Marudham Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,870 per sq.ft, the total guideline value would be Rs 18,70,000. The stamp duty at 7% would amount to Rs 1,30,900, and the registration fee at 2% would be Rs 37,400, making the total fees together Rs 1,68,300. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Marudham Street?

The Sub Registrar Office that covers Marudham Street 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 Medavakkam

The guideline value is a crucial factor when registering property in Medavakkam. It determines the minimum value at which a property can be registered, ensuring that the transaction is recorded at a fair value according to the latest regulations.

When buying or selling property, the guideline value serves as a basis for calculating stamp duty and registration fees. This ensures that both the buyer and seller are aware of the financial implications of the transaction, as these fees are calculated based on the higher of the guideline value or the sale price.

Frequently asked questions

What is the current guideline value of Marudham Street?

The current guideline value of Marudham Street is Rs 1,870 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,700 per sq.ft in 2012 to Rs 1,139 per sq.ft in 2017, then increased to Rs 1,700 per sq.ft in 2023, and finally to Rs 1,870 per sq.ft in 2024.

What is the land classification for Marudham Street?

Marudham Street falls under the Residential Class III Type - I land classification.

What are the stamp duty and registration fees for a property in Marudham Street?

For a property valued at Rs 18,70,000, the stamp duty would be Rs 1,30,900, and the registration fee would be Rs 37,400, totaling Rs 1,68,300.

Which office handles registrations for Marudham Street?

The Chennai South Joint I Sub Registrar Office handles registrations for Marudham Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.