Guideline Value for Maragatham 3rd Main Road

Maragatham 3rd Main Road guideline value

The current guideline value of Maragatham 3rd Main Road is Rs 3,300 per sq.ft. This street is located in Hastinapuram village, under the Pallavaram Sub Registrar Office (SRO). The land classification for this area is Commercial Class I Type - II.

How the guideline value of Maragatham 3rd Main Road has changed

The guideline value of Maragatham 3rd Main Road has seen significant changes over the years. In the 2007 revision, the guideline value was Rs 525 per sq.ft. This increased dramatically to Rs 3,000 per sq.ft in the 2012 revision, marking a rise of 471%. However, in the 2017 revision, the value decreased to Rs 2,010 per sq.ft, reflecting a decline of 33%. The value then rose again to Rs 3,000 per sq.ft in the 2023 revision, and as of the 2024 revision, it stands at Rs 3,300 per sq.ft, representing a 10% increase from the previous year.

From the 2017 revision to the 2023 revision, there was a notable increase of 49%. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 529%. It is important to note that the guideline value register has no figures for the years 2002 and 2003 for this street.

Guideline values in Hastinapuram

In Hastinapuram, there are 277 streets under the Pallavaram SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 4,400 per sq.ft, with a median value of Rs 2,970 per sq.ft. The guideline value of Maragatham 3rd Main Road is above this median, indicating a higher valuation compared to many other streets.

• Maragatham 3rd Cross Street: Rs 2,970 per sq.ft (2024)
• Maragatham 4th Cross Street: Rs 3,300 per sq.ft (2024)
• Maragatham 2nd Main Road: Rs 3,300 per sq.ft (2024)
• Maragatham 5th Cross Street: Rs 3,300 per sq.ft (2024)
• Maragatham 2nd Cross Street: Rs 3,300 per sq.ft (2024)
• Maragatham Chandrasekar Nagar: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Maragatham 3rd Main Road

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

For more details on calculating these fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Maragatham 3rd Main Road?

The Sub Registrar Office that covers Maragatham 3rd Main Road is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Hastinapuram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded at a fair value as per government regulations.

When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees, which are mandatory for legal ownership transfer. Buyers should be aware that these fees are based on the higher of the guideline value or the actual sale price of the property.

Frequently asked questions

What is the current guideline value of Maragatham 3rd Main Road?

The current guideline value of Maragatham 3rd Main Road 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 increased from Rs 525 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 529% over the years.

What is the land classification for Maragatham 3rd Main Road?

The land classification for Maragatham 3rd Main Road is Commercial Class I Type - II.

Where can I find the registration office for this area?

The registration office for Maragatham 3rd Main Road is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

How is stamp duty calculated for properties in this area?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 at a rate of 7%.