Guideline Value for Sri Maruthi Nagar

Sri Maruthi Nagar guideline value

The current guideline value of Sri Maruthi Nagar is Rs 880 per sq.ft, effective from 1 July 2024. This area is located in Kolumanivakkam village, under the Kunrathur SRO, and is classified as Residential Special Type - III.

How the guideline value of Sri Maruthi Nagar has changed

The guideline value for Sri Maruthi Nagar has undergone several revisions over the years. The earliest recorded value was Rs 275 per sq.ft in 2007, which increased significantly to Rs 800 per sq.ft in 2012. However, it saw a decrease to Rs 536 per sq.ft in 2017. The guideline value then rose to Rs 800 per sq.ft in 2023, before reaching the current figure of Rs 880 per sq.ft in 2024. The register has no figures for this street for the years 2002 and 2003.

From 2017 to 2023, the value increased by 49%. The jump from 2023 to 2024 marked a 10% rise. Overall, from the original 2007 figure to the current 2024 value, there has been a substantial increase of 220%.

Guideline values in Kolumanivakkam

In Kolumanivakkam, there are 47 streets under the Kunrathur SRO that have a 2024 guideline value ranging from Rs 880 to Rs 3,290 per sq.ft, with a median value of Rs 1,350 per sq.ft. Sri Maruthi Nagar's 2024 figure is below this median.

• Sri Lakshmi Nagar: Rs 1,350 per sq.ft (2024)
• Srinath Nagar: Rs 1,930 per sq.ft (2024)
• Srinivasa Nagar: Rs 880 per sq.ft (2024)
• Sri Kamatchi Amman Nagar: Rs 1,350 per sq.ft (2024)
• Sri Kamachi Nagar: Rs 1,210 per sq.ft (2024)
• Sri Rajarajeswari Nagar: Rs 880 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Maruthi Nagar

For a 1,000 sq.ft plot at the current rate of Rs 880 per sq.ft, the 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, totaling Rs 79,200. 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 Sri Maruthi Nagar?

The Sub Registrar Office that covers Sri Maruthi Nagar is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Kolumanivakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When a property is sold, the guideline value is compared with the sale price. The higher of the two values is used to calculate the applicable stamp duty and registration fees, which are mandatory for the legal transfer of property ownership.

Frequently asked questions

What is the current guideline value of Sri Maruthi Nagar?

The current guideline value of Sri Maruthi Nagar is Rs 880 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 275 per sq.ft in 2007 to Rs 880 per sq.ft in 2024, reflecting an overall increase of 220% over the years.

What are the stamp duty and registration fees for properties in Sri Maruthi Nagar?

For a property valued at Rs 8,80,000, the stamp duty would be Rs 61,600 and the registration fee would be Rs 17,600, totaling Rs 79,200.

Which office handles property registrations in Sri Maruthi Nagar?

The Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069, handles property registrations for Sri Maruthi Nagar.

What is the land classification of Sri Maruthi Nagar?

Sri Maruthi Nagar is classified as Residential Special Type - III, indicating its designated use for residential purposes.