Guideline Value for Maruthi Nagar

Maruthi Nagar guideline value

The current guideline value of Maruthi Nagar, located in Hastinapuram village under the Pallavaram SRO, is Rs 2,970 per sq.ft. This value is effective from 1 July 2024 and falls under the Residential Class I Type - I land classification.

How the guideline value of Maruthi Nagar has changed

The guideline value for Maruthi Nagar has seen significant changes over the years. In 2007, the value was Rs 400 per sq.ft, which increased dramatically to Rs 2,700 per sq.ft in 2012, marking a rise of 575%. However, this was followed by a decrease to Rs 1,809 per sq.ft in 2017, a reduction of 33%. The value then rose to Rs 2,700 per sq.ft in 2023, before reaching the current figure of Rs 2,970 per sq.ft in 2024, reflecting a 10% increase.

From 2017 to 2023, there was a notable increase of 49%. Overall, from 2007 to 2024, the guideline value has increased by 643%. It is important to note that the register has no figures for the years 2002 and 2003 for this street.

Guideline values in Hastinapuram

In Hastinapuram, there are 277 streets under the Pallavaram SRO that carry a 2024 guideline value, ranging from Rs 1,650 to Rs 4,400 per sq.ft. The median guideline value for these streets is Rs 2,970 per sq.ft, which is equal to the current value of Maruthi Nagar.

• Maruthi Nagar Cross Street: Rs 2,380 per sq.ft (2024)
• Maruthi Nagar Main Road: 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

For a 1,000 sq.ft plot at the current guideline value of Rs 2,970 per sq.ft, the total guideline value would be Rs 29,70,000. The stamp duty at 7% would amount to Rs 2,07,900, and the registration fee at 2% would be Rs 59,400, resulting in a total of Rs 2,67,300. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Maruthi Nagar?

The Sub Registrar Office that covers Maruthi Nagar 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 in property transactions in Hastinapuram. When buying or selling property, the guideline value is used to determine the stamp duty and registration fees, ensuring that these costs are calculated based on the official valuation of the property.

During the registration process, the guideline value is referenced to ensure compliance with local regulations. Buyers and sellers must be aware of these values to facilitate a smooth transaction and avoid any legal complications.

Frequently asked questions

What is the current guideline value of Maruthi Nagar?

The current guideline value of Maruthi Nagar is Rs 2,970 per sq.ft, effective from 1 July 2024.

How has the guideline value of Maruthi Nagar 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, reflecting an overall increase of 643% over the years.

What is the land classification of Maruthi Nagar?

Maruthi Nagar is classified as Residential Class I Type - I, which indicates its designation for residential purposes.

Where can I find the registration office for Maruthi Nagar?

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

How is stamp duty calculated for properties in Maruthi Nagar?

Stamp duty for properties in Maruthi Nagar is calculated based on the guideline value or the sale price, whichever is higher. For example, for a plot valued at Rs 29,70,000, the stamp duty at 7% would be Rs 2,07,900.