Guideline Value for MARUTHI NAGAR KUMARAN STREET

Maruthi Nagar Kumaran Street guideline value

The current guideline value of Maruthi Nagar Kumaran Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Thundalam village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Maruthi Nagar Kumaran Street has changed

The guideline value for Maruthi Nagar Kumaran Street has seen several revisions over the years. The earliest recorded figure is from 2012, where the guideline value was Rs 2,500 per sq.ft. This was followed by a decrease to Rs 1,675 per sq.ft in 2017, marking a decline of 33%. In 2023, the value increased to Rs 2,500 per sq.ft, and the most recent revision in 2024 set it at Rs 2,750 per sq.ft, reflecting a 10% increase from the previous year.

There are no figures available for the revisions in 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 10% from the initial Rs 2,500 per sq.ft in 2012 to the current Rs 2,750 per sq.ft.

Guideline values in Thundalam

In Thundalam, there are 97 streets under the Chennai South Joint I SRO, with guideline values ranging from Rs 1,100 to Rs 3,300 per sq.ft. The median guideline value for these streets is Rs 1,870 per sq.ft, placing Maruthi Nagar Kumaran Street's current value above this median.

• Maruthi Nagar Kamarajar Street: Rs 2,750 per sq.ft (2024)
• Maruthi Nagar Nehru Street: Rs 2,750 per sq.ft (2024)
• Maruthi Nagar Bharathiyar Street: Rs 2,750 per sq.ft (2024)
• Maruthi Nagar Phase I: Rs 2,750 per sq.ft (2024)
• Maruthi Nagar Phase II: Rs 2,750 per sq.ft (2024)
• Maruthi Nagar Phase-II 2nd Cross Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Maruthi Nagar Kumaran Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total to Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Maruthi Nagar Kumaran Street?

The Sub Registrar Office that covers Maruthi Nagar Kumaran 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. For more details, you can find your SRO.

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

The guideline value is a crucial factor when registering property transactions in Thundalam. It serves as a benchmark for determining the stamp duty and registration fees applicable to the sale or purchase of property in the area.

When buying or selling property, the guideline value helps ensure that the transaction is recorded accurately and that the appropriate taxes are paid. This process is essential for maintaining transparency in real estate transactions.

Frequently asked questions

What is the current guideline value of Maruthi Nagar Kumaran Street?

The current guideline value of Maruthi Nagar Kumaran Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then back to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,750 per sq.ft in 2024.

What is the land classification for Maruthi Nagar Kumaran Street?

The land classification for Maruthi Nagar Kumaran Street is Residential Class I Type - I.

What is the role of the Chennai South Joint I SRO?

The Chennai South Joint I SRO is responsible for maintaining the guideline value register and overseeing property registrations in the Thundalam area.

How is stamp duty calculated for properties in Thundalam?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. The current rate is 7% for stamp duty and 2% for the registration fee.