Guideline Value for Maruthi Nagar

Maruthi Nagar guideline value

The current guideline value of Maruthi Nagar is Rs 650 per sq.ft, effective from 1 July 2024. This area is located in Moonramkattalai village under the Kunrathur SRO, classified as Residential Class I Type - I.

How the guideline value of Maruthi Nagar has changed

The guideline value for Maruthi Nagar has seen several revisions over the years. The earliest recorded figure is from 2007, which was Rs 150 per sq.ft. This increased significantly to Rs 600 per sq.ft in 2012, marking a 300% rise. However, from 2012 to 2017, the value decreased to Rs 402 per sq.ft, a drop of 33%. The value then rose again to Rs 600 per sq.ft in 2023, followed by another increase to Rs 650 per sq.ft in the 2024 revision, which is an 8% increase from the previous year.

Between 2017 and 2023, the guideline value increased by 49%. Overall, from 2007 to 2024, there has been a substantial increase of 333%. It is important to note that there are no recorded figures for the years 2002 and 2003 in the register for this street.

Guideline values in Moonramkattalai

In Moonramkattalai, there are 43 streets under the Kunrathur SRO with a 2024 guideline value ranging from Rs 650 to Rs 2,750 per sq.ft. The median value for these streets is Rs 650 per sq.ft, which is equal to the guideline value of Maruthi Nagar.

• Mariamman Koil Street: Rs 650 per sq.ft (2024)
• Manickapuram: Rs 650 per sq.ft (2024)
• Moogambikai Nagar: Rs 1,350 per sq.ft (2024)
• Moondramkattalai Main Road: Rs 1,350 per sq.ft (2024)
• Lakshmi Nagar: Rs 1,000 per sq.ft (2024)
• K.V. Road: Rs 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 650 per sq.ft, the total guideline value amounts to Rs 6,50,000. The stamp duty at 7% would be Rs 45,500, and the registration fee at 2% would be Rs 13,000, bringing the total cost for these fees to Rs 58,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, 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. You can find your SRO for more information.

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

When buying or selling property in Moonramkattalai, the guideline value plays a crucial role in determining the stamp duty and registration fees. These fees are calculated based on the guideline value or the sale price, whichever is higher, ensuring that the government receives appropriate revenue from property transactions.

The guideline value also serves as a benchmark for property transactions in the area, providing clarity and transparency for buyers and sellers. It is essential for all parties involved to be aware of the current guideline value to ensure compliance with legal requirements during the registration process.

Frequently asked questions

What is the current guideline value of Maruthi Nagar?

The current guideline value of Maruthi Nagar is Rs 650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 150 per sq.ft in 2007 to Rs 650 per sq.ft in 2024, marking an overall increase of 333% over the years.

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

For a 1,000 sq.ft plot, the total guideline value is Rs 6,50,000, resulting in a stamp duty of Rs 45,500 and a registration fee of Rs 13,000, totaling Rs 58,500.

Which office handles registrations for Maruthi Nagar?

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

What is the land classification of Maruthi Nagar?

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