Guideline Value for Marudam Nagar 1st Street

Marudam Nagar 1st Street guideline value

The current guideline value of Marudam Nagar 1st Street is Rs 3,100 per sq.ft, effective from 1 July 2024. This street is located in Ramapuram village, under the Chennai South Joint II SRO, and is classified as Residential Class II Type - I.

How the guideline value of Marudam Nagar 1st Street has changed

The guideline value for Marudam Nagar 1st Street has undergone several revisions over the years. In the 2012 revision, the value was set at Rs 2,800 per sq.ft. This figure decreased to Rs 1,876 per sq.ft in the 2017 revision, marking a drop of 33%. However, the value saw a significant increase in the following years, rising to Rs 2,800 per sq.ft in 2023, and then to Rs 3,100 per sq.ft in the 2024 revision, reflecting an increase of 11% from the previous year.

Looking at the overall changes, from the 2012 revision to the 2024 revision, the guideline value has increased by 11%. The register does not have 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 equal to the guideline value of Marudam Nagar 1st Street.

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

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

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

Which Sub Registrar Office covers Marudam Nagar 1st Street?

The Sub Registrar Office covering Marudam Nagar 1st Street 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 in property transactions in Ramapuram, as it determines the minimum value at which property can be registered. When a buyer purchases a property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory costs associated with the transaction.

It is essential for buyers and sellers to be aware of the current guideline value to ensure compliance with registration requirements. This value is regularly updated, reflecting changes in the real estate landscape and ensuring that property transactions are conducted fairly.

Frequently asked questions

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

The current guideline value of Marudam Nagar 1st Street 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 increased 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 Street?

Marudam Nagar 1st Street is classified as Residential Class II Type - I.

What are the stamp duty and registration fees for property in Marudam Nagar 1st Street?

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 Street?

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