Guideline Value for MARVADI THOTTAM

Marvadi Thottam guideline value

The current guideline value of Marvadi Thottam is Rs 6,000 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village, under the Mylapore SRO, classified as Residential Class V Type - I.

How the guideline value of Marvadi Thottam has changed

The guideline value for Marvadi Thottam has seen several revisions over the years. In the 2007 revision, the value was set at Rs 900 per sq.ft, which increased significantly to Rs 5,500 per sq.ft in 2012, marking a remarkable rise of 511%. However, this value decreased by 33% to Rs 3,685 per sq.ft in 2017. The following revision in 2023 raised the value to Rs 5,500 per sq.ft, and the most recent revision in 2024 has set the guideline value at Rs 6,000 per sq.ft, reflecting a 9% increase from the previous year.

There are no figures available for the revisions in 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 567%.

Guideline values in Mylapore

In Mylapore, there are 883 streets under the Mylapore SRO with a 2024 guideline value ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median guideline value for these streets is Rs 8,800 per sq.ft, placing Marvadi Thottam's 2024 value below this median.

• Masilamani Colony Street: Rs 8,800 per sq.ft (2024)
• Masilamani Mudali Street: Rs 8,800 per sq.ft (2024)
• Mathala Narayanan Lane: Rs 9,300 per sq.ft (2024)
• Mathala Narayanan Street: Rs 11,500 per sq.ft (2024)
• Mavadi Vinayagar Koil Street: Rs 7,100 per sq.ft (2024)
• Mayandi Colony 1st Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Marvadi Thottam

For a 1,000 sq.ft plot at the current guideline value of Rs 6,000 per sq.ft, the total guideline value would be Rs 60,00,000. The stamp duty at 7% would amount to Rs 4,20,000, while the registration fee at 2% would be Rs 1,20,000. Together, the total cost for stamp duty and registration fees would be Rs 5,40,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Marvadi Thottam?

The Sub Registrar Office that covers Marvadi Thottam is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. You can find your SRO for more information.

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

The guideline value is a critical factor in the registration process when buying or selling property in Mylapore. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the transaction.

When a property is sold, the guideline value is compared with the sale price, and the higher of the two amounts is used to calculate the applicable duties. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Marvadi Thottam?

The current guideline value of Marvadi Thottam is Rs 6,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2007, the guideline value has increased significantly, from Rs 900 per sq.ft to Rs 6,000 per sq.ft in 2024. This represents an overall increase of 567% over the years.

What is the median guideline value for streets in Mylapore?

The median guideline value for streets in Mylapore is Rs 8,800 per sq.ft, while Marvadi Thottam's 2024 value is below this median.

What are the stamp duty and registration fees for properties in Marvadi Thottam?

For a property valued at Rs 60,00,000, the stamp duty would be Rs 4,20,000 and the registration fee would be Rs 1,20,000, totaling Rs 5,40,000.

Which office handles registrations for Marvadi Thottam?

The Mylapore Sub Registrar Office handles registrations for Marvadi Thottam, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.