Guideline Value for Marudam Nagar 1st Main Road

Marudam Nagar 1st Main Road guideline value

The current guideline value of Marudam Nagar 1st Main Road is Rs 3,100 per sq.ft, effective from 1 July 2024. This road is located in Ramapuram village and falls under the Chennai South Joint II SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Marudam Nagar 1st Main Road has changed

The guideline value for Marudam Nagar 1st Main Road has seen several revisions over the years. In 2012, the guideline value was Rs 2,800 per sq.ft. This figure decreased to Rs 1,876 per sq.ft in 2017, marking a decline of 33%. However, the value significantly increased to Rs 2,800 per sq.ft in 2023, and further rose to Rs 3,100 per sq.ft in 2024, representing an 11% increase from the previous year.

From 2017 to 2023, the guideline value increased by 49%. When considering the overall change from 2012 to 2024, there has been an increase of 11%. It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Ramapuram

In Ramapuram, there are 394 streets under the Chennai South Joint II SRO that carry a 2024 guideline value, ranging from Rs 1,950 to Rs 6,600 per sq.ft. The median value is Rs 3,100 per sq.ft, which is the same as the guideline value for Marudam Nagar 1st Main Road.

• Marudam Nagar 1st Street: Rs 3,100 per sq.ft (2024)
• Marudam Nagar: Rs 3,100 per sq.ft (2024)
• Marudam Nagar 2nd Main Road: Rs 3,100 per sq.ft (2024)
• Mari Street: Rs 2,750 per sq.ft (2024)
• Mariamman Koil Street: Rs 2,750 per sq.ft (2024)
• Mariamman Koil 2nd Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Marudam Nagar 1st Main Road

For a 1,000 sq.ft plot at the current rate of Rs 3,100 per sq.ft, the guideline value amounts to Rs 31,00,000. The stamp duty at 7% would be Rs 2,17,000, and the registration fee at 2% would be Rs 62,000, bringing the total to Rs 2,79,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use our stamp duty and registration fee calculator.

Which Sub Registrar Office covers Marudam Nagar 1st Main Road?

The Sub Registrar Office that covers Marudam Nagar 1st Main Road is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Ramapuram. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when a property is sold or purchased.

When registering a property, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the transaction is recorded accurately and in compliance with the regulations set by the local authorities.

Frequently asked questions

What is the current guideline value of Marudam Nagar 1st Main Road?

The current guideline value of Marudam Nagar 1st Main Road is Rs 3,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,800 per sq.ft in 2012 to Rs 1,876 per sq.ft in 2017, then back to Rs 2,800 per sq.ft in 2023, and finally to Rs 3,100 per sq.ft in 2024.

What is the land classification for Marudam Nagar 1st Main Road?

The land classification for Marudam Nagar 1st Main Road is Residential Class II Type - I.

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

For a property valued at Rs 31,00,000, the stamp duty would be Rs 2,17,000 and the registration fee would be Rs 62,000, totaling Rs 2,79,000.

Which office handles registrations for Marudam Nagar 1st Main Road?

The Chennai South Joint II Sub Registrar Office handles registrations for Marudam Nagar 1st Main Road, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.