Guideline Value for SHIVA SHANMUGAPURAM 2ND STREET (MARAI MALAI NAGAR)

Shiva Shanmugapuram 2nd Street (Marai Malai Nagar) guideline value

The current guideline value for Shiva Shanmugapuram 2nd Street (Marai Malai Nagar) is Rs 3,800 per sq.ft, effective from 1 July 2024. This street is located in Purasaivakkam village, under the Purasaivakkam SRO, and is classified as Residential Class IV Type - II.

How the guideline value of Shiva Shanmugapuram 2nd Street (Marai Malai Nagar) has changed

In the 2007 revision, the guideline value was Rs 1,100 per sq.ft. This figure rose significantly to Rs 3,500 per sq.ft in the 2012 revision, marking an increase of 218%. However, in the 2017 revision, the value dropped to Rs 2,345 per sq.ft, reflecting a decrease of 33%. The value then increased to Rs 3,500 per sq.ft in the 2023 revision, which was a 49% rise. The most recent revision in 2024 set the value at Rs 3,800 per sq.ft, indicating a 9% increase from the previous year.

There are no figures available for the revisions in 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 245%.

Guideline values in Purasaivakkam

In Purasaivakkam, there are 519 streets under the Purasaivakkam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 18,100 per sq.ft, with a median value of Rs 5,500 per sq.ft. The guideline value for Shiva Shanmugapuram 2nd Street (Marai Malai Nagar) is below this median.

• Shiva Shanmugapuram All Blocks: Rs 3,800 per sq.ft (2024)
• Sheik Muhaideen Subedar Road And Lane: Rs 4,900 per sq.ft (2024)
• Shanmugarayan Street: Rs 4,900 per sq.ft (2024)
• Sir Ramaswamy Mudali Street: Rs 7,100 per sq.ft (2024)
• Semman Pettai Main Street: Rs 7,100 per sq.ft (2024)
• Semman Pettai 3rd Street: Rs 7,100 per sq.ft (2024)

Stamp duty and registration fee for property in Shiva Shanmugapuram 2nd Street (Marai Malai Nagar)

For a 1,000 sq.ft plot at the current guideline value of Rs 3,800 per sq.ft, the total guideline value amounts to Rs 38,00,000. The stamp duty at 7% would be Rs 2,66,000 and the registration fee at 2% would be Rs 76,000, totaling Rs 3,42,000. 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 Shiva Shanmugapuram 2nd Street (Marai Malai Nagar)?

The Sub Registrar Office that covers Shiva Shanmugapuram 2nd Street (Marai Malai Nagar) is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Purasaivakkam. It serves as the basis for calculating the stamp duty and registration fees, which are mandatory for property transactions.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two amounts is used to determine the applicable duties. This ensures that the government collects the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Shiva Shanmugapuram 2nd Street?

The current guideline value of Shiva Shanmugapuram 2nd Street (Marai Malai Nagar) is Rs 3,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions, starting from Rs 1,100 per sq.ft in 2007, rising to Rs 3,500 per sq.ft in 2012, dropping to Rs 2,345 per sq.ft in 2017, then increasing to Rs 3,500 per sq.ft in 2023, and finally reaching Rs 3,800 per sq.ft in 2024.

What is the land classification of Shiva Shanmugapuram 2nd Street?

Shiva Shanmugapuram 2nd Street (Marai Malai Nagar) is classified as Residential Class IV Type - II.

What are the stamp duty and registration fees for property transactions?

For a property valued at Rs 38,00,000, the stamp duty would be Rs 2,66,000 and the registration fee would be Rs 76,000, totaling Rs 3,42,000. These fees are calculated based on the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for this area?

The Sub Registrar Office for Shiva Shanmugapuram 2nd Street (Marai Malai Nagar) is located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. This office handles the registration of property transactions in the area.