Guideline Value for Mariya Nayagam 2nd Street

Mariya Nayagam 2nd Street guideline value

The current guideline value of Mariya Nayagam 2nd Street is Rs 3,500 per sq.ft, effective from 1 July 2024. This street is located in Sembiam village, under the Sembiam SRO, and is classified as Residential Special Type - II.

How the guideline value of Mariya Nayagam 2nd Street has changed

The guideline value for Mariya Nayagam 2nd Street has seen several revisions over the years. In 2002, the value was Rs 345 per sq.ft, which increased to Rs 374 per sq.ft in 2003, marking an 8% rise. The value then rose significantly to Rs 1,527 per sq.ft in 2007, reflecting a 308% increase. From 2007 to 2012, the value increased to Rs 3,200 per sq.ft, a notable 110% increase. However, it then decreased to Rs 2,144 per sq.ft in 2017, showing a decline of 33%. The value was revised to Rs 3,200 per sq.ft in 2023, and the latest revision in 2024 set the value at Rs 3,500 per sq.ft, representing a 9% increase.

Overall, from 2002 to 2024, the guideline value has increased by 914%. There are no figures available for revisions in years other than those listed.

Guideline values in Sembiam

In Sembiam, there are 250 streets under the Sembiam SRO, with guideline values ranging from Rs 1,700 to Rs 7,100 per sq.ft. The median guideline value in this area is Rs 2,700 per sq.ft, which means that Mariya Nayagam 2nd Street's 2024 figure is above that median.

• Mariya Nayagam 1st 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 2nd 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 be Rs 2,45,000, and the registration fee at 2% would be Rs 70,000, making the total fees together 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 2nd Street?

The Sub Registrar Office that covers Mariya Nayagam 2nd 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 when registering property in Sembiam. It serves as a benchmark for determining the stamp duty and registration fees applicable during the transaction. Buyers and sellers must consider this value to ensure compliance with local regulations.

When a property is sold, the guideline value is used to calculate the stamp duty, which is charged at a specified percentage of the guideline value or the sale price, whichever is higher. It is essential for both parties to be aware of the current guideline value to avoid discrepancies during registration.

Frequently asked questions

What is the current guideline value of Mariya Nayagam 2nd Street?

The current guideline value of Mariya Nayagam 2nd 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 increased from Rs 345 per sq.ft in 2002 to Rs 3,500 per sq.ft in 2024, marking an overall increase of 914% over this period.

What are the stamp duty and registration fees for properties in Mariya Nayagam 2nd Street?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a property valued at Rs 35,00,000, the total fees would amount to Rs 3,15,000.

Which Sub Registrar Office covers Mariya Nayagam 2nd Street?

The Sembiam Sub Registrar Office covers Mariya Nayagam 2nd Street, located at 5, Papermills Road, Sembiam, Chennai - 600011.

Are there other streets in Sembiam with the same guideline value?

Yes, several other streets in Sembiam have the same guideline value of Rs 3,500 per sq.ft, including Mariya Nayagam 1st Street, Mariya Nayagam 3rd Street, Mariya Nayagam 4th Street, Mariya Nayagam 5th Street, Mariya Nayagam Street, and Meersajath Hussain Street.