Guideline Value for Maruthi Nagar

Maruthi Nagar guideline value

The current guideline value of Maruthi Nagar, located in Kolapakkam village under the Pammal SRO, is Rs 2,750 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. The 2017 revision set the value at Rs 1,675 per sq.ft, which increased to Rs 2,500 per sq.ft in the 2023 revision, marking a 49% rise. The most recent revision in 2024 brought the value to Rs 2,750 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. It is important to note that there are no figures available for the revisions in 2002, 2003, 2007, and 2012 for this street.

Guideline values in Kolapakkam

In Kolapakkam, there are 111 streets under the Pammal SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 6,850 per sq.ft, with a median value of Rs 2,200 per sq.ft. Maruthi Nagar's 2024 figure is above this median.

• Maxworth Nagar Phase I: Rs 3,290 per sq.ft (2024)
• Maxworth Nagar Phase II: Rs 3,290 per sq.ft (2024)
• Maxworth Nagar Phase III: Rs 3,290 per sq.ft (2024)
• Max Worth Nagar (ward 9): Rs 3,290 per sq.ft (2024)
• Mayor Radha Krishnan Nagar: Rs 2,750 per sq.ft (2024)
• M.G.R Nagar (ward 1): Rs 1,650 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 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total to Rs 2,47,500. 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 accurate calculations.

Which Sub Registrar Office covers Maruthi Nagar?

The Sub Registrar Office that covers Maruthi Nagar is the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, 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 Kolapakkam

The guideline value plays a crucial role in the registration of property transactions in Kolapakkam. It is used to determine the stamp duty and registration fees applicable when buying or selling property in the area.

When a property is registered, the guideline value is compared to the sale price, and the higher amount is used to calculate the applicable duties and fees. This ensures that the registration process reflects the true value of the property being transacted.

Frequently asked questions

What is the current guideline value of Maruthi Nagar?

The current guideline value of Maruthi Nagar is Rs 2,750 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since 2017, the guideline value has increased from Rs 1,675 per sq.ft to Rs 2,750 per sq.ft in 2024, which is a total increase of 64% over this period.

What are the stamp duty rates for properties in Maruthi Nagar?

The stamp duty for properties in Maruthi Nagar is 7% of the guideline value or sale price, whichever is higher. The registration fee is 2% of the guideline value.

Which office do I need to visit for property registration in Maruthi Nagar?

The Pammal Sub Registrar Office is responsible for property registration in Maruthi Nagar. It is located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075.

Are there other streets in Kolapakkam with different guideline values?

Yes, there are several other streets in Kolapakkam with varying guideline values. For example, streets like Maxworth Nagar Phase I, II, and III have a guideline value of Rs 3,290 per sq.ft, while M.G.R Nagar (ward 1) has a guideline value of Rs 1,650 per sq.ft.