Guideline Value for Maruthi Nagar

Maruthi Nagar guideline value

The current guideline value of Maruthi Nagar is Rs 200 per sq.ft, effective from 1 July 2024. This street is located in Palnalloor village, under the Sunguvarchattram SRO, and is classified as Residential Class II Type - I.

How the guideline value of Maruthi Nagar has changed

In the 2012 revision, the guideline value was set at Rs 200 per sq.ft. This remained unchanged until the 2017 revision, where it decreased to Rs 134 per sq.ft, marking a drop of 33%. Following that, the value increased significantly in the 2023 revision to Rs 200 per sq.ft, and this value was maintained in the 2024 revision, showing no change from the previous year.

Overall, from 2012 to 2024, the guideline value has seen no net change, remaining at Rs 200 per sq.ft. The 2023 to 2024 revision also reflects no percentage change, indicating stability in the guideline value for this period.

Guideline values in Palnalloor

Within Palnalloor village, there are 34 streets under the Sunguvarchattram SRO that carry a 2024 guideline value ranging from Rs 175 to Rs 471 per sq.ft. The median guideline value for these streets is Rs 200 per sq.ft, placing Maruthi Nagar at the same level as this median.

• Mathakovil Street: Rs 175 per sq.ft (2024)
• Mettu Street: Rs 175 per sq.ft (2024)
• Moorthi Nagar: Rs 200 per sq.ft (2024)
• MahaGanapathy Street: Rs 250 per sq.ft (2024)
• Madurai Meenakshi Nagar: Rs 200 per sq.ft (2024)
• New Tank Street: Rs 175 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 200 per sq.ft, the total guideline value would be Rs 2,00,000. The stamp duty at 7% would amount to Rs 14,000, and the registration fee at 2% would be Rs 4,000, making the total cost for these fees Rs 18,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use our 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 Sunguvarchattram Sub Registrar Office, located at Vadivamal Nagar Kandigai Road, opposite Caparo Company, Sunguvarchatram, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Palnalloor. It serves as a benchmark for determining the stamp duty and registration fees that must be paid, ensuring that these costs are calculated based on the established guideline value or the actual sale price, whichever is higher.

When buying or selling property, the guideline value helps both parties understand the minimum value recognized by the government for taxation purposes. This ensures transparency and compliance with legal requirements during property transactions.

Frequently asked questions

What is the current guideline value of Maruthi Nagar?

The current guideline value of Maruthi Nagar is Rs 200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Maruthi Nagar has remained at Rs 200 per sq.ft since 2012, with a decrease to Rs 134 per sq.ft in 2017, followed by a return to Rs 200 per sq.ft in 2023 and 2024.

What is the classification of land in Maruthi Nagar?

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

What are the stamp duty rates in Maruthi Nagar?

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

Where can I find the Sub Registrar Office for Maruthi Nagar?

The Sub Registrar Office for Maruthi Nagar is located at Vadivamal Nagar Kandigai Road, opposite Caparo Company, Sunguvarchatram, Chengalpattu registration zone.