Guideline Value for Mari Nagar

Mari Nagar guideline value

The current guideline value of Mari Nagar, located in Venkatapuram village under the Kunrathur SRO, is Rs 1,200 per sq.ft, effective from 1 July 2024. This area is classified as Residential Special Type - I.

How the guideline value of Mari Nagar has changed

The guideline value for Mari Nagar has seen several revisions over the years. In 2002, the value was Rs 76 per sq.ft, which increased to Rs 83 per sq.ft in 2003. The next significant jump occurred in 2007, where the value rose to Rs 300 per sq.ft, marking an increase of 261%. The value then increased to Rs 1,100 per sq.ft in 2012, followed by a decrease to Rs 737 per sq.ft in 2017, a decline of 33%. The value was revised to Rs 1,100 per sq.ft in 2023, and the latest revision in 2024 has set it at Rs 1,200 per sq.ft, reflecting a 9% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1,479%. Notably, there are no figures in the register for the years not mentioned for this street.

Guideline values in Venkatapuram

In Venkatapuram, there are 68 streets under the Kunrathur SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 1,200 per sq.ft, with a median of Rs 1,200 per sq.ft. The guideline value for Mari Nagar is equal to this median.

• Mari Nagar 1st Street: Rs 1,200 per sq.ft (2024)
• Mari Nagar 2nd Street: Rs 1,200 per sq.ft (2024)
• Mari Nagar Extn: Rs 1,200 per sq.ft (2024)
• Muthalamman koil Street: Rs 1,200 per sq.ft (2024)
• Muthalamman Nagar: Rs 1,200 per sq.ft (2024)
• Muthuallamman Koil 1st Cross Street: Rs 1,200 per sq.ft (2024)

Stamp duty and registration fee for property in Mari Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,200 per sq.ft, the total guideline value amounts to Rs 12,00,000. The stamp duty at 7% would be Rs 84,000, and the registration fee at 2% would be Rs 24,000, making the total fees together Rs 1,08,000. 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 Mari Nagar?

The Sub Registrar Office that covers Mari Nagar is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for further assistance.

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

The guideline value is a crucial factor during property transactions in Venkatapuram. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value serves as a benchmark for pricing. Buyers and sellers must consider this value to ensure compliance with registration requirements, as the stamp duty is calculated based on the higher of the guideline value or the actual sale price.

Frequently asked questions

What is the current guideline value of Mari Nagar?

The current guideline value of Mari Nagar is Rs 1,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 76 per sq.ft in 2002 to Rs 1,200 per sq.ft in 2024, reflecting an overall increase of 1,479% over this period.

What are the other streets in Venkatapuram with the same guideline value?

Other streets in Venkatapuram with a guideline value of Rs 1,200 per sq.ft include Mari Nagar 1st Street, Mari Nagar 2nd Street, Mari Nagar Extn, Muthalamman koil Street, Muthalamman Nagar, and Muthuallamman Koil 1st Cross Street.

What fees are associated with buying property in Mari Nagar?

The fees associated with buying property in Mari Nagar include stamp duty at 7% and a registration fee at 2% of the guideline value, which is Rs 1,200 per sq.ft.

Where can I find the Sub Registrar Office for Mari Nagar?

The Sub Registrar Office for Mari Nagar is located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find more information through the provided link.