Guideline Value for Maruthi Street

Maruthi Street guideline value

The current guideline value of Maruthi Street in Chitlapakkam village is Rs 1,650 per sq.ft, effective from 1 July 2024. This street falls under the Tambaram Joint 1 SRO and is classified as Residential Class I Type - III.

How the guideline value of Maruthi Street has changed

The guideline value for Maruthi Street has undergone several revisions over the years. Starting from the 2012 revision, the value was Rs 1,500 per sq.ft. This figure remained unchanged until the 2017 revision, where it decreased to Rs 1,005 per sq.ft. However, the value saw a significant increase in the following years, reaching Rs 1,500 per sq.ft in the 2023 revision and further increasing to Rs 1,650 per sq.ft in the 2024 revision, marking a 10% rise from the previous year.

From 2012 to 2017, the guideline value saw a decrease of 33%. However, from 2017 to 2023, there was a substantial increase of 49%. Overall, comparing the guideline values from 2012 to 2024, there has been a 10% increase. It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Chitlapakkam

In Chitlapakkam, there are 548 streets under the Tambaram Joint 1 SRO, with guideline values ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median guideline value is Rs 1,650 per sq.ft, which is equal to the current guideline value of Maruthi Street.

• Maruthupandiyar Street: Rs 2,750 per sq.ft (2024)
• Maruthuvar Street: Rs 2,750 per sq.ft (2024)
• Mathavan Naidu Main Road: Rs 1,650 per sq.ft (2024)
• Mark Street: Rs 2,750 per sq.ft (2024)
• Mathuvar Street: Rs 1,320 per sq.ft (2024)
• Mayur Avenue: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Maruthi Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value amounts to Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, making the total cost for stamp duty and registration fees Rs 1,48,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Maruthi Street?

Maruthi Street is covered by the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions as it determines the minimum value at which a property can be registered. When buying or selling property in Chitlapakkam, the guideline value is used to calculate the stamp duty and registration fees, ensuring that these costs are based on an official valuation.

During the registration process, buyers and sellers must adhere to the guideline value set by the local authorities. This ensures transparency and helps in maintaining a standardized approach to property transactions within the region.

Frequently asked questions

What is the current guideline value of Maruthi Street?

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

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then back to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,650 per sq.ft in 2024.

What is the land classification of Maruthi Street?

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

Where can I find the Sub Registrar Office for Maruthi Street?

The Sub Registrar Office covering Maruthi Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059.

How is the stamp duty calculated for properties on Maruthi Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft property at the current guideline value would incur a total stamp duty and registration fee of Rs 1,48,500.