Guideline Value for MALLEGESWARAR NAGAR

Mallegeswarar Nagar guideline value

The current guideline value of Mallegeswarar Nagar is Rs 1,650 per sq.ft, effective from 1 July 2024. This area is located in Pallikaranai village and falls under the Chennai South Joint I SRO. The land classification is Residential Class IV Type - I.

How the guideline value of Mallegeswarar Nagar has changed

The guideline value for Mallegeswarar Nagar has undergone several revisions over the years. Starting from Rs 104 per sq.ft in 2002, it increased to Rs 123 per sq.ft in 2003, marking an 18% change. The value then saw a significant rise to Rs 400 per sq.ft in 2007, which was a 225% increase from the previous revision. By 2012, the guideline value reached Rs 1,500 per sq.ft, reflecting a 275% increase from 2007.

In the latest revision of 2024, the guideline value stands at Rs 1,650 per sq.ft, representing a 10% increase from 2012. Overall, from 2002 to 2024, the guideline value has increased by 1,487%. It is important to note that the register has no figures for the years 2017 and 2023 for this street.

Guideline values in Pallikaranai

Pallikaranai village has a total of 749 streets under the Chennai South Joint I SRO, with 2024 guideline values ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median guideline value is Rs 1,650 per sq.ft, which is equal to the current value of Mallegeswarar Nagar.

• Mallegaswaran Street: Rs 1,650 per sq.ft (2024)
• Mallegeswarar Nagar Extn.: Rs 1,650 per sq.ft (2024)
• Manickavasakar Street: Rs 1,650 per sq.ft (2024)
• Manikavasagar 1st Cross Street: Rs 1,650 per sq.ft (2024)
• Manimegalai 1st Street: Rs 1,650 per sq.ft (2024)
• Manimegalai 2nd Cross Street: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Mallegeswarar Nagar

For a 1,000 sq.ft plot at the current rate, the guideline value is Rs 16,50,000. The stamp duty at 7% amounts to Rs 1,15,500, and the registration fee at 2% is Rs 33,000, totaling Rs 1,48,500. Duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Mallegeswarar Nagar?

The Sub Registrar Office that covers Mallegeswarar Nagar is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Pallikaranai. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid, ensuring that the property is valued appropriately during the transaction.

When a property is registered, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the government receives the correct revenue based on the property's value.

Frequently asked questions

What is the current guideline value of Mallegeswarar Nagar?

The current guideline value of Mallegeswarar Nagar 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 significantly from Rs 104 per sq.ft in 2002 to Rs 1,650 per sq.ft in 2024, marking an overall increase of 1,487% over the years.

What are the other streets in Pallikaranai with the same guideline value?

Several other streets in Pallikaranai also have a guideline value of Rs 1,650 per sq.ft in 2024, including Mallegaswaran Street, Mallegeswarar Nagar Extn., and Manickavasakar Street, among others.

Where can I find the Sub Registrar Office for Mallegeswarar Nagar?

The Sub Registrar Office for Mallegeswarar Nagar is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

How is the stamp duty calculated for properties in Mallegeswarar Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 16,50,000 would incur a stamp duty of Rs 1,15,500 at 7%.