Guideline Value for Maragatham 2nd Cross Street

Maragatham 2nd Cross Street guideline value

The current guideline value of Maragatham 2nd Cross Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Hastinapuram village, under the Pallavaram SRO, and is classified as Commercial Class I Type - II.

How the guideline value of Maragatham 2nd Cross Street has changed

The guideline value for Maragatham 2nd Cross Street has seen several revisions over the years. In 2007, the value was Rs 525 per sq.ft. This increased significantly to Rs 3,000 per sq.ft in 2012, marking a 471% rise. However, in 2017, the value decreased to Rs 2,010 per sq.ft, reflecting a drop of 33%. The value then rose to Rs 3,000 per sq.ft in 2023, before reaching the current rate of Rs 3,300 per sq.ft in 2024, which is a 10% increase from the previous year. The register has no figures for the years 2002 and 2003.

Overall, from 2007 to 2024, the guideline value has increased by 529%. The changes between the revisions highlight the fluctuations in property values over time, with significant increases noted in the earlier years.

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. The median value for these streets is Rs 2,970 per sq.ft, placing Maragatham 2nd Cross Street's 2024 figure above that median.

• Maragatham 1st Main Road: Rs 3,300 per sq.ft (2024)
• Maragatham 2nd Main Road: Rs 3,300 per sq.ft (2024)
• Maragatham 1st Cross Street: Rs 3,300 per sq.ft (2024)
• Maragatham 3rd Cross Street: Rs 2,970 per sq.ft (2024)
• Maragatham 3rd Main Road: Rs 3,300 per sq.ft (2024)
• Maragatham 4th Cross Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Maragatham 2nd Cross Street

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, charged at 7%, would amount to Rs 2,31,000, while the registration fee at 2% would be Rs 66,000. Together, the total cost for these fees would be 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, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Maragatham 2nd Cross Street?

The Sub Registrar Office that covers Maragatham 2nd Cross Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the 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 in the registration process when buying or selling property in Hastinapuram. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid, ensuring that the transaction is recorded accurately in the government records.

When a property is sold, the guideline value is compared to the sale price, and the higher amount is used to calculate the applicable fees. This process helps maintain transparency and standardization in property transactions within the region.

Frequently asked questions

What is the current guideline value of Maragatham 2nd Cross Street?

The current guideline value of Maragatham 2nd Cross Street 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 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 2nd Cross Street?

Maragatham 2nd Cross Street is classified as Commercial Class I Type - II, indicating its suitability for commercial activities.

Where can I find the Sub Registrar Office for this area?

The Sub Registrar Office for Maragatham 2nd Cross Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

How is stamp duty calculated for property transactions?

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