Guideline Value for Mariya Nayagam 1st Street

Mariya Nayagam 1st Street guideline value

The current guideline value of Mariya Nayagam 1st Street is Rs 3,500 per sq.ft, effective from 1 July 2024. This street is located in Sembiam village, under the jurisdiction of the Sembiam SRO, and is classified as Residential Special Type - II.

How the guideline value of Mariya Nayagam 1st Street has changed

The guideline value for Mariya Nayagam 1st Street has experienced several revisions over the years. In 2002, the guideline value was Rs 345 per sq.ft, which increased to Rs 374 per sq.ft in 2003, marking an 8% rise. The value then saw a significant jump to Rs 1,527 per sq.ft in 2007, reflecting a 308% increase. Following this, the value reached Rs 3,200 per sq.ft in 2012, which was a 110% increase from the previous revision. However, it then decreased to Rs 2,144 per sq.ft in 2017, showing a decline of 33%. The value increased again to Rs 3,200 per sq.ft in 2023, and most recently, it has risen to Rs 3,500 per sq.ft in 2024, representing a 9% increase.

Overall, from 2002 to 2024, the guideline value has increased by 914%. Notably, there are no figures available for the years not mentioned in the register for this street.

Guideline values in Sembiam

In Sembiam, there are 250 streets under the Sembiam SRO that carry a 2024 guideline value ranging from Rs 1,700 to Rs 7,100 per sq.ft, with a median value of Rs 2,700 per sq.ft. The guideline value of Mariya Nayagam 1st Street is above this median.

• Mariya Nayagam 2nd Street: Rs 3,500 per sq.ft (2024)
• Mariya Nayagam 3rd Street: Rs 3,500 per sq.ft (2024)
• Mariya Nayagam 4th Street: Rs 3,500 per sq.ft (2024)
• Mariya Nayagam 5th Street: Rs 3,500 per sq.ft (2024)
• Mariya Nayagam Street: Rs 3,500 per sq.ft (2024)
• Meersajath Hussain Street: Rs 3,500 per sq.ft (2024)

Stamp duty and registration fee for property in Mariya Nayagam 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,500 per sq.ft, the total guideline value would be Rs 35,00,000. The stamp duty at 7% would amount to Rs 2,45,000, and the registration fee at 2% would be Rs 70,000, making the total charges Rs 3,15,000. It is important to note that the 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 Mariya Nayagam 1st Street?

The Sub Registrar Office that covers Mariya Nayagam 1st Street is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more details.

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

The guideline value is a crucial factor in property transactions in Sembiam, as it determines the minimum value at which properties can be registered. When buying or selling a property, the guideline value is used to calculate the stamp duty and registration fees that need to be paid to the government.

It is essential for buyers and sellers to be aware of the current guideline value, as it can affect the overall cost of the transaction. Proper understanding of these values helps ensure compliance with local regulations during the registration process.

Frequently asked questions

What is the current guideline value of Mariya Nayagam 1st Street?

The current guideline value of Mariya Nayagam 1st Street is Rs 3,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 345 per sq.ft in 2002 to Rs 3,500 per sq.ft in 2024, reflecting an overall increase of 914% over the years.

What is the land classification for Mariya Nayagam 1st Street?

Mariya Nayagam 1st Street is classified as Residential Special Type - II, indicating its suitability for residential development.

Where can I find the Sembiam Sub Registrar Office?

The Sembiam Sub Registrar Office is located at 5, Papermills Road, Sembiam, Chennai - 600011. This office handles registrations for properties in the Sembiam area.

How is stamp duty calculated for properties in Mariya Nayagam 1st Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a 1,000 sq.ft plot at the current guideline value would incur a stamp duty of Rs 2,45,000.