Guideline Value for Maruthi Avenue

Maruthi Avenue guideline value

The current guideline value of Maruthi Avenue is Rs 2,160 per sq.ft. This street is located in Nemilicherry village, under the Pallavaram SRO, and is classified as Residential Class II Type - I.

How the guideline value of Maruthi Avenue has changed

The guideline value for Maruthi Avenue has seen several revisions over the years. In 2007, the value was Rs 400 per sq.ft, which increased significantly to Rs 2,000 per sq.ft in 2012. However, there was a decline to Rs 1,340 per sq.ft in 2017. The 2023 revision set the value at Rs 2,000 per sq.ft, with the latest 2024 revision increasing it to Rs 2,160 per sq.ft.

Between the revisions, notable changes include a 400% increase from 2007 to 2012, followed by a 33% decrease from 2012 to 2017. The value then increased by 49% from 2017 to 2023, and finally, an 8% rise from 2023 to 2024. The overall increase from 2007 to 2024 is 440%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Nemilicherry

Nemilicherry has a total of 172 streets under the Pallavaram SRO, with guideline values ranging from Rs 1,100 to Rs 3,300 per sq.ft. The median guideline value for these streets is Rs 2,160 per sq.ft, which is equal to the current value of Maruthi Avenue.

• Manimutharu Street: Rs 2,160 per sq.ft (2024)
• Mettu Street: Rs 2,750 per sq.ft (2024)
• Mahatma Gandhi Street: Rs 2,160 per sq.ft (2024)
• Mullai Nagar: Rs 2,160 per sq.ft (2024)
• Muthalamman Koil Street: Rs 2,160 per sq.ft (2024)
• Muthuswamy Nagar: Rs 2,160 per sq.ft (2024)

Stamp duty and registration fee for property in Maruthi Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 2,160 per sq.ft, the total guideline value amounts to Rs 21,60,000. The stamp duty at 7% would be Rs 1,51,200, and the registration fee at 2% would be Rs 43,200, bringing the total fees to Rs 1,94,400. 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 details.

Which Sub Registrar Office covers Maruthi Avenue?

The Sub Registrar Office that covers Maruthi Avenue is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, 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 Nemilicherry

The guideline value is a crucial factor when registering property transactions in Nemilicherry. It serves as a benchmark for determining the minimum value at which a property can be sold or purchased, ensuring that the transaction is recorded at a fair value.

When you buy or sell property, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Maruthi Avenue?

The current guideline value of Maruthi Avenue is Rs 2,160 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 400 per sq.ft in 2007 to Rs 2,160 per sq.ft in 2024, reflecting an overall increase of 440% over the years.

What are the other streets in Nemilicherry with similar guideline values?

Other streets in Nemilicherry with a guideline value of Rs 2,160 per sq.ft include Manimutharu Street, Mahatma Gandhi Street, Mullai Nagar, Muthalamman Koil Street, and Muthuswamy Nagar.

How is stamp duty calculated for properties in Maruthi Avenue?

Stamp duty for properties in Maruthi Avenue is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot would incur a stamp duty of Rs 1,51,200.

Where can I find the Sub Registrar Office for Maruthi Avenue?

The Sub Registrar Office for Maruthi Avenue is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.