Guideline Value for Mark Street

Mark Street guideline value

The current guideline value of Mark Street in Chitlapakkam village is Rs 2,750 per sq.ft, effective from 1 July 2024. This street falls under the Tambaram Joint 1 SRO and is classified as Residential Class I Type - II.

How the guideline value of Mark Street has changed

The guideline value for Mark Street has undergone several revisions over the years. In 2012, the guideline value was Rs 2,500 per sq.ft, which was reduced to Rs 1,675 per sq.ft in 2017. Following this, the value increased significantly to Rs 2,500 per sq.ft in 2023 and further rose to the current value of Rs 2,750 per sq.ft in 2024. It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street.

From 2012 to 2017, there was a decrease of 33%, but the value increased by 49% from 2017 to 2023. The overall change from 2012 to 2024 shows a modest increase of 10%.

Guideline values in Chitlapakkam

In Chitlapakkam, there are 548 streets under the Tambaram Joint 1 SRO with a 2024 guideline value ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median value is Rs 1,650 per sq.ft, placing Mark Street's 2024 figure above this median.

• Maruthi Street: Rs 1,650 per sq.ft (2024)
• Maruthupandiyar Street: Rs 2,750 per sq.ft (2024)
• Maruthuvar Street: Rs 2,750 per sq.ft (2024)
• Maraimalai Adigalar Street: Rs 4,400 per sq.ft (2024)
• Mathavan Naidu Main Road: Rs 1,650 per sq.ft (2024)
• Mathuvar Street: Rs 1,320 per sq.ft (2024)

Stamp duty and registration fee for property in Mark Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, making the total cost for these fees Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Mark Street?

The Sub Registrar Office that covers Mark Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Chitlapakkam. It serves as a benchmark for determining the minimum value on which stamp duty and registration fees are calculated, ensuring that the government receives appropriate revenue from property transactions.

When buying or selling property, the guideline value is referenced to ascertain the applicable fees, and it is essential for both buyers and sellers to be aware of these values to avoid any discrepancies during registration.

Frequently asked questions

What is the current guideline value of Mark Street?

The current guideline value of Mark Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several changes, with the most recent revision in 2024 increasing it by 10% from Rs 2,500 per sq.ft in 2023. Overall, from 2012 to 2024, the value has increased by 10%.

What is the land classification of Mark Street?

Mark Street is classified as Residential Class I Type - II, indicating its suitability for residential development.

Where can I find the Sub Registrar Office for Mark Street?

The Tambaram Joint 1 Sub Registrar Office, which covers Mark Street, is located at No.26, mes Road, East Tambaram, Chennai-600059.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the higher of the guideline value or the sale price of the property. For example, for a property with a guideline value of Rs 27,50,000, the total fees would amount to Rs 2,47,500.