Guideline Value for MALLIGAI AVENUE

Malligai Avenue guideline value

The current guideline value of Malligai Avenue is Rs 1,600 per sq.ft, effective from 1 July 2024. This street is located in Korattur village under the Villivakkam SRO and is classified as Residential Class III Type - III.

How the guideline value of Malligai Avenue has changed

The guideline value for Malligai Avenue has undergone several revisions since 2002. In 2002, the value was Rs 200 per sq.ft, which increased to Rs 375 per sq.ft in 2007, marking a significant rise of 88%. The value remained at Rs 1,500 per sq.ft in both 2012 and 2023, with no recorded figure for the years 2003 and 2017. The most recent revision in 2024 saw the guideline value increase to Rs 1,600 per sq.ft, reflecting a 7% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 700%. This substantial rise indicates the changes in property valuation over the years, with the highest increase recorded between 2007 and 2012 at 300%.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO, with guideline values ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median guideline value for these streets is Rs 2,500 per sq.ft, placing Malligai Avenue's current value below this median.

• Malar Nagar Mgr.Street: Rs 2,500 per sq.ft (2024)
• Mahalakshmi Nagar: Rs 1,600 per sq.ft (2024)
• Maduravoyal Service Road: Rs 2,900 per sq.ft (2024)
• Mariyamma Nagar: Rs 2,500 per sq.ft (2024)
• Mariyamman Koil Street: Rs 1,600 per sq.ft (2024)
• Maruthi Flats: Rs 2,900 per sq.ft (2024)

Stamp duty and registration fee for property in Malligai Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value amounts to Rs 16,00,000. The stamp duty at 7% would be Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, bringing the total cost for these fees to Rs 1,44,000. It is important to note that 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 more details.

Which Sub Registrar Office covers Malligai Avenue?

The Sub Registrar Office that covers Malligai Avenue is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for further assistance.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Korattur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring compliance with local regulations.

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees, which are mandatory for the legal transfer of ownership. Buyers and sellers should be aware of the current guideline value to accurately assess their transaction costs.

Frequently asked questions

What is the current guideline value of Malligai Avenue?

The current guideline value of Malligai Avenue is Rs 1,600 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 200 per sq.ft in 2002 to Rs 1,600 per sq.ft in 2024, marking an overall increase of 700% over the years.

What is the registration office for Malligai Avenue?

The registration office for Malligai Avenue is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

What are the stamp duty rates for properties in Malligai Avenue?

The stamp duty for properties in Malligai Avenue is charged at 7% of the guideline value or sale price, whichever is higher.

How can I calculate the registration fees for a property in Malligai Avenue?

You can calculate the registration fees for a property in Malligai Avenue using the stamp duty and registration fee calculator, which will provide you with the necessary details based on the current guideline value.