Guideline Value for Maruthi Nagar

Maruthi Nagar guideline value

The current guideline value of Maruthi Nagar is Rs 500 per sq.ft, effective from 1 July 2024. This locality is situated in Korukanthangal village, under the Gooduvancheri SRO, and is classified as Residential Special Type - I.

How the guideline value of Maruthi Nagar has changed

The guideline value for Maruthi Nagar has seen several revisions over the years. The earliest recorded value was Rs 350 per sq.ft in 2007, which increased to Rs 500 per sq.ft in 2012. However, it dropped to Rs 335 per sq.ft in 2017 before rising again to Rs 500 per sq.ft in both 2023 and 2024. Notably, the register has no figures for the years 2002 and 2003.

From 2017 to 2023, the value increased by 49%, while from 2012 to 2017, it decreased by 33%. The overall change from 2007 to 2024 reflects a 43% increase, maintaining a consistent rate of Rs 500 per sq.ft in the latest two revisions.

Guideline values in Korukanthangal

In Korukanthangal, there are 25 streets under the Gooduvancheri SRO that carry a 2024 guideline value ranging from Rs 500 to Rs 500 per sq.ft, with the median also being Rs 500 per sq.ft. Maruthi Nagar's 2024 guideline value aligns with this median.

• M.M. Nagar: Rs 500 per sq.ft (2024)
• Mahalakshmi Nagar: Rs 500 per sq.ft (2024)
• Mahalakshmi Avenue: Rs 500 per sq.ft (2024)
• M.R. Nagar: Rs 500 per sq.ft (2024)
• M.R. Nagar Part-II: Rs 500 per sq.ft (2024)
• L.V.R. Nagar: Rs 500 per sq.ft (2024)

Stamp duty and registration fee for property in Maruthi Nagar

For a 1,000 sq.ft plot at the current rate of Rs 500 per sq.ft, the guideline value amounts to Rs 5,00,000. The stamp duty at 7% would be Rs 35,000, and the registration fee at 2% would be Rs 10,000, totaling Rs 45,000. 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 information.

Which Sub Registrar Office covers Maruthi Nagar?

The Sub Registrar Office that covers Maruthi Nagar is the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvanchery-603202, Chengalpattu registration zone. You can find your SRO for more details.

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

When buying or selling property in Korukanthangal, the guideline value plays a crucial role in determining the stamp duty and registration fees. The guideline value is set by the government and is used as a basis for calculating these fees during the registration process.

It is essential for buyers and sellers to be aware of the current guideline value, as it ensures that the transaction is compliant with legal requirements and helps in avoiding any potential disputes regarding property valuation.

Frequently asked questions

What is the current guideline value of Maruthi Nagar?

The current guideline value of Maruthi Nagar is Rs 500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has varied over the years, with significant changes noted in 2017 and 2023, but it has remained at Rs 500 per sq.ft since 2023.

What is the land classification of Maruthi Nagar?

Maruthi Nagar is classified as Residential Special Type - I, which indicates its suitability for residential development.

Where can I find the registration office for Maruthi Nagar?

The registration office for Maruthi Nagar is the Gooduvancheri Sub Registrar Office, located on Defence Colony Road, near the Veterinary Hospital in Nanthivaram.

How is the stamp duty calculated for properties in Maruthi Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property with a guideline value of Rs 5,00,000 would incur a stamp duty of Rs 35,000 at 7%.