Guideline Value for MARUTHI NAGAR

Maruthi Nagar guideline value

The current guideline value of Maruthi Nagar, located in Iyyappanthangal village under the Chennai South Joint I SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class II Type - I.

How the guideline value of Maruthi Nagar has changed

The guideline value for Maruthi Nagar has undergone several revisions over the years. The earliest recorded figure is from 2007, with a guideline value of Rs 300 per sq.ft. This increased significantly to Rs 2,000 per sq.ft in 2012, marking a substantial rise of 567%. However, it dropped to Rs 1,340 per sq.ft in 2017, a decrease of 33%. The value then rose sharply to Rs 2,000 per sq.ft in 2023, followed by another increase to the current rate of Rs 2,200 per sq.ft in 2024, reflecting a 10% increase.

From 2017 to 2023, the guideline value increased by 49%. Overall, from the 2007 figure to the current 2024 value, there has been a remarkable increase of 633%. It is important to note that the register has no figures for the years 2002 and 2003 for this street.

Guideline values in Iyyappanthangal

Iyyappanthangal village has a total of 134 streets under the Chennai South Joint I SRO, with guideline values ranging from Rs 1,100 to Rs 5,610 per sq.ft. The median guideline value for these streets is Rs 2,200 per sq.ft, which is the same as the current value for Maruthi Nagar.

• Mariamman Koil Street: Rs 1,320 per sq.ft (2024)
• Mettu Colony: Rs 1,650 per sq.ft (2024)
• Mettu Colony 1st Street: Rs 1,650 per sq.ft (2024)
• Mettu Colony 2nd Street: Rs 1,650 per sq.ft (2024)
• Mettu Street (Vanniya): Rs 2,200 per sq.ft (2024)
• M.G.R.Street (Slum Board): Rs 1,100 per sq.ft (2024)

Stamp duty and registration fee for property in Maruthi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total fees together 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.

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

Which Sub Registrar Office covers Maruthi Nagar?

The Sub Registrar Office that covers Maruthi Nagar 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 details.

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

The guideline value is a crucial factor during the registration process when buying or selling property in Iyyappanthangal. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid. The higher of the guideline value or the sale price is used to calculate these fees.

When a property is registered, the guideline value ensures that the transaction is documented at a fair price, which is essential for both the buyer and seller. This value is updated periodically to reflect changes in the real estate market.

Frequently asked questions

What is the current guideline value of Maruthi Nagar?

The current guideline value of Maruthi Nagar 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 seen significant changes, increasing from Rs 300 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2024, which is an overall increase of 633%.

What is the land classification for Maruthi Nagar?

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

Where is the Sub Registrar Office for Maruthi Nagar located?

The Sub Registrar Office for Maruthi Nagar is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

How is stamp duty calculated for property transactions in Maruthi Nagar?

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