Guideline Value for Sri Maruthi Avenue

Sri Maruthi Avenue guideline value

The current guideline value of Sri Maruthi Avenue is Rs 1,320 per sq.ft, effective from 1 July 2024. This street is located in Tambaram village, under the Tambaram Joint 1 SRO, and is classified as Residential Class II Type - I.

How the guideline value of Sri Maruthi Avenue has changed

The guideline value for Sri Maruthi Avenue has seen several revisions over the years. The earliest recorded revision was in 2007, where the value was Rs 750 per sq.ft. This increased to Rs 1,200 per sq.ft in 2012, marking a significant rise of 60%. However, in 2017, the value dropped to Rs 804 per sq.ft, reflecting a decrease of 33%. The value then rose to Rs 1,200 per sq.ft in 2023, and finally, the current figure is Rs 1,320 per sq.ft, which is a 10% increase from the previous year.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 76%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Tambaram

In Tambaram, there are 360 streets under the Tambaram Joint 1 SRO that carry a 2024 guideline value, ranging from Rs 880 to Rs 8,250 per sq.ft. The median guideline value for these streets is Rs 3,300 per sq.ft, placing Sri Maruthi Avenue's 2024 figure below that median.

• Srinivasan Street (Reddy Street): Rs 3,300 per sq.ft (2024)
• Sri Ganesh Nagar: Rs 1,650 per sq.ft (2024)
• Sriram Nagar 1st Main Road: Rs 3,300 per sq.ft (2024)
• Sriram Nagar 2nd Main Road: Rs 3,300 per sq.ft (2024)
• Sriram Nagar South: Rs 3,300 per sq.ft (2024)
• Sri Durga Nagar: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Maruthi Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 1,320 per sq.ft, the total guideline value amounts to Rs 13,20,000. The stamp duty at 7% would be Rs 92,400, while the registration fee at 2% would be Rs 26,400, leading to a total of Rs 1,18,800. 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 specific calculations.

Which Sub Registrar Office covers Sri Maruthi Avenue?

The Sub Registrar Office covering Sri Maruthi Avenue is the Tambaram Joint 1 Sub Registrar Office, located at No.26, mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. To find your SRO, visit find your SRO.

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

The guideline value is a crucial factor in property transactions in Tambaram. It is used to determine the stamp duty and registration fees applicable during the registration process. Buyers and sellers must be aware of the guideline value to ensure compliance with local regulations and to accurately calculate the costs associated with property transactions.

When a property is sold, the guideline value serves as a benchmark for the sale price, ensuring that the transaction is recorded at a value that reflects the current market conditions as set by the local authorities.

Frequently asked questions

What is the current guideline value of Sri Maruthi Avenue?

The current guideline value of Sri Maruthi Avenue is Rs 1,320 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 750 per sq.ft in 2007 to Rs 1,320 per sq.ft in 2024, marking an overall increase of 76% over the years.

What is the land classification for Sri Maruthi Avenue?

Sri Maruthi Avenue is classified as Residential Class II Type - I under the local land classification system.

Which Sub Registrar Office covers this area?

The Tambaram Joint 1 Sub Registrar Office covers Sri Maruthi Avenue, located at No.26, mes Road, East Tambaram, Chennai-600059.

How is the stamp duty calculated for properties in this area?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 13,20,000, the stamp duty would be Rs 92,400 at 7%.