Guideline Value for Maxworth Nagar Phase II

Maxworth Nagar Phase II guideline value

The current guideline value of Maxworth Nagar Phase II is Rs 3,290 per sq.ft, effective from 1 July 2024. This area is located in Kolapakkam village under the Pammal Sub Registrar Office (SRO) and is classified as Commercial Class I Type - I.

How the guideline value of Maxworth Nagar Phase II has changed

The guideline value for Maxworth Nagar Phase II has seen significant changes over the years. In the 2017 revision, the value was Rs 2,010 per sq.ft, which increased to Rs 3,000 per sq.ft in 2023, marking a 49% rise. The latest revision in 2024 set the guideline value at Rs 3,290 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from 2017 to 2024, the guideline value has increased by 64%. Notably, there are no figures available for this street in the revisions from 2002, 2003, 2007, and 2012.

Guideline values in Kolapakkam

In Kolapakkam, there are 111 streets under the Pammal SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 6,850 per sq.ft, with a median value of Rs 2,200 per sq.ft. The guideline value of Rs 3,290 per sq.ft for Maxworth Nagar Phase II is above this median.

• Maxworth Nagar Phase I: Rs 3,290 per sq.ft (2024)
• Maxworth Nagar Phase III: Rs 3,290 per sq.ft (2024)
• Max Worth Nagar (ward 9): Rs 3,290 per sq.ft (2024)
• Mayor Radha Krishnan Nagar: Rs 2,750 per sq.ft (2024)
• Maruthi Nagar: Rs 2,750 per sq.ft (2024)
• M.G.R Nagar (ward 1): Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Maxworth Nagar Phase II

For a 1,000 sq.ft plot at the current guideline value of Rs 3,290 per sq.ft, the total guideline value amounts to Rs 32,90,000. The stamp duty at 7% would be Rs 2,30,300, and the registration fee at 2% would be Rs 65,800, totaling Rs 2,96,100. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Maxworth Nagar Phase II?

The Sub Registrar Office that covers Maxworth Nagar Phase II is the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is an essential factor in property transactions, as it determines the minimum value at which a property can be registered. When buying or selling property in Kolapakkam, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory at the time of registration.

It is crucial for buyers and sellers to be aware of the current guideline value, as it impacts the overall cost of the transaction. Ensuring that the sale price meets or exceeds the guideline value is necessary to comply with registration requirements.

Frequently asked questions

What is the current guideline value of Maxworth Nagar Phase II?

The current guideline value of Maxworth Nagar Phase II is Rs 3,290 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed from Rs 2,010 per sq.ft in 2017 to Rs 3,290 per sq.ft in 2024, representing an overall increase of 64% over this period.

What are the stamp duty and registration fees for properties in Maxworth Nagar Phase II?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a property valued at Rs 32,90,000, the total fees would amount to Rs 2,96,100.

Which office handles property registrations in Kolapakkam?

The Pammal Sub Registrar Office handles property registrations in Kolapakkam, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075.

How is the guideline value determined for properties?

The guideline value is determined by the Registration Department and is based on various factors, including land classification and location. It is updated periodically to reflect changes in the real estate market.