Guideline Value for MARUTHIVAR STREET RAIL NAGAR (WARD -2)

Maruthivar Street Rail Nagar (Ward -2) guideline value

The current guideline value of Maruthivar Street Rail Nagar (Ward -2) is Rs 1,760 per sq.ft, effective from 1 July 2024. This street is located in Ninna Karai village and falls under the Chengleput Joint II SRO. The land classification for this area is Residential Special Type - III.

How the guideline value of Maruthivar Street Rail Nagar (Ward -2) has changed

Over the years, the guideline value for Maruthivar Street Rail Nagar has seen several revisions. The 2012 revision set the value at Rs 1,600 per sq.ft, which remained unchanged until the 2017 revision, where it decreased to Rs 1,072 per sq.ft, marking a decline of 33%. The value then increased significantly to Rs 1,600 per sq.ft in the 2023 revision, and further rose to Rs 1,760 per sq.ft in the 2024 revision, reflecting a 10% increase.

From 2017 to 2023, the guideline value increased by 49%, and overall, from 2012 to 2024, there has been a 10% increase. It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Ninna Karai

Ninna Karai village has a total of 449 streets under the Chengleput Joint II SRO, with guideline values ranging from Rs 440 to Rs 3,500 per sq.ft. The median guideline value in this area is Rs 1,100 per sq.ft, placing the 2024 figure for Maruthivar Street Rail Nagar above the median.

• Maruthupandiya Street (Ward -8): Rs 1,760 per sq.ft (2024)
• Masthan Sahib Street (Ward -8): Rs 1,760 per sq.ft (2024)
• Marudhiruvar Street (Ward -8): Rs 1,321 per sq.ft (2024)
• Meenakshi Sundaranar Street (Ward -7): Rs 1,321 per sq.ft (2024)
• Maraimalai Adigalar Street (Ward -4): Rs 2,200 per sq.ft (2024)
• Manonmani Street (Ward -7): Rs 1,321 per sq.ft (2024)

Stamp duty and registration fee for property in Maruthivar Street Rail Nagar (Ward -2)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,760 per sq.ft, the total guideline value amounts to Rs 17,60,000. The stamp duty at 7% would be Rs 1,23,200, and the registration fee at 2% would be Rs 35,200, bringing the total fees together to Rs 1,58,400. It is important to note that the stamp duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Maruthivar Street Rail Nagar (Ward -2)?

The Sub Registrar Office that covers Maruthivar Street Rail Nagar (Ward -2) is the Chengleput Joint II Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Ninna Karai. It serves as the minimum value on which stamp duty and registration fees are calculated, ensuring that the government receives the appropriate revenue from property sales.

When buying or selling property, it is essential to be aware of the guideline value, as it can influence the final sale price and the associated costs. Buyers and sellers should ensure that the transaction complies with the current guideline values to avoid any legal issues during registration.

Frequently asked questions

What is the current guideline value of Maruthivar Street Rail Nagar?

The current guideline value of Maruthivar Street Rail Nagar (Ward -2) is Rs 1,760 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions: it was Rs 1,600 per sq.ft in 2012, decreased to Rs 1,072 per sq.ft in 2017, increased to Rs 1,600 per sq.ft in 2023, and finally rose to Rs 1,760 per sq.ft in 2024.

What is the land classification for Maruthivar Street Rail Nagar?

The land classification for Maruthivar Street Rail Nagar is Residential Special Type - III, indicating the zoning and usage of the area.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 17,60,000, the stamp duty would be Rs 1,23,200, and the registration fee would be Rs 35,200, totaling Rs 1,58,400. The duty is charged on the higher of the guideline value or the sale price.

Which office handles property registrations for Maruthivar Street Rail Nagar?

The Chengleput Joint II Sub Registrar Office handles property registrations for Maruthivar Street Rail Nagar, located at 10, Kancheepuram Main Road, Chengalpattu 603 002.