Guideline Value for MALAR AVENUE (WARD -1)

Malar Avenue (Ward -1) guideline value

The current guideline value of Malar Avenue (Ward -1) is Rs 880 per sq.ft, effective from 1 July 2024. This street is located in Potheri village and falls under the Chengleput Joint II SRO, classified as Residential Class I Type - II.

How the guideline value of Malar Avenue (Ward -1) has changed

The guideline value for Malar Avenue has seen several revisions over the years. In 2012, the value was set at Rs 800 per sq.ft. This figure remained unchanged until the 2017 revision, which saw a decrease to Rs 536 per sq.ft. However, the value rebounded significantly in the 2023 revision to Rs 800 per sq.ft, before increasing again to Rs 880 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

From 2017 to 2023, the guideline value rose by 49%. Overall, from 2012 to 2024, the change in guideline value is a modest increase of 10%. The register does not contain figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Potheri

Potheri village has a total of 129 streets under the Chengleput Joint II SRO, with guideline values ranging from Rs 440 to Rs 2,970 per sq.ft as of 2024. The median guideline value for the village is Rs 770 per sq.ft, placing Malar Avenue's 2024 figure above this median.

• Malaipuram Extention (Ward -1): Rs 770 per sq.ft (2024)
• Malai Mettu Street (Ward -1): Rs 770 per sq.ft (2024)
• Malaiadivaaram (Ward -1): Rs 770 per sq.ft (2024)
• Maragatham Nagar Vallancheri (Ward -1): Rs 770 per sq.ft (2024)
• Lancor Uds: Rs 1,980 per sq.ft (2024)
• Kumaran 2st Street (Ward-20): Rs 880 per sq.ft (2024)

Stamp duty and registration fee for property in Malar Avenue (Ward -1)

For a 1,000 sq.ft plot at the current guideline value of Rs 880 per sq.ft, the total guideline value amounts to Rs 8,80,000. The stamp duty, charged at 7%, would be Rs 61,600, while the registration fee at 2% would be Rs 17,600, bringing the total cost for these fees to Rs 79,200. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for precise calculations.

Which Sub Registrar Office covers Malar Avenue (Ward -1)?

The Sub Registrar Office covering Malar Avenue (Ward -1) 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 Potheri

The guideline value plays a crucial role in the registration process of property transactions in Potheri. It serves as a benchmark for determining the stamp duty and registration fees that must be paid when a property is bought or sold.

When registering a property, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the government receives the appropriate revenue from property transactions based on current market values.

Frequently asked questions

What is the current guideline value of Malar Avenue (Ward -1)?

The current guideline value of Malar Avenue (Ward -1) 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 800 per sq.ft in 2012 to Rs 536 per sq.ft in 2017, then back to Rs 800 per sq.ft in 2023, and finally to Rs 880 per sq.ft in 2024.

What is the land classification of Malar Avenue (Ward -1)?

Malar Avenue (Ward -1) is classified as Residential Class I Type - II.

Where can I find the Chengleput Joint II SRO?

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

How is stamp duty calculated for properties in Malar Avenue (Ward -1)?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 8,80,000, the stamp duty would be Rs 61,600 at 7%.