Guideline Value for Maharaja Nagar

Maharaja Nagar guideline value

The current guideline value of Maharaja Nagar, located in Kolathur village under the Sembiam SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class IV Type - I.

How the guideline value of Maharaja Nagar has changed

The guideline value for Maharaja Nagar has seen several revisions over the years. In 2002, the value was Rs 176 per sq.ft, which increased to Rs 191 per sq.ft in 2003, marking a 9% rise. The value then experienced a significant increase to Rs 700 per sq.ft in 2007, reflecting a 266% change. Following this, the value was revised to Rs 2,000 per sq.ft in 2012, a decrease of 33% from the previous figure. The 2017 revision set the value at Rs 1,340 per sq.ft, which was a 49% increase from 2012. The most recent revision in 2023 brought the value to Rs 2,000 per sq.ft, and now it stands at Rs 2,200 per sq.ft as of 2024, showing a 10% increase from the previous year.

There are no figures available for the years not mentioned in the revisions for this street. Overall, from 2002 to 2024, the guideline value has increased by 1150%.

Guideline values in Kolathur

In Kolathur, there are 879 streets under the Sembiam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 6,000 per sq.ft, with a median value of Rs 3,300 per sq.ft. Maharaja Nagar's current guideline value is below this median.

• Mahaveer Nagar 1st Street: Rs 3,300 per sq.ft (2024)
• Mahaveer Nagar 2nd Street: Rs 3,300 per sq.ft (2024)
• Mahaveer Nagar 3rd Street: Rs 3,300 per sq.ft (2024)
• Mahaveer Nagar 4th Street: Rs 3,300 per sq.ft (2024)
• Makkaram Thottam 10th Street: Rs 3,300 per sq.ft (2024)
• Makkaram Thottam 11th Street: Rs 3,300 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 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total cost for these fees to Rs 1,98,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Maharaja Nagar?

The Sub Registrar Office that covers Maharaja Nagar is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. To find your SRO, you can visit find your SRO.

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

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

When a property is registered, the guideline value is compared with the sale price. The higher of the two figures is used to calculate the applicable duties and fees, ensuring that the registration process is aligned with the official valuation of the property.

Frequently asked questions

What is the current guideline value of Maharaja Nagar?

The current guideline value of Maharaja Nagar is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 176 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 1150% over this period.

What is the land classification for Maharaja Nagar?

The land classification for Maharaja Nagar is Residential Class IV Type - I.

What are the stamp duty rates for property in Maharaja Nagar?

The stamp duty rate for property in Maharaja Nagar is 7%, while the registration fee is 2% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for Maharaja Nagar located?

The Sub Registrar Office for Maharaja Nagar is located at 5, Papermills Road, Sembiam, Chennai - 600011.