Guideline Value for Marbidas Street

Marbidas Street guideline value

The current guideline value of Marbidas Street in Velachery village, under the Velacheri SRO, is Rs 3,850 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class II Type - III land classification.

How the guideline value of Marbidas Street has changed

The guideline value for Marbidas Street has undergone several revisions over the years. In 2002, the guideline value was Rs 371 per sq.ft, which increased to Rs 416 per sq.ft in 2003. Following this, there was a significant rise to Rs 1,500 per sq.ft in 2007, marking an increase of 261%. The value then saw another increase to Rs 3,500 per sq.ft in 2012, reflecting a 133% rise. However, it decreased to Rs 2,345 per sq.ft in 2017, a reduction of 33%. The value then increased substantially to Rs 3,500 per sq.ft in 2023, before reaching the current rate of Rs 3,850 per sq.ft in 2024, which is a 10% increase from the previous year.

There are no figures available for the revisions in years other than those listed. The overall increase from 2002 to 2024 is 938%.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value for these streets is Rs 4,400 per sq.ft, placing Marbidas Street's 2024 figure below this median.

• Marbidas Road: Rs 5,500 per sq.ft (2024)
• Margo Street: Rs 3,850 per sq.ft (2024)
• Manthoppu 5th Street: Rs 3,850 per sq.ft (2024)
• Manthoppu 4th Street: Rs 3,850 per sq.ft (2024)
• Manthoppu 3rd Street: Rs 3,850 per sq.ft (2024)
• Manthoppu 2nd Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Marbidas Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty, charged at 7%, would amount to Rs 2,69,500, while the registration fee at 2% would be Rs 77,000, leading to a total of Rs 3,46,500. It is important to note that 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 Marbidas Street?

The Sub Registrar Office that covers Marbidas Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for further assistance.

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

The guideline value is a crucial factor during the registration of property transactions in Velachery. It serves as the basis for calculating the stamp duty and registration fees, ensuring that these charges are aligned with the official rates set by the government.

When buying or selling property, it is essential to be aware of the guideline value as it influences the overall cost of the transaction. Buyers should ensure that they are prepared for the associated fees based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of Marbidas Street?

The current guideline value of Marbidas Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 371 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 938% over this period.

What is the land classification for Marbidas Street?

Marbidas Street is classified under Residential Class II Type - III.

Where is the Velacheri Sub Registrar Office located?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is stamp duty calculated for properties in Marbidas Street?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 38,50,000, the stamp duty would amount to Rs 2,69,500.