Guideline Value for Maraikkayar Nagar 2nd Cross Street

Maraikkayar Nagar 2nd Cross Street guideline value

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

How the guideline value of Maraikkayar Nagar 2nd Cross Street has changed

In the 2012 revision, the guideline value was Rs 3,000 per sq.ft. This figure decreased to Rs 2,010 per sq.ft in the 2017 revision, marking a reduction of 33%. The guideline value then rose significantly to Rs 3,000 per sq.ft in the 2023 revision, and further increased to Rs 3,300 per sq.ft in the 2024 revision, reflecting a 10% increase from the previous year. The register has no figures for the revisions in 2002, 2003, and 2007.

Overall, the guideline value has increased by 10% from Rs 3,000 per sq.ft in 2012 to Rs 3,300 per sq.ft in 2024. The increase from 2017 to 2023 was 49%, showcasing a notable rise in the guideline value during this period.

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 2nd Cross Street is above this median.

• Maraikkayar Nagar 1st Main Road: Rs 3,300 per sq.ft (2024)
• Maraikkayar Nagar 2nd Street: Rs 3,300 per sq.ft (2024)
• Maraikkayar Nagar 1st Cross Street: Rs 3,300 per sq.ft (2024)
• Maraikkayar Nagar 3rd Cross Street: Rs 3,300 per sq.ft (2024)
• Maraikkayar Nagar: 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 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 at 7% would be 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 further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Maraikkayar Nagar 2nd Cross Street?

The Maraikkayar Nagar 2nd Cross Street falls under the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor during property transactions in Neelankarai, as it determines the stamp duty and registration fees applicable to the property. Buyers and sellers must consider this value to ensure compliance with local regulations and to ascertain the costs associated with the transfer of property ownership.

When registering a property, the guideline value serves as a benchmark for calculating the applicable charges. It is essential for both parties in the transaction to be aware of this value to avoid any discrepancies during the registration process.

Frequently asked questions

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

The current guideline value of Maraikkayar Nagar 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 seen several revisions, with the most recent increase from Rs 3,000 per sq.ft in 2023 to Rs 3,300 per sq.ft in 2024, which is a 10% increase. The value was Rs 2,010 per sq.ft in 2017, showing a significant rise over the years.

What is the land classification for Maraikkayar Nagar 2nd Cross Street?

Maraikkayar Nagar 2nd Cross Street is classified as Residential Class II Type - I, indicating its suitability for residential development.

Where can I find the Neelankarai Sub Registrar Office?

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

How is stamp duty calculated for properties in Maraikkayar Nagar 2nd Cross Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a 1,000 sq.ft plot at the current guideline value, the total stamp duty would be Rs 2,31,000 at a rate of 7%.