Guideline Value for Maruthi Nagar

Maruthi Nagar guideline value

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

How the guideline value of Maruthi Nagar has changed

Over the years, the guideline value of Maruthi Nagar has seen significant changes. The 2007 revision set the value at Rs 200 per sq.ft, which increased dramatically to Rs 2,000 per sq.ft in 2012, marking a rise of 900%. However, this was followed by a decrease of 33% to Rs 1,340 per sq.ft in 2017. The value then rose again to Rs 2,000 per sq.ft in 2023, before reaching the current rate of Rs 2,200 per sq.ft in 2024, representing a 10% increase.

There are no figures available for the revisions in 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 1000%.

Guideline values in Mudichur

Mudichur village has 135 streets under the Padappai SRO with a 2024 guideline value ranging from Rs 880 to Rs 4,000 per sq.ft. The median value is Rs 2,200 per sq.ft, making the guideline value of Maruthi Nagar equal to this median.

• Mayana Salai: Rs 1,210 per sq.ft (2024)
• Meenakshi Nagar: Rs 1,210 per sq.ft (2024)
• M.A.M Nagar: Rs 3,630 per sq.ft (2024)
• MGR Nagar: Rs 1,210 per sq.ft (2024)
• Mahalakshmi Street: Rs 1,760 per sq.ft (2024)
• Mahalakshmi Nagar: Rs 1,760 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 to Rs 1,98,000. 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 Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for further assistance.

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

The guideline value is a crucial factor when registering property transactions in Mudichur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is conducted at a fair value as per government standards.

When buying or selling property, the guideline value affects the stamp duty and registration fees, which are calculated based on this value. It is important for buyers and sellers to be aware of the current guideline value to understand the financial implications of their transactions.

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 changed significantly from Rs 200 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2024, marking an overall increase of 1000%.

What is the land classification for Maruthi Nagar?

Maruthi Nagar is classified as Residential Special Type - I under the Padappai SRO.

What are the stamp duty rates for property in Maruthi Nagar?

The stamp duty for property in Maruthi Nagar is charged at 7% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for Maruthi Nagar located?

The Padappai Sub Registrar Office, which covers Maruthi Nagar, is located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.