Guideline Value for Maraikkayar Nagar 1st Main Road

Maraikkayar Nagar 1st Main Road guideline value

The current guideline value of Maraikkayar Nagar 1st Main Road is Rs 3,300 per sq.ft, effective from 1 July 2024. This road is located in Neelankarai village, under the Neelankarai SRO, and is classified as Residential Class II Type - I.

How the guideline value of Maraikkayar Nagar 1st Main Road has changed

The guideline value for Maraikkayar Nagar 1st Main Road has seen several revisions over the years. The 2012 revision set the value at Rs 3,000 per sq.ft, which was then reduced to Rs 2,010 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 3,000 per sq.ft, and the latest revision in 2024 raised it further to Rs 3,300 per sq.ft, marking a 10% increase from the previous year.

In summary, from the 2017 revision to the 2023 revision, there was a significant increase of 49%. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Neelankarai

In Neelankarai, there are 377 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,000 to Rs 10,500 per sq.ft, with a median value of Rs 2,200 per sq.ft. The guideline value of Maraikkayar Nagar 1st Main Road is above this median.

• Maraikkayar Nagar 1st Cross Street: Rs 3,300 per sq.ft (2024)
• Maraikkayar Nagar 2nd Cross Street: Rs 3,300 per sq.ft (2024)
• Maraikkayar Nagar: Rs 3,300 per sq.ft (2024)
• Maraikkayar Nagar 2nd Street: Rs 3,300 per sq.ft (2024)
• Maraikkayar Nagar 3rd Cross Street: Rs 3,300 per sq.ft (2024)
• Maraikkayar Nagar 3rd Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Maraikkayar Nagar 1st 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 fees together to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Maraikkayar Nagar 1st Main Road?

The Sub Registrar Office that covers Maraikkayar Nagar 1st Main Road is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a critical factor in the registration process for property transactions in Neelankarai. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the sale or purchase of property.

When a buyer or seller engages in a transaction, the registration office uses the guideline value to calculate the applicable fees. This ensures that the fees are consistent and based on the established value of the property as determined by the local authorities.

Frequently asked questions

What is the current guideline value of Maraikkayar Nagar 1st Main Road?

The current guideline value of Maraikkayar Nagar 1st Main Road is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Over the years, the guideline value has changed as follows: Rs 3,000 per sq.ft in 2023, Rs 2,010 per sq.ft in 2017, and Rs 3,000 per sq.ft in 2012. The register has no figure for the years 2002, 2003, and 2007.

What is the land classification for Maraikkayar Nagar 1st Main Road?

The land classification for Maraikkayar Nagar 1st Main Road is Residential Class II Type - I, indicating its designated use for residential purposes.

What are the stamp duty and registration fees for properties in this area?

The stamp duty is calculated at 7% of the guideline value, and the registration fee is 2%. For example, a 1,000 sq.ft plot would incur a total fee of Rs 2,97,000 based on the current guideline value.

Where is the Sub Registrar Office located?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.