Guideline Value for Mariya Nayagam 3rd Street

Mariya Nayagam 3rd Street guideline value

The current guideline value of Mariya Nayagam 3rd 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 3rd Street has changed

The guideline value for Mariya Nayagam 3rd 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 continued to climb significantly to Rs 1,527 per sq.ft in 2007, reflecting a 308% increase. By 2012, the value was Rs 3,200 per sq.ft, which was a 110% increase from the previous revision. However, it dropped to Rs 2,144 per sq.ft in 2017, showing a decline of 33% before rising again to Rs 3,200 per sq.ft in 2023, a 49% increase. The most recent revision in 2024 set the value at Rs 3,500 per sq.ft, representing a 9% increase from 2023.

There are no figures available for the revisions in years other than those mentioned above. The overall increase in guideline value from 2002 to 2024 is 914%.

Guideline values in Sembiam

In Sembiam village, 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 3rd Street is above this median.

• Mariya Nayagam 2nd Street: Rs 3,500 per sq.ft (2024)
• Mariya Nayagam 4th Street: Rs 3,500 per sq.ft (2024)
• Mariya Nayagam 1st 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 3rd Street

For a 1,000 sq.ft plot at the current rate, the guideline value is 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, totaling Rs 3,15,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Mariya Nayagam 3rd Street?

The Sub Registrar Office that covers Mariya Nayagam 3rd Street is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for further assistance.

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

The guideline value is an essential factor during property registration in Sembiam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring transparency and standardization in property transactions.

When buying or selling a property, the guideline value is used to calculate the stamp duty and registration fees. It is crucial for both buyers and sellers to be aware of the guideline value to understand the financial implications of their property transactions.

Frequently asked questions

What is the current guideline value of Mariya Nayagam 3rd Street?

The current guideline value of Mariya Nayagam 3rd 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, representing an overall increase of 914%.

What is the land classification for Mariya Nayagam 3rd Street?

Mariya Nayagam 3rd Street is classified as Residential Special Type - II under the Sembiam SRO.

What are the stamp duty and registration fees for properties in this area?

The stamp duty is charged at 7% of the guideline value, and the registration fee is 2%. For example, for a 1,000 sq.ft plot, the total fees would amount to Rs 3,15,000.

Which office handles registrations for Mariya Nayagam 3rd Street?

The Sembiam Sub Registrar Office handles registrations for Mariya Nayagam 3rd Street, located at 5, Papermills Road, Sembiam, Chennai - 600011.