Guideline Value for Maruthi Nagar

Maruthi Nagar guideline value

The current guideline value of Maruthi Nagar is Rs 4,400 per sq.ft, effective from 1 July 2024. This area is located in Adambakkam village and falls under the Alandur SRO. The land classification for this locality is Residential Class I Type - II.

How the guideline value of Maruthi Nagar has changed

The guideline value for Maruthi Nagar has seen several revisions over the years. In 2002, the value was Rs 380 per sq.ft, which increased to Rs 750 per sq.ft in 2003, marking a significant rise of 97%. The value further increased to Rs 900 per sq.ft in 2007, a change of 20%. The 2012 revision saw a notable jump to Rs 4,000 per sq.ft, reflecting an increase of 344%. However, in 2017, the value dropped to Rs 2,680 per sq.ft, a decrease of 33%. The guideline value then rose to Rs 4,000 per sq.ft in 2023, followed by the current value of Rs 4,400 per sq.ft in 2024, which is a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 1058%. The register has no figure for the years not mentioned in the revisions.

Guideline values in Adambakkam

In Adambakkam, there are 569 streets under the Alandur SRO with a 2024 guideline value range from Rs 2,800 to Rs 11,000 per sq.ft. The median value for these streets is Rs 3,900 per sq.ft, placing Maruthi Nagar's 2024 figure above that median.

• Market Lane: Rs 4,400 per sq.ft (2024)
• Marison 6th street: Rs 3,900 per sq.ft (2024)
• Marisan Street 1st Street: Rs 3,900 per sq.ft (2024)
• Marisan 5th Street: Rs 3,900 per sq.ft (2024)
• Marisan 5th Lane: Rs 3,900 per sq.ft (2024)
• Marisan 4th Street: Rs 3,900 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 4,400 per sq.ft, the guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. 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 Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions within Adambakkam. It is used to determine the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from property sales. Buyers and sellers must be aware of the guideline value as it directly influences the stamp duty and registration fees applicable during the transaction.

When purchasing or selling property, the guideline value is referenced to ascertain the applicable fees. It is essential for both parties to understand that the duty is charged based on the higher of the guideline value or the sale price, ensuring compliance with local regulations.

Frequently asked questions

What is the current guideline value of Maruthi Nagar?

The current guideline value of Maruthi Nagar is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased significantly from Rs 380 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, representing an overall increase of 1058% over the years.

What is the land classification of Maruthi Nagar?

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

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

For a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000 and the registration fee would be Rs 88,000, totaling Rs 3,96,000.

Where is the Sub Registrar Office for Maruthi Nagar located?

The Sub Registrar Office for Maruthi Nagar is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.