Guideline Value for Maruthi Nagar Main Road

Maruthi Nagar Main Road guideline value

The current guideline value of Maruthi Nagar Main Road is Rs 2,970 per sq.ft, effective from 1 July 2024. This road is located in Hastinapuram village under the Pallavaram SRO, classified as Residential Class I Type - I.

How the guideline value of Maruthi Nagar Main Road has changed

The guideline value for Maruthi Nagar Main Road has seen several revisions over the years. In 2007, the value was Rs 400 per sq.ft, which increased significantly to Rs 2,700 per sq.ft in 2012, marking a rise of 575%. However, it decreased to Rs 1,809 per sq.ft in 2017, a decline of 33%. The value then rose sharply to Rs 2,700 per sq.ft in 2023, reflecting a 49% increase, before reaching the current figure of Rs 2,970 per sq.ft in 2024, which is a 10% increase from the previous year.

There are no figures available for the revisions in 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 643%.

Guideline values in Hastinapuram

In Hastinapuram, there are 277 streets under the Pallavaram SRO, with the 2024 guideline values ranging from Rs 1,650 to Rs 4,400 per sq.ft. The median value is Rs 2,970 per sq.ft, which is the same as the current guideline value of Maruthi Nagar Main Road.

• Maruthi Nagar Cross Street: Rs 2,380 per sq.ft (2024)
• Maruthi Nagar: Rs 2,970 per sq.ft (2024)
• M.C.Nagar 1st Cross Street: Rs 3,300 per sq.ft (2024)
• M.C.Nagar 1 To 3 Main Road: Rs 3,300 per sq.ft (2024)
• M.C.Nagar 4 And 5th Cross Street: Rs 3,300 per sq.ft (2024)
• Maragatham Chandrasekar Nagar: Rs 3,300 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 2,970 per sq.ft, the total guideline value amounts to Rs 29,70,000. The stamp duty at 7% would be Rs 2,07,900, and the registration fee at 2% would be Rs 59,400, bringing the total to Rs 2,67,300. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Maruthi Nagar Main Road?

The Sub Registrar Office that covers Maruthi Nagar Main Road 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 Hastinapuram

The guideline value plays a crucial role during the registration of property transactions in Hastinapuram. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property being bought or sold.

When a property is registered, the guideline value is compared with the sale price, and the higher amount is used to calculate the applicable duties. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

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

The current guideline value of Maruthi Nagar Main Road is Rs 2,970 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 400 per sq.ft in 2007 to Rs 2,970 per sq.ft in 2024, representing an overall increase of 643% over the years.

What are the stamp duty and registration fees for property in Maruthi Nagar Main Road?

For a property valued at Rs 29,70,000, the stamp duty would be Rs 2,07,900 and the registration fee would be Rs 59,400, totaling Rs 2,67,300.

Which office handles registrations for Maruthi Nagar Main Road?

The Pallavaram Sub Registrar Office handles registrations for Maruthi Nagar Main Road, located at 7th Main Road, New Colony, Chromepet, Chennai-600044.

What is the land classification for Maruthi Nagar Main Road?

Maruthi Nagar Main Road is classified as Residential Class I Type - I, indicating its suitability for residential development.