Guideline Value for MALAR COLONY

Malar Colony guideline value

The current guideline value of Malar Colony, located in Villivakkam village under the Villivakkam SRO, is Rs 13,200 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - I.

How the guideline value of Malar Colony has changed

Over the years, the guideline value of Malar Colony has seen significant changes. The earliest recorded figure is from 2002, with a guideline value of Rs 1,250 per sq.ft. This value increased to Rs 1,425 per sq.ft in 2003, marking a 14% rise. By 2007, the value surged to Rs 1,750 per sq.ft, reflecting a 23% increase. The next revision in 2012 saw a drop to Rs 12,000 per sq.ft, a decrease of 33%. However, the value rose dramatically to Rs 8,040 per sq.ft in 2017, which was a 49% increase. The most recent revisions show the guideline value at Rs 12,000 per sq.ft in 2023, and it has now increased to Rs 13,200 per sq.ft in 2024, a 10% rise.

There are no figures available for the revisions in the years not mentioned in the register. The overall change from the 2002 figure to the current 2024 figure represents an increase of 956%.

Guideline values in Villivakkam

In Villivakkam, there are 372 streets under the Villivakkam SRO that carry a 2024 guideline value ranging from Rs 1,600 to Rs 13,200 per sq.ft. The median guideline value for the area is Rs 4,900 per sq.ft, placing Malar Colony's 2024 figure above this median.

• Majestic Apartments: Rs 13,200 per sq.ft (2024)
• Madras Thiruvalloure High Road(M.T.H.Road): Rs 8,200 per sq.ft (2024)
• Lakshmi Street (Near Agathiyar Nagar): Rs 3,300 per sq.ft (2024)
• Lakshmi Street: Rs 3,300 per sq.ft (2024)
• Lakshmipuram N.R.N.Street: Rs 3,300 per sq.ft (2024)
• Lakshmipuram Lane: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Malar Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 13,200 per sq.ft, the total guideline value amounts to Rs 1,32,00,000. The stamp duty at 7% would be Rs 9,24,000, and the registration fee at 2% would be Rs 2,64,000, bringing the total fees to Rs 11,88,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Malar Colony?

The Sub Registrar Office that covers Malar Colony is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for further assistance.

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

The guideline value is a crucial factor during the registration of property transactions in Villivakkam. It serves as the basis for calculating stamp duty and registration fees, ensuring that these charges are proportionate to the value of the property being transferred.

When buying or selling property, the guideline value helps determine the legal obligations regarding fees and taxes. It is essential for buyers and sellers to be aware of the current guideline value to ensure compliance with local regulations during the registration process.

Frequently asked questions

What is the current guideline value of Malar Colony?

The current guideline value of Malar Colony is Rs 13,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased significantly from Rs 1,250 per sq.ft in 2002 to Rs 13,200 per sq.ft in 2024, reflecting a total increase of 956% over this period.

What is the land classification of Malar Colony?

Malar Colony is classified as Residential Class I Type - I, which indicates its suitability for residential development.

Where can I find the Villivakkam Sub Registrar Office?

The Villivakkam Sub Registrar Office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.

How is stamp duty calculated in Malar Colony?

Stamp duty in Malar Colony is calculated based on the guideline value or the sale price, whichever is higher. For example, on a property valued at Rs 1,32,00,000, the stamp duty would be Rs 9,24,000 at a rate of 7%.