Guideline Value for Maraimalar Adigalar Street

Maraimalar Adigalar Street guideline value

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

How the guideline value of Maraimalar Adigalar Street has changed

In the 2012 revision, the guideline value was Rs 2,000 per sq.ft. This figure remained unchanged until the 2017 revision, where it dropped to Rs 1,340 per sq.ft, marking a decrease of 33%. The value then increased significantly to Rs 2,000 per sq.ft in the 2023 revision, followed by a further increase to Rs 2,200 per sq.ft in the 2024 revision, which is a 10% rise.

From the 2017 revision to the 2023 revision, there was a substantial increase of 49%. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Erukancherry

In Erukancherry, there are 376 streets under the Madhavaram SRO with a 2024 guideline value ranging from Rs 1,900 to Rs 3,800 per sq.ft. The median value for these streets is Rs 2,500 per sq.ft, placing Maraimalar Adigalar Street's 2024 figure below that median.

• Maraimalai Adigalar Street (Teacher Colony): 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 Maraimalar Adigalar Street

For a 1,000 sq.ft plot at the current rate of Rs 2,200 per sq.ft, the 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 to Rs 1,98,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Maraimalar Adigalar Street?

The Sub Registrar Office that covers Maraimalar Adigalar Street is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is used as a reference point for property transactions in Erukancherry. When registering a property, the guideline value helps determine the applicable stamp duty and registration fees, ensuring that these costs are based on a standardized valuation.

It is essential to understand that the guideline value can influence the overall transaction process, as it is a critical factor in determining the financial obligations of both buyers and sellers during the registration of property transactions.

Frequently asked questions

What is the current guideline value of Maraimalar Adigalar Street?

The current guideline value of Maraimalar Adigalar Street 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 to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What is the classification of land on Maraimalar Adigalar Street?

Maraimalar Adigalar Street is classified as Residential Class IV Type - I, indicating its suitability for residential purposes.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles the registration of properties in the area.

How is stamp duty calculated for properties on Maraimalar Adigalar Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current guideline value, the total stamp duty and registration fees can amount to Rs 1,98,000.