Guideline Value for Maruthi Nagar Extn.

Maruthi Nagar Extn. guideline value

The current guideline value of Maruthi Nagar Extn. is Rs 2,200 per sq.ft, effective from 1 July 2024. This property is located in Neelankarai village, under the Neelankarai SRO, and is classified as Residential Class II Type - III.

How the guideline value of Maruthi Nagar Extn. has changed

The guideline value for Maruthi Nagar Extn. has seen several revisions over the years. In 2002, the value was Rs 53 per sq.ft, which increased to Rs 58 per sq.ft in 2003. By 2007, the value surged to Rs 250 per sq.ft, reflecting a significant increase of 331%. The value then jumped to Rs 2,000 per sq.ft in 2012, marking a remarkable increase of 700% from the previous revision. However, it decreased to Rs 1,340 per sq.ft in 2017, a decline of 33%. The value rose again to Rs 2,000 per sq.ft in 2023, and finally reached Rs 2,200 per sq.ft in 2024, reflecting a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 4051%. There are no figures available for this street in the revisions from any other years not listed.

Guideline values in Neelankarai

In Neelankarai village, there are 377 streets under the Neelankarai SRO with a 2024 guideline value ranging from Rs 1,000 to Rs 10,500 per sq.ft. The median value is Rs 2,200 per sq.ft, which is the same as the current value for Maruthi Nagar Extn.

• Maruthi Nagar: Rs 2,200 per sq.ft (2024)
• Maraikkayar Nagar 3rd Street: Rs 3,300 per sq.ft (2024)
• Maraikkayar Nagar 3rd Cross Street: Rs 3,300 per sq.ft (2024)
• Maraikkayar Nagar 2nd Street: Rs 3,300 per sq.ft (2024)
• Maraikkayar Nagar 2nd Cross Street: Rs 3,300 per sq.ft (2024)
• Maraikkayar Nagar 1st Main Road: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Maruthi Nagar Extn.

For a 1,000 sq.ft plot at the current rate of Rs 2,200 per sq.ft, the guideline value would be Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, totaling Rs 1,98,000. Duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Maruthi Nagar Extn.?

The Sub Registrar Office covering Maruthi Nagar Extn. is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Neelankarai. It is used to determine the stamp duty and registration fees that need to be paid when buying or selling property. Buyers should be aware that the duty is charged on the higher of the guideline value or the sale price.

When registering a property, the guideline value ensures that the transaction is documented at a value recognized by the local authorities. This helps maintain transparency and standardization in property transactions within the region.

Frequently asked questions

What is the current guideline value of Maruthi Nagar Extn.?

The current guideline value of Maruthi Nagar Extn. is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 53 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 4051%.

What are the stamp duty and registration fees for a property in Maruthi Nagar Extn.?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000, and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Which Sub Registrar Office covers Maruthi Nagar Extn.?

The Neelankarai Sub Registrar Office covers Maruthi Nagar Extn., located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai.

What is the land classification for Maruthi Nagar Extn.?

Maruthi Nagar Extn. is classified as Residential Class II Type - III, indicating its designated use for residential purposes.