Guideline Value for Maruthi Nagar Main Road 1st Street

Maruthi Nagar Main Road 1st Street guideline value

The current guideline value of Maruthi Nagar Main Road 1st Street is Rs 2,700 per sq.ft, effective from 1 July 2024. This street is located in Chembakkam village under the Selaiyur SRO, classified as Residential Class I Type - III.

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

The guideline value for Maruthi Nagar Main Road 1st Street has undergone several revisions over the years. The 2012 revision set the value at Rs 2,500 per sq.ft, which was then reduced to Rs 1,675 per sq.ft in the 2017 revision. Following that, the value increased to Rs 2,500 per sq.ft in the 2023 revision, and currently stands at Rs 2,700 per sq.ft from the 2024 revision. Notably, there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

From 2012 to 2017, there was a decrease of 33%, while the value increased by 49% from 2017 to 2023. The transition from 2023 to 2024 reflects an increase of 8%. Overall, when comparing the 2012 revision to the current 2024 figure, there has been a net increase of 8%.

Guideline values in Chembakkam

In Chembakkam, there are 472 streets under the Selaiyur SRO, with guideline values ranging from Rs 850 to Rs 6,700 per sq.ft. The median guideline value for these streets is Rs 2,200 per sq.ft, placing Maruthi Nagar Main Road 1st Street above this median value.

• Mariamman Koil Street: Rs 1,400 per sq.ft (2024)
• Mariamman Koil Cross Street: Rs 1,400 per sq.ft (2024)
• Manavala Nagar Main Road: Rs 2,200 per sq.ft (2024)
• Manavala Nagar Extn: Rs 2,200 per sq.ft (2024)
• Manavala Nagar Annex: Rs 2,200 per sq.ft (2024)
• Manavala Nagar 2nd Street: Rs 2,200 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value amounts to Rs 27,00,000. The stamp duty, calculated at 7%, would be Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, resulting in a total of Rs 2,43,000 for these charges. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Maruthi Nagar Main Road 1st Street?

The Sub Registrar Office covering Maruthi Nagar Main Road 1st Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, 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 Chembakkam

The guideline value plays a crucial role during property registration in Chembakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction reflects a fair value for tax purposes.

When buying or selling property, the guideline value will be used to calculate the applicable stamp duty and registration fees. Buyers should be aware that these fees are based on the higher of the guideline value or the sale price, which can impact the overall cost of the transaction.

Frequently asked questions

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

The current guideline value of Maruthi Nagar Main Road 1st Street is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2023 to Rs 2,700 per sq.ft in 2024, an increase of 8%. It was Rs 1,675 per sq.ft in 2017, showing a significant increase of 49% to 2023.

What is the median guideline value in Chembakkam?

The median guideline value for streets in Chembakkam is Rs 2,200 per sq.ft. Maruthi Nagar Main Road 1st Street's current value is above this median.

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

For a property valued at Rs 27,00,000, the stamp duty would be Rs 1,89,000 and the registration fee would be Rs 54,000, totaling Rs 2,43,000. These fees are based on the higher of the guideline value or the sale price.

Where is the Selaiyur Sub Registrar Office located?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.