Guideline Value for Maraikkayar Nagar

Maraikkayar Nagar guideline value

The current guideline value of Maraikkayar Nagar is Rs 3,300 per sq.ft, effective from 1 July 2024. This area 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 has changed

The guideline value for Maraikkayar Nagar has seen significant changes over the years. In 2003, it was Rs 521 per sq.ft, which increased to Rs 2,000 per sq.ft in 2007. The value then rose to Rs 3,000 per sq.ft in 2012, but fell to Rs 2,010 per sq.ft in 2017. The 2023 revision set the value at Rs 3,000 per sq.ft, and the latest 2024 revision has increased it to Rs 3,300 per sq.ft. Notably, the register has no figure for this street in 2002.

From 2003 to 2024, the overall increase in the guideline value is 533%. The changes between the revisions include a 284% rise from 2003 to 2007, a 50% increase from 2007 to 2012, a 33% decrease from 2012 to 2017, a 49% increase from 2017 to 2023, and a 10% increase from 2023 to 2024.

Guideline values in Neelankarai

In Neelankarai village, 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 for Maraikkayar Nagar is above this median.

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

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 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 use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Maraikkayar Nagar?

The Sub Registrar Office covering Maraikkayar Nagar is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai. 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 crucial factor in the registration process when buying or selling property in Neelankarai. It serves as a benchmark for determining the minimum value of a property, ensuring that the transaction is recorded at a fair value as per the government's regulations.

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that all transactions are transparent and that the government receives the appropriate revenue from property sales.

Frequently asked questions

What is the current guideline value of Maraikkayar Nagar?

The current guideline value of Maraikkayar Nagar 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 521 per sq.ft in 2003 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 533% over this period.

What is the land classification for Maraikkayar Nagar?

Maraikkayar Nagar 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.

How do I calculate stamp duty and registration fees?

Stamp duty and registration fees can be calculated based on the guideline value of the property. You can use the stamp duty and registration fee calculator for accurate calculations based on the property's value.