Guideline Value for MARUTHI NAGAR

Maruthi Nagar guideline value

The current guideline value of Maruthi Nagar is Rs 700 per sq.ft, effective from 1 July 2024. This area is located in Ponneri village under the Ponneri SRO, and it falls under the Residential Class II Type - I land classification.

How the guideline value of Maruthi Nagar has changed

The guideline value for Maruthi Nagar has undergone several revisions over the years. The register shows no figures for the years 2002, 2003, 2007, 2012, and 2017. In the 2023 revision, the guideline value was set at Rs 300 per sq.ft, which then increased to Rs 700 per sq.ft in the 2024 revision, marking a significant increase of 133%.

With the 2024 revision, Maruthi Nagar's guideline value aligns with the median value of Rs 700 per sq.ft for the 120 streets in Ponneri under the Ponneri SRO, which range from Rs 201 to Rs 1,200 per sq.ft.

Guideline values in Ponneri

In Ponneri, the guideline values vary significantly across different streets. The median guideline value is Rs 700 per sq.ft, which is the same as the current value for Maruthi Nagar. Below are other streets in Ponneri with their respective guideline values for 2024:

• Masque St: Rs 700 per sq.ft (2024)
• M.G.R. Nagar: Rs 700 per sq.ft (2024)
• Madhina Palli Vasal: Rs 1,200 per sq.ft (2024)
• Mugambigai Extension: Rs 700 per sq.ft (2024)
• Mugambigai Nagar Layout: Rs 700 per sq.ft (2024)
• Lakshmi Nagar: Rs 700 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 700 per sq.ft, the total guideline value amounts to Rs 7,00,000. The stamp duty at 7% would be Rs 49,000, and the registration fee at 2% would be Rs 14,000, bringing the total to Rs 63,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For further calculations, 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 Ponneri Sub Registrar Office, located at 9/5, Taluk Office Road, Ponneri, Chennai-601204. You can find your SRO for more details.

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

The guideline value plays a crucial role in property transactions in Ponneri. It is used to determine the stamp duty and registration fees during the sale or purchase of property. Buyers and sellers must refer to the guideline value to ensure compliance with the registration requirements.

When registering a property, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the transaction is conducted fairly and in accordance with the regulations set by the Registration Department.

Frequently asked questions

What is the current guideline value of Maruthi Nagar?

The current guideline value of Maruthi Nagar is Rs 700 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed in recent years?

The guideline value increased from Rs 300 per sq.ft in 2023 to Rs 700 per sq.ft in 2024, representing a change of 133%.

What is the land classification for Maruthi Nagar?

Maruthi Nagar falls under the Residential Class II Type - I land classification.

What are the registration fees for a property in Maruthi Nagar?

For a property valued at Rs 7,00,000, the stamp duty would be Rs 49,000 and the registration fee would be Rs 14,000, totaling Rs 63,000.

Which SRO covers Maruthi Nagar?

The Ponneri Sub Registrar Office covers Maruthi Nagar, located at 9/5, Taluk Office Road, Ponneri, Chennai-601204.