Guideline Value for Maruthupandi Street

Maruthupandi Street guideline value

The current guideline value of Maruthupandi Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Velachery village, under the Velacheri SRO. The land classification for this area is Residential Class II Type - III.

How the guideline value of Maruthupandi Street has changed

Over the years, the guideline value of Maruthupandi Street has seen several revisions. The 2012 revision set the value at Rs 3,500 per sq.ft, which was later revised in 2017 to Rs 2,345 per sq.ft, reflecting a decrease of 33%. The subsequent revision in 2023 increased the value to Rs 3,500 per sq.ft, followed by the latest revision in 2024, which set the value at Rs 3,850 per sq.ft, marking a 10% increase from the previous year.

In summary, from the 2012 revision to the 2024 revision, the overall change in the guideline value is an increase of 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Velachery

In Velachery, there are a total of 2,691 streets under the Velacheri SRO, with guideline values ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value for the area is Rs 4,400 per sq.ft, which places Maruthupandi Street's 2024 figure below that median.

• Maruthupandi Street, Ganapathy Nagar: Rs 4,400 per sq.ft (2024)
• Mathavamani Avenue: Rs 4,950 per sq.ft (2024)
• Mathiyazhagan Street: Rs 3,850 per sq.ft (2024)
• Mathiyazhagan Street Lane I: Rs 3,850 per sq.ft (2024)
• Mathiyazhagan Street Lane II: Rs 3,850 per sq.ft (2024)
• Mathiyazhagan Street Lane III: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Maruthupandi Street

For a 1,000 sq.ft plot at the current rate of Rs 3,850 per sq.ft, the total guideline value is Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000. Together, the total cost for stamp duty and registration fee would be Rs 3,46,500. Please note that duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Maruthupandi Street?

The Sub Registrar Office that covers Maruthupandi Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

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

When buying or selling property in Velachery, the guideline value is a crucial factor as it determines the minimum value at which a property can be registered. It is used to calculate the stamp duty and registration fees, which are mandatory costs associated with property transactions.

The guideline value ensures that the property is not undervalued during registration, thereby protecting the interests of the state and ensuring fair revenue collection. Buyers and sellers should be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Maruthupandi Street?

The current guideline value of Maruthupandi Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,500 per sq.ft in 2023 to Rs 3,850 per sq.ft in 2024, marking a 10% increase. It was Rs 2,345 per sq.ft in 2017 and Rs 3,500 per sq.ft in 2012.

What is the registration fee for property in Maruthupandi Street?

The registration fee is calculated at 2% of the guideline value. For a property valued at Rs 38,50,000, the registration fee would be Rs 77,000.

Which Sub Registrar Office covers Maruthupandi Street?

The Velacheri Sub Registrar Office covers Maruthupandi Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

Where can I find more information on stamp duty and registration fees?

You can find more information on stamp duty and registration fees using our stamp duty and registration fee calculator.