Guideline Value for MARUTHI AVENUE

Maruthi Avenue guideline value

The current guideline value of Maruthi Avenue is Rs 1,320 per sq.ft, effective from 1 July 2024. This street is located in Pallikaranai village, under the Chennai South Joint I SRO, and is classified as Residential Class IV Type - II.

How the guideline value of Maruthi Avenue has changed

The guideline value for Maruthi Avenue has seen significant changes over the years. In 2002, the guideline value was Rs 94 per sq.ft, which increased to Rs 111 per sq.ft in 2003. Following this, there was a substantial rise to Rs 500 per sq.ft in 2007, and then it further increased to Rs 1,200 per sq.ft in 2012. However, the value dropped to Rs 804 per sq.ft in 2017. The guideline value then rose to Rs 1,200 per sq.ft in 2023 before reaching the current rate of Rs 1,320 per sq.ft in 2024.

From the 2017 revision to the 2023 revision, the value increased by 49%. The latest change from 2023 to 2024 reflects a 10% increase. Overall, from 2002 to 2024, the guideline value has increased by 1,304%.

Guideline values in Pallikaranai

In Pallikaranai, there are 749 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median guideline value for these streets is Rs 1,650 per sq.ft, making the current value of Maruthi Avenue below this median.

• Mapel Avenue: Rs 1,320 per sq.ft (2024)
• Manohar Nagar Main Road: Rs 2,420 per sq.ft (2024)
• Manohar Nagar 3rd Cross Street: Rs 2,420 per sq.ft (2024)
• Manohar Nagar 2nd Cross Street And Extension: Rs 2,420 per sq.ft (2024)
• Manohar Nagar 1 To 18th Street: Rs 2,420 per sq.ft (2024)
• Manohar Nagar 1st Cross Street: Rs 2,420 per sq.ft (2024)

Stamp duty and registration fee for property in Maruthi Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 1,320 per sq.ft, the total guideline value amounts to Rs 13,20,000. The stamp duty at 7% would be Rs 92,400, and the registration fee at 2% would be Rs 26,400, making the total charges Rs 1,18,800. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use our stamp duty and registration fee calculator for more accurate calculations.

Which Sub Registrar Office covers Maruthi Avenue?

The Sub Registrar Office that covers Maruthi Avenue 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 Pallikaranai

The guideline value is a crucial component when buying or selling property in Pallikaranai. It serves as a reference point for determining the stamp duty and registration fees that need to be paid during the registration process. Buyers and sellers must consider this value to ensure compliance with local regulations.

When a property is registered, the guideline value is used to calculate the applicable taxes, ensuring that the transaction is legally recognized. This process helps maintain transparency and accountability in property transactions.

Frequently asked questions

What is the current guideline value of Maruthi Avenue?

The current guideline value of Maruthi Avenue is Rs 1,320 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 94 per sq.ft in 2002 to Rs 1,320 per sq.ft in 2024, reflecting an overall increase of 1,304% over this period.

What are the stamp duty and registration fees for properties in Maruthi Avenue?

For a property valued at Rs 13,20,000, the stamp duty would be Rs 92,400 and the registration fee would be Rs 26,400, totaling Rs 1,18,800.

Which office handles the registration for Maruthi Avenue?

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

What is the range of guideline values for other streets in Pallikaranai?

The guideline values for other streets in Pallikaranai range from Rs 1,110 to Rs 8,580 per sq.ft, with a median value of Rs 1,650 per sq.ft.