Guideline Value for MARUTHI NAGAR 1ST CROSS STREET

Maruthi Nagar 1st Cross Street guideline value

The current guideline value of Maruthi Nagar 1st Cross Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Seevaram village and falls under the Neelankarai SRO. The land classification for this area is Residential Class II Type - II.

How the guideline value of Maruthi Nagar 1st Cross Street has changed

The guideline value for Maruthi Nagar 1st Cross Street has seen several revisions over the years. In 2003, the value was Rs 170 per sq.ft, which increased to Rs 400 per sq.ft in 2007, marking a significant rise of 135%. The value then surged to Rs 2,000 per sq.ft in 2012, reflecting a remarkable increase of 400%. However, it dropped to Rs 1,340 per sq.ft in 2017, a decrease of 33%. The most recent revisions show a rise to Rs 2,000 per sq.ft in 2023, followed by a further increase to Rs 2,200 per sq.ft in 2024, which is a 10% change.

It is important to note that there is no figure available for Maruthi Nagar 1st Cross Street in the 2002 revision. Overall, from 2003 to 2024, the guideline value has increased by 1194%.

Guideline values in Seevaram

In Seevaram, there are 84 streets under the Neelankarai SRO that have a 2024 guideline value ranging from Rs 1,100 to Rs 8,300 per sq.ft, with a median value of Rs 2,800 per sq.ft. The guideline value for Maruthi Nagar 1st Cross Street is below this median.

• Maruthi Nagar 2nd Cross Street: Rs 2,200 per sq.ft (2024)
• Maruthi Nagar 3rd Cross Street: Rs 2,200 per sq.ft (2024)
• Maruthi Nagar Main Road: Rs 2,200 per sq.ft (2024)
• Manikodi Srinivasan Nagar Main Road: Rs 2,800 per sq.ft (2024)
• Manikodi Srinivasan Nagar 8th Street: Rs 2,800 per sq.ft (2024)
• Manikodi Srinivasan Nagar 7th Street: Rs 2,800 per sq.ft (2024)

Stamp duty and registration fee for property in Maruthi Nagar 1st Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, resulting in a total of Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Maruthi Nagar 1st Cross Street?

The Sub Registrar Office that covers Maruthi Nagar 1st Cross Street 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 details.

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

The guideline value is a critical factor during the registration of property transactions in Seevaram. It is used to determine the stamp duty and registration fees payable, ensuring that these costs are based on a standardized value set by the authorities.

When buying or selling property, the guideline value provides a reference point for both buyers and sellers. It helps in assessing the transaction's legitimacy and ensures compliance with local regulations.

Frequently asked questions

What is the current guideline value of Maruthi Nagar 1st Cross Street?

The current guideline value of Maruthi Nagar 1st Cross Street is Rs 2,200 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 170 per sq.ft in 2003 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 1194% over the years.

What is the registration office for Maruthi Nagar 1st Cross Street?

The registration office for Maruthi Nagar 1st Cross Street is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

What are the stamp duty rates for property transactions?

The stamp duty for property transactions is charged at 7% of the guideline value or the sale price, whichever is higher. Additionally, there is a registration fee of 2% on the guideline value.

Are there other streets in Seevaram with similar guideline values?

Yes, there are other streets in Seevaram with guideline values similar to Maruthi Nagar 1st Cross Street, such as Maruthi Nagar 2nd Cross Street, Maruthi Nagar 3rd Cross Street, and Maruthi Nagar Main Road, all at Rs 2,200 per sq.ft in 2024.