Guideline Value for MALAIAPPAN STREET

Malaiappan Street guideline value

The current guideline value of Malaiappan Street is Rs 8,200 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village, under the Mylapore SRO, and is classified as Residential Class IV Type - I.

How the guideline value of Malaiappan Street has changed

The guideline value for Malaiappan Street has seen significant changes over the years. The earliest recorded revision in the register is from 2002, with a value of Rs 959 per sq.ft. This figure increased to Rs 1,408 per sq.ft in 2003, marking a 47% rise. By 2007, the value jumped to Rs 1,540 per sq.ft, reflecting a 9% increase. The next revision in 2012 saw a notable increase to Rs 7,500 per sq.ft, which was a substantial 387% rise from the previous figure. However, in 2017, the value decreased to Rs 5,025 per sq.ft, indicating a 33% drop. The guideline value then rose to Rs 7,500 per sq.ft in 2023, followed by the latest revision in 2024, which set the value at Rs 8,200 per sq.ft, a 9% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 755%. There are no figures available for the years not mentioned in this article.

Guideline values in Mylapore

In Mylapore village, there are 883 streets under the Mylapore SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median value for these streets is Rs 8,800 per sq.ft, placing Malaiappan Street's 2024 figure below that median.

• Makkan Dharga Ground: Rs 3,300 per sq.ft (2024)
• Maleeswaran Koil Street: Rs 9,300 per sq.ft (2024)
• Mandaveli Lane: Rs 8,800 per sq.ft (2024)
• Mandaveli Street: Rs 8,800 per sq.ft (2024)
• Manickam Avenue: Rs 8,200 per sq.ft (2024)
• Mannkollai: Rs 7,700 per sq.ft (2024)

Stamp duty and registration fee for property in Malaiappan Street

For a 1,000 sq.ft plot at the current rate, the guideline value amounts to Rs 82,00,000. The stamp duty at 7% would be Rs 5,74,000, and the registration fee at 2% would be Rs 1,64,000, totaling Rs 7,38,000. 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 further calculations.

Which Sub Registrar Office covers Malaiappan Street?

The Sub Registrar Office that covers Malaiappan Street is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018. You can find your SRO for more information.

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

The guideline value plays a crucial role during property registration in Mylapore. 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 buying or selling property, the guideline value is referenced to calculate the applicable stamp duty and registration fees. Buyers must be aware that these fees are based on the higher of the guideline value or the actual sale price, which can impact the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Malaiappan Street?

The current guideline value of Malaiappan Street is Rs 8,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 959 per sq.ft in 2002 to Rs 8,200 per sq.ft in 2024, reflecting an overall increase of 755% over this period.

What is the stamp duty rate for property in Malaiappan Street?

The stamp duty rate for property in Malaiappan Street is 7% of the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Malaiappan Street located?

The Sub Registrar Office for Malaiappan Street is located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018.

What are the guideline values of other streets in Mylapore?

Other streets in Mylapore have varying guideline values, with rates ranging from Rs 3,300 to Rs 25,800 per sq.ft. For example, Maleeswaran Koil Street has a value of Rs 9,300 per sq.ft, while Makkan Dharga Ground is valued at Rs 3,300 per sq.ft.