Guideline Value for Maraimalai Adigalar Street (Teacher Colony)

Maraimalai Adigalar Street (Teacher Colony) guideline value

The current guideline value of Maraimalai Adigalar Street (Teacher Colony) is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Erukancherry village and falls under the Madhavaram SRO, classified as Residential Class IV Type - I.

How the guideline value of Maraimalai Adigalar Street (Teacher Colony) has changed

The guideline value for Maraimalai Adigalar Street has seen several revisions over the years. In 2012, the value was set at Rs 2,000 per sq.ft, which then decreased to Rs 1,340 per sq.ft in 2017. Following this, the value increased significantly to Rs 2,000 per sq.ft in 2023, and currently stands at Rs 2,200 per sq.ft as of the 2024 revision. Notably, there are no figures available for the revisions in 2002, 2003, and 2007.

From 2012 to 2017, the value decreased by 33%, but saw a substantial increase of 49% from 2017 to 2023. The most recent change from 2023 to 2024 reflects a 10% increase. Overall, comparing the values from 2012 to 2024, there has been a 10% increase.

Guideline values in Erukancherry

Erukancherry village has a total of 376 streets under the Madhavaram SRO, with guideline values for 2024 ranging from Rs 1,900 to Rs 3,800 per sq.ft. The median guideline value in this area is Rs 2,500 per sq.ft, placing Maraimalai Adigalar Street's current value below this median.

• Maraimalar Adigalar Street: Rs 2,200 per sq.ft (2024)
• Manavalagar Street / Manavalan Street: Rs 2,200 per sq.ft (2024)
• Meenakshi 1st Cross St: Rs 2,700 per sq.ft (2024)
• Meenakshi 2nd Cross Street: Rs 2,700 per sq.ft (2024)
• Maleeshwari Nagar: Rs 2,200 per sq.ft (2024)
• Meenakshi Street (Lakshmi amman Nagar): Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Maraimalai Adigalar Street (Teacher Colony)

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total fees to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Maraimalai Adigalar Street (Teacher Colony)?

The Madhavaram Sub Registrar Office covers Maraimalai Adigalar Street (Teacher Colony). The office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. To find your specific SRO, you can visit find your SRO.

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

The guideline value is a crucial factor during the registration process when buying or selling property in Erukancherry. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is sold, the higher value between the guideline value and the sale price is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Maraimalai Adigalar Street?

The current guideline value of Maraimalai Adigalar Street (Teacher Colony) is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then increased to Rs 2,000 per sq.ft in 2023, and is currently Rs 2,200 per sq.ft in 2024. There are no figures available for the revisions in 2002, 2003, and 2007.

What is the classification of land on Maraimalai Adigalar Street?

Maraimalai Adigalar Street is classified as Residential Class IV Type - I under the Madhavaram SRO.

What are the stamp duty and registration fees for property 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 at the current rate has a total guideline value of Rs 22,00,000, resulting in a stamp duty of Rs 1,54,000 and a registration fee of Rs 44,000.

Where can I find the Sub Registrar Office for this street?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your specific SRO by visiting the provided link.