Guideline Value for MALAI STREET

Malai Street guideline value

The current guideline value of Malai Street in Chengalpattu Natham village is Rs 1,650 per sq.ft, effective from 1 July 2024. This street falls under the Chengleput Joint II SRO and is classified as Residential Class I Type - I.

How the guideline value of Malai Street has changed

The guideline value for Malai Street has seen several revisions over the years. The 2012 revision set the value at Rs 1,500 per sq.ft, which remained unchanged until the 2017 revision, where it dropped to Rs 1,005 per sq.ft. This was a decrease of 33%. The value then increased significantly to Rs 1,500 per sq.ft in the 2023 revision, marking a 49% increase. The most recent 2024 revision has further raised the guideline value to Rs 1,650 per sq.ft, reflecting 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 for Malai Street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Chengalpattu Natham

In Chengalpattu Natham, there are 88 streets under the Chengleput Joint II SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 5,500 per sq.ft, with a median value of Rs 2,200 per sq.ft. Malai Street's 2024 figure is below this median value.

• Malai Street Veerapathinar Street: Rs 1,650 per sq.ft (2024)
• Malaimedu Ward -4: Rs 1,650 per sq.ft (2024)
• Masuthi Malai Street: Rs 1,100 per sq.ft (2024)
• Kuppusamy Naidu Street(Valayalkara Street): Rs 2,750 per sq.ft (2024)
• Mohammadhiar School Road Ward- 4: Rs 2,200 per sq.ft (2024)
• Kolunthuyamman Kovil Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Malai Street

For a 1,000 sq.ft plot at the current rate of Rs 1,650 per sq.ft, the guideline value amounts to Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total to Rs 1,48,500. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use this stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Malai Street?

The Sub Registrar Office that covers Malai 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 more information.

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

The guideline value is a crucial factor during property registration in Chengalpattu Natham. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When buying or selling property, it is essential to be aware of the guideline value as it affects the overall costs involved in the transaction. Buyers should ensure that the sale price is not lower than the guideline value to avoid complications during registration.

Frequently asked questions

What is the current guideline value of Malai Street?

The current guideline value of Malai Street is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,650 per sq.ft in 2024.

What is the land classification of Malai Street?

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

What are the stamp duty and registration fees for a property in Malai Street?

For a property valued at Rs 16,50,000, the stamp duty would be Rs 1,15,500 and the registration fee would be Rs 33,000, totaling Rs 1,48,500.

Which office handles the registration for Malai Street?

The Chengleput Joint II Sub Registrar Office handles the registration for Malai Street, located at 10, Kancheepuram Main Road, Chengalpattu 603 002.