Guideline Value for Marvel Town

Marvel Town guideline value

The current guideline value of Marvel Town, located in Manimangalam B village under the Padappai SRO, is Rs 880 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class I Type - I.

How the guideline value of Marvel Town has changed

The guideline value of Marvel Town has seen several revisions over the years. The earliest recorded figure is from 2017, where the guideline value was Rs 536 per sq.ft. This increased to Rs 800 per sq.ft in the 2023 revision, marking a 49% rise. The latest revision in 2024 has set the guideline value at Rs 880 per sq.ft, reflecting a 10% increase from the previous year.

There are no recorded figures for the years 2002, 2003, 2007, and 2012 for this street. Overall, from 2017 to 2024, the guideline value has increased by 64%.

Guideline values in Manimangalam B

In Manimangalam B, there are 16 streets under the Padappai SRO with a 2024 guideline value ranging from Rs 770 to Rs 1,800 per sq.ft. The median guideline value for these streets is Rs 1,360 per sq.ft, positioning Marvel Town's 2024 figure below that median.

• Nandhini Garden: Rs 880 per sq.ft (2024)
• Nandhini Garden Phase -II: Rs 960 per sq.ft (2024)
• Shiva Garden Part - II: Rs 880 per sq.ft (2024)
• Shobha Blossoms: Rs 1,540 per sq.ft (2024)
• Sri Astalakshmi Nagar: Rs 770 per sq.ft (2024)
• Sri Astalakshmi Nagar Phase - III: Rs 770 per sq.ft (2024)

Stamp duty and registration fee for property in Marvel Town

For a 1,000 sq.ft plot at the current guideline value of Rs 880 per sq.ft, the total guideline value amounts to Rs 8,80,000. The stamp duty at 7% would be Rs 61,600, and the registration fee at 2% would be Rs 17,600, resulting in a total of Rs 79,200. 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 Marvel Town?

The Sub Registrar Office that covers Marvel Town 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 more details.

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

The guideline value plays a crucial role in the registration process of property transactions in Manimangalam B. It serves as a benchmark for determining the stamp duty and registration fees that buyers and sellers must pay during the transfer of property ownership.

When a property is bought or sold, the guideline value is used to calculate the applicable charges, ensuring that both parties are aware of the financial obligations involved in the transaction. It is essential for buyers and sellers to be informed about the current guideline values to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Marvel Town?

The current guideline value of Marvel Town is Rs 880 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 536 per sq.ft in 2017 to Rs 880 per sq.ft in 2024, marking a total increase of 64% over this period.

What is the land classification of Marvel Town?

The land classification for Marvel Town is Residential Class I Type - I, indicating its suitability for residential development.

Where can I find the Sub Registrar Office for Marvel Town?

The Sub Registrar Office for Marvel Town is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.

How is the stamp duty calculated for properties in Marvel Town?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, on a property valued at Rs 8,80,000, the stamp duty would be Rs 61,600 at a rate of 7%.