Guideline Value for Maraikkayar Nagar 3rd Cross Street

Maraikkayar Nagar 3rd Cross Street guideline value

The current guideline value of Maraikkayar Nagar 3rd 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, and is classified as Residential Class II Type - I.

How the guideline value of Maraikkayar Nagar 3rd Cross Street has changed

The guideline value for Maraikkayar Nagar 3rd Cross Street has seen several revisions over the years. In 2012, the value was Rs 3,000 per sq.ft, which decreased to Rs 2,010 per sq.ft in 2017. However, from 2017 to 2023, there was a significant increase of 49%, bringing the value back up to Rs 3,000 per sq.ft. The most recent revision in 2024 set the guideline value at Rs 3,300 per sq.ft, reflecting a 10% increase from the previous year.

There are no figures available for the revisions in 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

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. The median value for these streets is Rs 2,200 per sq.ft, placing Maraikkayar Nagar 3rd Cross Street's 2024 figure above that median.

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

Stamp duty and registration fee for property in Maraikkayar Nagar 3rd 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 amounts to 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 fees 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.

You can also use the stamp duty and registration fee calculator for precise calculations.

Which Sub Registrar Office covers Maraikkayar Nagar 3rd Cross Street?

The Sub Registrar Office that covers Maraikkayar Nagar 3rd Cross Street 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 plays a crucial role in the registration process when buying or selling property in Neelankarai. 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.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Maraikkayar Nagar 3rd Cross Street?

The current guideline value of Maraikkayar Nagar 3rd 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 3,000 per sq.ft in 2012 to Rs 2,010 per sq.ft in 2017, then increased to Rs 3,000 per sq.ft in 2023, and finally to Rs 3,300 per sq.ft in 2024.

What is the land classification of Maraikkayar Nagar 3rd Cross Street?

Maraikkayar Nagar 3rd Cross Street is classified as Residential Class II Type - I.

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

For a 1,000 sq.ft plot at the current guideline value, the total stamp duty is Rs 2,31,000 and the registration fee is Rs 66,000, totaling Rs 2,97,000.

Which office handles registrations for Maraikkayar Nagar 3rd Cross Street?

The Neelankarai Sub Registrar Office handles registrations for Maraikkayar Nagar 3rd Cross Street, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.