Guideline Value for MARVADI QUARTERS

Marvadi Quarters guideline value

The current guideline value of Marvadi Quarters is Rs 3,300 per sq.ft, effective from 1 July 2024. This area is located in Thiruvottiyur village, under the Thiruvottiyur SRO, and is classified as Residential Special Type - I.

How the guideline value of Marvadi Quarters has changed

The guideline value for Marvadi Quarters has seen several revisions over the years. In 2007, the value was Rs 600 per sq.ft, which increased significantly to Rs 3,000 per sq.ft in 2012. However, this value dropped to Rs 2,010 per sq.ft in 2017. The 2023 revision set the value at Rs 3,000 per sq.ft, and the most recent revision in 2024 raised it to Rs 3,300 per sq.ft.

From 2007 to 2012, there was a remarkable increase of 400%. The value then decreased by 33% from 2012 to 2017. Between 2017 and 2023, the value increased by 49%, and the latest revision from 2023 to 2024 reflects a 10% increase. Overall, the guideline value has risen by 450% from 2007 to 2024.

Guideline values in Thiruvottiyur

In Thiruvottiyur, there are 177 streets under the Thiruvottiyur SRO with a 2024 guideline value ranging from Rs 1,300 to Rs 8,600 per sq.ft. The median value is Rs 3,300 per sq.ft, which aligns with the guideline value of Marvadi Quarters.

• Masthan Koil Pattai: Rs 3,300 per sq.ft (2024)
• Market Lane Kaladipet: Rs 2,800 per sq.ft (2024)
• Mattumandai: Rs 2,150 per sq.ft (2024)
• Ma.Ve.Na. Nagar: Rs 2,800 per sq.ft (2024)
• Manikkam Nagar Extn: Rs 3,300 per sq.ft (2024)
• Manikkam Nagar: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Marvadi Quarters

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, making the total fees together Rs 2,97,000. Please note that duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Marvadi Quarters?

The Sub Registrar Office that covers Marvadi Quarters is the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Thiruvottiyur. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is sold, the guideline value is considered to ensure that the transaction is registered at a value that reflects the current market conditions as set by the government. This helps maintain transparency and fairness in property transactions.

Frequently asked questions

What is the current guideline value of Marvadi Quarters?

The current guideline value of Marvadi Quarters is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 600 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, reflecting a total increase of 450% over the years.

What is the land classification for Marvadi Quarters?

Marvadi Quarters is classified as Residential Special Type - I, indicating its designation for residential use.

Where can I find the Thiruvottiyur Sub Registrar Office?

The Thiruvottiyur Sub Registrar Office is located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019.

How is stamp duty calculated for properties in Marvadi Quarters?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. Registration fees are also applicable at 2% of the guideline value.