Guideline Value for Maria Street

Maria Street guideline value

The current guideline value of Maria Street in Mugappair village, under the Konnur SRO, is Rs 3,300 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class III Type - I land classification.

How the guideline value of Maria Street has changed

The guideline value for Maria Street has seen several revisions over the years. The earliest recorded value in 2002 was Rs 329 per sq.ft, which increased to Rs 362 per sq.ft in 2003, marking a 10% rise. Following this, the value surged significantly to Rs 800 per sq.ft in 2007, representing a 121% increase. In 2012, the value adjusted to Rs 3,000 per sq.ft, reflecting a decrease of 275% from the previous revision.

From 2012, the guideline value rose again to Rs 2,010 per sq.ft in 2017, showing an increase of 49%. The value further increased to Rs 3,000 per sq.ft in 2023, before reaching the current rate of Rs 3,300 per sq.ft in 2024, which is a 10% increase from the previous year. The register has no figure for the years not mentioned in the revisions.

Guideline values in Mugappair

Mugappair village has a total of 224 streets under the Konnur SRO that have a 2024 guideline value ranging from Rs 3,300 to Rs 8,800 per sq.ft, with a median value of Rs 7,100 per sq.ft. The guideline value for Maria Street is below this median.

• Mariamman Koil Street 1,2 and 3rd Street: Rs 3,300 per sq.ft (2024)
• Maraimalai Adigal Salai: Rs 5,500 per sq.ft (2024)
• Manjakkuppam: Rs 3,800 per sq.ft (2024)
• Masuthi Street: Rs 5,500 per sq.ft (2024)
• Melppatti Ponnambalam Mudhali Street: Rs 3,800 per sq.ft (2024)
• Mettucherry: Rs 3,800 per sq.ft (2024)

Stamp duty and registration fee for property in Maria Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value is Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total fees to Rs 2,97,000. 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 details.

Which Sub Registrar Office covers Maria Street?

The Sub Registrar Office that covers Maria Street is the Konnur Sub Registrar Office, located at Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai. For more information, you can find your SRO.

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

The guideline value is an essential factor in the registration process when buying or selling property in Mugappair. It helps determine the stamp duty and registration fees that need to be paid, which are calculated based on the guideline value or the sale price, whichever is higher.

When a property transaction takes place, the guideline value ensures that the property is registered at a value that reflects the current market conditions. This helps maintain transparency and accountability in property transactions within the region.

Frequently asked questions

What is the current guideline value of Maria Street?

The current guideline value of Maria Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen various changes, starting from Rs 329 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 903% over this period.

What is the land classification for Maria Street?

Maria Street is classified as Residential Class III Type - I under the current land classification system.

Where can I find the Konnur Sub Registrar Office?

The Konnur Sub Registrar Office is located at Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai.

How are stamp duty and registration fees calculated for property in Maria Street?

Stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is charged at 2%. For example, a 1,000 sq.ft plot at the current rate would incur total fees of Rs 2,97,000.