Guideline Value for MALAI KOIL STREET

Malai Koil Street guideline value

The current guideline value of Malai Koil Street is Rs 550 per sq.ft, effective from 1 July 2024. This street is located in Thirukkachur - 1 village under the Chengleput Joint II SRO and is classified as Residential Class I Type - II.

How the guideline value of Malai Koil Street has changed

Over the years, the guideline value of Malai Koil Street has seen several revisions. The 2012 revision set the value at Rs 500 per sq.ft, which then decreased to Rs 335 per sq.ft in the 2017 revision. Following this, the value increased to Rs 500 per sq.ft in 2023 and further rose to Rs 550 per sq.ft in the 2024 revision, marking a 10% increase from the previous year. It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007.

From 2012 to 2017, the guideline value decreased by 33%. However, from 2017 to 2023, there was a significant increase of 49%. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Thirukkachur - 1

In Thirukkachur - 1, there are 86 streets under the Chengleput Joint II SRO that carry a 2024 guideline value ranging from Rs 385 to Rs 3,300 per sq.ft. The median guideline value for these streets is Rs 660 per sq.ft, indicating that Malai Koil Street's 2024 figure is below this median.

• Mahalakshmi Nagar: Rs 550 per sq.ft (2024)
• Lss Vasantham Avenue: Rs 1,843 per sq.ft (2024)
• Marundeeswarar Avenue: Rs 590 per sq.ft (2024)
• Kurinchi Nagar: Rs 660 per sq.ft (2024)
• Melroasapuram: Rs 660 per sq.ft (2024)
• Mg M Thiagarajapuram Phase -3: Rs 660 per sq.ft (2024)

Stamp duty and registration fee for property in Malai Koil Street

For a 1,000 sq.ft plot at the current guideline value of Rs 550 per sq.ft, the total guideline value amounts to Rs 5,50,000. The stamp duty at 7% would be Rs 38,500, and the registration fee at 2% would be Rs 11,000, bringing the total fees together to Rs 49,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Malai Koil Street?

The Sub Registrar Office that covers Malai Koil Street is the Chengleput Joint II Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, Chengalpattu registration zone. You can find your SRO for further assistance.

How the guideline value is used when you buy or sell in Thirukkachur - 1

The guideline value plays a crucial role in the registration process when buying or selling property in Thirukkachur - 1. It is used to determine the stamp duty and registration fees that need to be paid at the time of registration. Buyers and sellers should be aware of the current guideline value to ensure that they are compliant with the regulations.

When a property is sold, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable fees. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Malai Koil Street?

The current guideline value of Malai Koil Street is Rs 550 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 500 per sq.ft in 2012 to Rs 335 per sq.ft in 2017, then increased to Rs 500 per sq.ft in 2023, and finally to Rs 550 per sq.ft in 2024.

What is the land classification for Malai Koil Street?

Malai Koil Street is classified as Residential Class I Type - II under the Chengleput Joint II SRO.

What are the stamp duty and registration fees for properties in Malai Koil Street?

The stamp duty is 7% and the registration fee is 2% of the guideline value or sale price, whichever is higher. For example, a property valued at Rs 5,50,000 would incur a total fee of Rs 49,500.

Where is the Sub Registrar Office for Malai Koil Street located?

The Chengleput Joint II Sub Registrar Office is located at 10, Kancheepuram Main Road, Chengalpattu 603 002, Chengalpattu registration zone.