Guideline Value for Maraimalai Adigal Street

Maraimalai Adigal Street guideline value

The current guideline value of Maraimalai Adigal Street is Rs 770 per sq.ft, effective from 1 July 2024. This street is located in Padiyanallur village, under the Redhills SRO, and is classified as Residential Class I Type - I.

How the guideline value of Maraimalai Adigal Street has changed

The guideline value for Maraimalai Adigal Street has undergone several revisions over the years. In 2003, the value was Rs 171 per sq.ft, which increased to Rs 400 per sq.ft in 2007. This was a significant rise of 134%. The value then increased further to Rs 700 per sq.ft in 2012, marking a 75% increase from the previous revision. However, it decreased to Rs 469 per sq.ft in 2017, reflecting a decline of 33%. The value rose again to Rs 700 per sq.ft in 2023, before reaching the current rate of Rs 770 per sq.ft in 2024, which is a 10% increase from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by 350%. It is important to note that the register has no figure for this street for the year 2002.

Guideline values in Padiyanallur

Padiyanallur village has 132 streets under the Redhills SRO that carry a 2024 guideline value, ranging from Rs 385 to Rs 2,750 per sq.ft. The median value for these streets is Rs 770 per sq.ft, which is the same as the guideline value for Maraimalai Adigal Street. Below are the guideline values for other streets in Padiyanallur:

• Marudhupandiar Street: Rs 1,320 per sq.ft (2024)
• Masuthi Street: Rs 770 per sq.ft (2024)
• Matha Koil Street: Rs 770 per sq.ft (2024)
• M.A.Nagar Varadarasanar Street: Rs 770 per sq.ft (2024)
• Meenakshi Nagar: Rs 385 per sq.ft (2024)
• Mahameru Nagar Extn.: Rs 660 per sq.ft (2024)

Stamp duty and registration fee for property in Maraimalai Adigal Street

For a 1,000 sq.ft plot at the current guideline value of Rs 770 per sq.ft, the total guideline value amounts to Rs 7,70,000. The stamp duty is charged at 7%, which totals Rs 53,900, and the registration fee is 2%, amounting to Rs 15,400. Together, these fees total Rs 69,300. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Maraimalai Adigal Street?

The Sub Registrar Office that covers Maraimalai Adigal Street is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more details.

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

The guideline value is an essential factor when registering property in Padiyanallur. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the transaction. Buyers and sellers should be aware of the guideline value to ensure compliance with local regulations and to understand the financial implications of their property transactions.

When a property is bought or sold, the guideline value helps in calculating the applicable charges. It is crucial for both parties to be informed about the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Maraimalai Adigal Street?

The current guideline value of Maraimalai Adigal Street is Rs 770 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 171 per sq.ft in 2003 to Rs 770 per sq.ft in 2024, reflecting an overall increase of 350% over this period.

What is the registration office for Maraimalai Adigal Street?

The registration office for Maraimalai Adigal Street is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

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

For a property valued at Rs 7,70,000, the stamp duty at 7% is Rs 53,900, and the registration fee at 2% is Rs 15,400, totaling Rs 69,300.

Are there other streets with the same guideline value in Padiyanallur?

Yes, there are several other streets in Padiyanallur with the same guideline value of Rs 770 per sq.ft, including Masuthi Street, Matha Koil Street, and M.A.Nagar Varadarasanar Street.