Guideline Value for Marvel Lake View County

Marvel Lake View County guideline value

The current guideline value of Marvel Lake View County is Rs 1,100 per sq.ft, effective from 1 July 2024. This property is located in Puzhal village, under the Redhills SRO, and falls under the Residential Class II Type - I land classification.

How the guideline value of Marvel Lake View County has changed

Since the 2007 revision, the guideline value has seen significant changes. In 2007, the value was Rs 300 per sq.ft, which increased to Rs 800 per sq.ft in 2012. However, there was a decrease to Rs 536 per sq.ft in 2017. Following that, the value rose to Rs 1,000 per sq.ft in 2023, and currently, it stands at Rs 1,100 per sq.ft as per the 2024 revision. The register has no figures for the years 2002 and 2003 for this street.

Between the revisions, the changes are notable. From 2007 to 2012, there was a 167% increase, followed by a 33% decrease from 2012 to 2017. The value then surged by 87% from 2017 to 2023, and finally, there was a 10% increase from 2023 to 2024. Overall, from 2007 to 2024, the guideline value has increased by 267%.

Guideline values in Puzhal

Puzhal village has 270 streets under the Redhills SRO, with 2024 guideline values ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median value for these streets is Rs 1,102 per sq.ft, making the guideline value for Marvel Lake View County below this median.

• Masilamani Nagar: Rs 1,100 per sq.ft (2024)
• Matha Nagar: Rs 1,102 per sq.ft (2024)
• Mariyamman Nagar: Rs 1,650 per sq.ft (2024)
• Mariyammal Nagar: Rs 1,650 per sq.ft (2024)
• Mannan Street: Rs 1,102 per sq.ft (2024)
• Meenakshi Nagar: Rs 1,100 per sq.ft (2024)

Stamp duty and registration fee for property in Marvel Lake View County

For a 1,000 sq.ft plot at the current rate of Rs 1,100 per sq.ft, the guideline value amounts to Rs 11,00,000. The stamp duty at 7% would be Rs 77,000, and the registration fee at 2% would be Rs 22,000, totaling Rs 99,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Marvel Lake View County?

The Sub Registrar Office that covers Marvel Lake View County is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Puzhal. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is documented accurately.

When buying or selling property, the guideline value is used to calculate stamp duty and registration fees. This ensures that both buyers and sellers are aware of the financial implications of the transaction, as these fees are based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of Marvel Lake View County?

The current guideline value of Marvel Lake View County is Rs 1,100 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 300 per sq.ft in 2007 to Rs 1,100 per sq.ft in 2024, with various increases and decreases in between.

What is the land classification of Marvel Lake View County?

Marvel Lake View County is classified as Residential Class II Type - I, which is a designation for residential properties.

Where can I find the Sub Registrar Office for Marvel Lake View County?

The Sub Registrar Office for Marvel Lake View County is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

How is the stamp duty calculated for properties in Puzhal?

Stamp duty is calculated based on the guideline value or the sale price of the property, whichever is higher. For example, for a property valued at Rs 11,00,000, the stamp duty at 7% would be Rs 77,000.