Guideline Value for Market Road

Market Road guideline value

The current guideline value of Market Road in Tambaram village is Rs 6,600 per sq.ft, effective from 1 July 2024. This street falls under the Tambaram Joint 1 SRO and is classified as Commercial Class I Type - II.

How the guideline value of Market Road has changed

The guideline value for Market Road has seen significant changes over the years. The 2007 revision recorded a value of Rs 2,500 per sq.ft, which increased to Rs 6,000 per sq.ft in 2012, marking a substantial rise of 140%. However, in 2017, the value decreased to Rs 4,020 per sq.ft, a drop of 33%. The value then climbed to Rs 6,000 per sq.ft in 2023, before reaching the current figure of Rs 6,600 per sq.ft in 2024, reflecting a 10% increase.

Notably, there are no figures for the years 2002 and 2003 in the register for this street. Overall, from 2007 to 2024, the guideline value has increased by 164%, demonstrating a significant upward trend over the years.

Guideline values in Tambaram

In Tambaram, there are 360 streets under the Tambaram Joint 1 SRO that carry a 2024 guideline value, ranging from Rs 880 to Rs 8,250 per sq.ft. The median value is Rs 3,300 per sq.ft, placing Market Road's 2024 figure above this median.

• Market Road Balance: Rs 6,600 per sq.ft (2024)
• Market area Shanmugam Street: Rs 6,600 per sq.ft (2024)
• Market Area: Rs 6,600 per sq.ft (2024)
• Mariammankoil Street: Rs 2,200 per sq.ft (2024)
• Manthoppu Street (Brindavan Avenue): Rs 4,400 per sq.ft (2024)
• Mathava Reddy Street(Ramakrishnan Street): Rs 6,600 per sq.ft (2024)

Stamp duty and registration fee for property in Market Road

For a 1,000 sq.ft plot at the current guideline value of Rs 6,600 per sq.ft, the total guideline value would be Rs 66,00,000. The stamp duty at 7% would amount to Rs 4,62,000, while the registration fee at 2% would be Rs 1,32,000, bringing the total cost for these fees to Rs 5,94,000. It's 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 Market Road?

The Sub Registrar Office that covers Market Road 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 details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Tambaram. It serves as a benchmark for determining the stamp duty and registration fees, which are calculated based on this value or the sale price, whichever is higher.

Understanding the guideline value helps buyers and sellers ensure compliance with local regulations and facilitates a smoother transaction process. It is essential to be aware of the current rates to avoid any discrepancies during registration.

Frequently asked questions

What is the current guideline value of Market Road?

The current guideline value of Market Road is Rs 6,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, starting from Rs 2,500 per sq.ft in 2007 and reaching Rs 6,600 per sq.ft in 2024, with various increases and decreases in between.

What is the land classification for Market Road?

Market Road is classified as Commercial Class I Type - II under the Tambaram Joint 1 SRO.

What are the stamp duty and registration fees for Market Road?

For a property on Market Road valued at Rs 66,00,000, the stamp duty would be Rs 4,62,000 and the registration fee would be Rs 1,32,000, totaling Rs 5,94,000.

Which Sub Registrar Office handles registrations for Market Road?

The Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, handles registrations for Market Road.