Guideline Value for Maharaja Nagar

Maharaja Nagar guideline value

The current guideline value of Maharaja Nagar, located in Puzhal village under the Redhills SRO, is Rs 1,102 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class III Type - I.

How the guideline value of Maharaja Nagar has changed

Over the years, the guideline value of Maharaja Nagar has seen significant changes. The earliest recorded figure is from 2002, where the guideline value was Rs 461 per sq.ft. This figure changed to Rs 47 per sq.ft in 2003, marking a decrease of 90%. The value then rose to Rs 200 per sq.ft in 2007, representing an increase of 326%. In 2012, the guideline value was Rs 700 per sq.ft, an increase of 250% from the previous revision. However, it decreased to Rs 469 per sq.ft in 2017, a decline of 33%. The value then saw a substantial increase to Rs 1,000 per sq.ft in 2023, which is a rise of 113%. The most recent revision in 2024 set the guideline value at Rs 1,102 per sq.ft, reflecting a 10% increase from the previous year.

There are no figures for the revisions between the years not mentioned in the register. The overall increase from 2002 to 2024 is 139%.

Guideline values in Puzhal

Puzhal village has a total of 270 streets under the Redhills SRO, with guideline values ranging from Rs 1,100 to Rs 6,000 per sq.ft. The guideline value of Maharaja Nagar for 2024 is equal to the median value of Rs 1,102 per sq.ft. Below are other streets in Puzhal:

• Mahaveer Garden: Rs 1,650 per sq.ft (2024)
• Mahaveer Garden Annex-1: Rs 1,650 per sq.ft (2024)
• Mahaveer Garden Annex 2&3: Rs 1,650 per sq.ft (2024)
• Mahaveer Garden Annex 4: Rs 1,650 per sq.ft (2024)
• Mahaveer Nagar: Rs 1,650 per sq.ft (2024)
• Mahalakshmi Nagar Extention: Rs 1,100 per sq.ft (2024)

Stamp duty and registration fee for property in Maharaja Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,102 per sq.ft, the total guideline value amounts to Rs 11,02,000. The stamp duty at 7% would be Rs 77,140, and the registration fee at 2% would be Rs 22,040, bringing the total to Rs 99,180. It is important to note that the 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 Maharaja Nagar?

The Maharaja Nagar area falls under the jurisdiction of the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Puzhal. It is the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps determine the applicable duties and fees. Buyers should be aware that the duty is based on the higher of the guideline value or the sale price, which can influence the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Maharaja Nagar?

The current guideline value of Maharaja Nagar is Rs 1,102 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 461 per sq.ft in 2002 to Rs 1,102 per sq.ft in 2024, showing an overall increase of 139% over the years.

What is the registration office for Maharaja Nagar?

The registration office for Maharaja Nagar is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

How is stamp duty calculated for properties in Maharaja Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot, the total guideline value would be Rs 11,02,000, leading to a stamp duty of Rs 77,140.

What are the other streets in Puzhal with guideline values?

Other streets in Puzhal include Mahaveer Garden, Mahaveer Garden Annex-1, Mahaveer Garden Annex 2&3, Mahaveer Garden Annex 4, Mahaveer Nagar, and Mahalakshmi Nagar Extension, with values ranging from Rs 1,100 to Rs 1,650 per sq.ft as of 2024.