Guideline Value for Maruthi Nagar

Maruthi Nagar guideline value

The current guideline value of Maruthi Nagar, located in Neelankarai village under the Neelankarai SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class II Type - III.

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 guideline value was Rs 53 per sq.ft, which increased to Rs 58 per sq.ft in 2003. Following this, a significant rise occurred, with the value reaching Rs 250 per sq.ft in 2007. The value then jumped dramatically to Rs 2,000 per sq.ft in 2012, before experiencing a decline to Rs 1,340 per sq.ft in 2017. The most recent revisions show an increase to Rs 2,000 per sq.ft in 2023 and a further rise to Rs 2,200 per sq.ft in 2024, marking a 10% increase from the previous year.

From 2017 to 2023, the guideline value increased by 49%, while the change from 2012 to 2017 was a decrease of 33%. The most notable rise was from 2007 to 2012, which saw an increase of 700%, and from 2003 to 2007, which experienced a 331% increase. Overall, from 2002 to 2024, the guideline value has increased by 4051%.

Guideline values in Neelankarai

In Neelankarai, there are 377 streets under the Neelankarai SRO, with the 2024 guideline values ranging from Rs 1,000 to Rs 10,500 per sq.ft. The median value is Rs 2,200 per sq.ft, placing Maruthi Nagar's 2024 figure at the median level.

• Maruthi Nagar Extn.: Rs 2,200 per sq.ft (2024)
• Maraikkayar Nagar 3rd Street: Rs 3,300 per sq.ft (2024)
• Maraikkayar Nagar 3rd Cross Street: Rs 3,300 per sq.ft (2024)
• Maraikkayar Nagar 2nd Street: Rs 3,300 per sq.ft (2024)
• Maraikkayar Nagar 2nd Cross Street: Rs 3,300 per sq.ft (2024)
• Maraikkayar Nagar 1st Main Road: Rs 3,300 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 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total cost for these fees to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Maruthi Nagar?

The Sub Registrar Office covering Maruthi Nagar is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more details.

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

The guideline value plays a crucial role during property transactions in Neelankarai. It serves as a benchmark for determining the stamp duty and registration fees that must be paid when buying or selling property in the area.

When a property is registered, the guideline value is used to calculate the applicable fees. Buyers should be aware that the stamp duty is charged based on either the guideline value or the sale price, whichever is higher, ensuring that the fees reflect the value of the transaction accurately.

Frequently asked questions

What is the current guideline value of Maruthi Nagar?

The current guideline value of Maruthi Nagar is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 53 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, representing an overall increase of 4051% over the years.

What is the classification of land in Maruthi Nagar?

The land classification in Maruthi Nagar is Residential Class II Type - III, indicating its suitability for residential purposes.

Where can I find the Neelankarai Sub Registrar Office?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current rate would incur a total fee of Rs 1,98,000.