Guideline Value for MARUTHI NAGAR 2ND CROSS STREET

Maruthi Nagar 2nd Cross Street guideline value

The current guideline value of Maruthi Nagar 2nd Cross Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Seevaram village, under the Neelankarai SRO, and is classified as Residential Class II Type - II.

How the guideline value of Maruthi Nagar 2nd Cross Street has changed

The guideline value for Maruthi Nagar 2nd Cross Street has seen several revisions over the years. The most recent revision in 2024 set the value at Rs 2,200 per sq.ft, an increase from Rs 2,000 per sq.ft in 2023, marking a 10% rise. Prior to that, in 2017, the guideline value was Rs 1,340 per sq.ft, which means there was a significant increase of 49% to reach the 2023 figure. The 2012 revision had the value at Rs 2,000 per sq.ft, reflecting a decrease of 33% when compared to the 2017 figure. Overall, from 2012 to 2024, the guideline value has increased by 10%.

There are no figures available for the years 2002, 2003, and 2007 for this street. The 2012 revision set the value at Rs 2,000 per sq.ft, which was the same as the 2023 figure before the latest increase. The changes illustrate the fluctuations in guideline values over the years, influenced by various factors.

Guideline values in Seevaram

In Seevaram, there are 84 streets under the Neelankarai SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 8,300 per sq.ft. The median guideline value for these streets is Rs 2,800 per sq.ft, indicating that Maruthi Nagar 2nd Cross Street's 2024 figure is below this median.

• Maruthi Nagar 1st 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 2nd 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, bringing the total cost for these fees to 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.

You can calculate your stamp duty and registration fees using the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Maruthi Nagar 2nd Cross Street?

The Sub Registrar Office that covers Maruthi Nagar 2nd 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. To find your SRO, you can visit find your SRO.

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

The guideline value plays a crucial role in the registration process of property transactions in Seevaram. It serves as a benchmark for determining the minimum value at which property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value is compared with the sale price, and the higher of the two is used to calculate the stamp duty. This ensures that property transactions are conducted transparently and that the government receives its due share from property sales.

Frequently asked questions

What is the current guideline value of Maruthi Nagar 2nd Cross Street?

The current guideline value of Maruthi Nagar 2nd 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 from Rs 2,000 per sq.ft in 2023 to Rs 2,200 per sq.ft in 2024, and it was Rs 1,340 per sq.ft in 2017. The value saw a decrease to Rs 2,000 per sq.ft in 2012.

What is the land classification for Maruthi Nagar 2nd Cross Street?

Maruthi Nagar 2nd Cross Street is classified as Residential Class II Type - II, indicating its designation for residential purposes.

Where can I find the Sub Registrar Office for Maruthi Nagar 2nd Cross Street?

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

How is the stamp duty calculated for properties in Maruthi Nagar 2nd Cross Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 at 7%, plus a registration fee of Rs 44,000 at 2%.