Guideline Value for Mariyammal Nagar

Mariyammal Nagar guideline value

The current guideline value of Mariyammal Nagar, located in Puzhal village under the Redhills SRO, is Rs 1,650 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class I Type - I.

How the guideline value of Mariyammal Nagar has changed

The guideline value for Mariyammal Nagar has seen several revisions over the years. The earliest recorded revision in the register is from 2002, which listed the guideline value at Rs 1,087 per sq.ft. This figure changed to Rs 119 per sq.ft in 2003, followed by an increase to Rs 300 per sq.ft in 2007. The 2012 revision brought the value back up to Rs 1,500 per sq.ft, but this was followed by a decrease to Rs 1,005 per sq.ft in 2017. The most recent revisions saw the value rise to Rs 1,500 per sq.ft in 2023 and finally to Rs 1,650 per sq.ft in 2024.

From 2002 to 2024, the overall change in guideline value is an increase of 52%. Notably, the guideline value increased by 10% from 2023 to 2024, and there was a significant increase of 49% from 2017 to 2023. The period from 2007 to 2012 saw a remarkable increase of 400%, while the value dropped by 33% from 2012 to 2017. The earlier increase from 2003 to 2007 was 152%, and there was a drastic decrease of 89% from 2002 to 2003.

Guideline values in Puzhal

In Puzhal, there are 270 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 6,000 per sq.ft, with a median value of Rs 1,102 per sq.ft. The guideline value for Mariyammal Nagar is above this median.

• Mariyamman Nagar: Rs 1,650 per sq.ft (2024)
• Marvel Lake View County: Rs 1,100 per sq.ft (2024)
• Mannan Street: Rs 1,102 per sq.ft (2024)
• Masilamani Nagar: Rs 1,100 per sq.ft (2024)
• Matha Nagar: Rs 1,102 per sq.ft (2024)
• Meenakshi Nagar: Rs 1,100 per sq.ft (2024)

Stamp duty and registration fee for property in Mariyammal Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value amounts to Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, making the total cost for these fees Rs 1,48,500. 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 Mariyammal Nagar?

The Sub Registrar Office that covers Mariyammal Nagar is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more details.

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

The guideline value is a crucial factor during the registration process when buying or selling property in Puzhal. It serves as a benchmark for determining the stamp duty and registration fees, ensuring that these costs are calculated based on the official rates set by the government.

When a property is sold, the guideline value helps in establishing a fair transaction amount, as it reflects the current market conditions as recognized by the registration authorities. This ensures transparency and compliance with legal requirements during property transactions.

Frequently asked questions

What is the current guideline value of Mariyammal Nagar?

The current guideline value of Mariyammal Nagar is Rs 1,650 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 1,087 per sq.ft in 2002 to Rs 1,650 per sq.ft in 2024, showing an overall increase of 52% over this period.

What are the stamp duty and registration fees for properties in Mariyammal Nagar?

For a property valued at Rs 16,50,000, the stamp duty would be Rs 1,15,500, and the registration fee would be Rs 33,000, totaling Rs 1,48,500.

Which office handles property registrations in Mariyammal Nagar?

The Redhills Sub Registrar Office handles property registrations in Mariyammal Nagar, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

How does the guideline value affect property transactions?

The guideline value is used to calculate the stamp duty and registration fees during property transactions. It ensures that these costs are based on official rates, providing transparency and compliance with legal requirements.