Guideline Value for Maruthi Nagar

Maruthi Nagar guideline value

The current guideline value of Maruthi Nagar is Rs 3,520 per sq.ft, effective from 1 July 2024. This area is located in Kattupakkam village, under the Kunrathur SRO, and is classified as Residential Special Type - I.

How the guideline value of Maruthi Nagar has changed

The guideline value of Maruthi Nagar has seen significant changes over the years. In 2003, the guideline value was Rs 132 per sq.ft. This figure rose to Rs 350 per sq.ft in 2007, marking an increase of 165%. The value then surged dramatically to Rs 3,200 per sq.ft in 2012, reflecting an increase of 814%. However, in 2017, the value decreased to Rs 2,144 per sq.ft, a drop of 33%. By 2023, the guideline value had risen again to Rs 3,200 per sq.ft, which was a substantial increase of 49% from the previous revision. Finally, the current revision in 2024 has set the guideline value at Rs 3,520 per sq.ft, representing a 10% increase from 2023.

The register has no figure for the year 2002 for this street. Overall, from 2003 to 2024, the guideline value has increased by 2,567%.

Guideline values in Kattupakkam

Kattupakkam village has a total of 75 streets under the Kunrathur SRO, with guideline values ranging from Rs 1,980 to Rs 4,290 per sq.ft as of 2024. The median guideline value for these streets is Rs 2,090 per sq.ft, placing Maruthi Nagar's 2024 guideline value above this median.

• M.G.R. Nagar: Rs 2,090 per sq.ft (2024)
• Mac Nagar: Rs 3,960 per sq.ft (2024)
• Machine Road: Rs 2,090 per sq.ft (2024)
• Moogambigai Nagar: Rs 2,090 per sq.ft (2024)
• Lurthupuram Road: Rs 1,980 per sq.ft (2024)
• Mount - Poonamallee trunk Road: Rs 4,290 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 3,520 per sq.ft, the total guideline value amounts to Rs 35,20,000. The stamp duty, charged at 7%, would be Rs 2,46,400, and the registration fee, charged at 2%, would be Rs 70,400. The total cost for these fees together would be Rs 3,16,800. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information on calculating these fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Maruthi Nagar?

The Sub Registrar Office that covers Maruthi Nagar is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. For more details, you can find your SRO.

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

The guideline value is a crucial factor in the registration process for property transactions in Kattupakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices, as the stamp duty and registration fees are calculated based on the higher of the guideline value or the agreed sale price.

Understanding the guideline value helps ensure that all parties are aware of the financial implications involved in property transactions. It is advisable to consult the guideline value before finalizing any property deal to ensure 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 3,520 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, from Rs 132 per sq.ft in 2003 to Rs 3,520 per sq.ft in 2024, reflecting an overall increase of 2,567% over this period.

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

For a property valued at Rs 35,20,000, the stamp duty would be Rs 2,46,400 and the registration fee would be Rs 70,400, totaling Rs 3,16,800.

Which Sub Registrar Office covers Maruthi Nagar?

The Kunrathur Sub Registrar Office covers Maruthi Nagar, located at No.59, Road Street, Kundrathur, Chennai -600 069.

How is the guideline value used in property transactions?

The guideline value is used to determine the minimum registration value for properties. It is essential for calculating stamp duty and registration fees, which are based on the higher of the guideline value or the sale price.