Guideline Value for MALLIGAI AVENUE

Malligai Avenue guideline value

The current guideline value of Malligai Avenue, located in Nerkundram village under the Virugambakkam SRO, is Rs 2,750 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class III Type - I land classification.

How the guideline value of Malligai Avenue has changed

The guideline value for Malligai Avenue has seen significant changes over the years. In 2002, the value was Rs 90 per sq.ft. This increased to Rs 100 per sq.ft in 2003, marking an 11% rise. The value then saw a substantial increase to Rs 300 per sq.ft in 2007, which was a 200% jump. Following this, the value rose dramatically to Rs 2,500 per sq.ft in 2012, reflecting a 733% increase.

From 2012 to 2017, the value decreased to Rs 1,675 per sq.ft, indicating a decline of 33%. The value then rose again to Rs 2,500 per sq.ft in 2023, which was a 49% increase. The most recent revision in 2024 has set the guideline value at Rs 2,750 per sq.ft, a 10% increase from the previous year.

Guideline values in Nerkundram

Nerkundram village has a total of 476 streets under the Virugambakkam SRO, with guideline values ranging from Rs 1,650 to Rs 6,600 per sq.ft in 2024. The median value for these streets is Rs 2,200 per sq.ft, placing Malligai Avenue's 2024 figure above that median.

• Mandaveli Main Road: Rs 2,200 per sq.ft (2024)
• Mandaveli Masoodi Street: Rs 2,200 per sq.ft (2024)
• Mandaveli Pillaiyar Koil 1st Cross Street: Rs 2,200 per sq.ft (2024)
• Mandaveli Pillaiyar Koil 1st Street: Rs 2,200 per sq.ft (2024)
• Mandaveli Pillaiyar Koil 2nd Street: Rs 2,200 per sq.ft (2024)
• Mandaveli Pillaiyar Koil 3rd Street: Rs 2,200 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 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, while the registration fee at 2% would be Rs 55,000, bringing the total cost to Rs 2,47,500. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can use our 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 Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is an essential factor in the registration process when buying or selling property in Nerkundram. It serves as a benchmark for determining the stamp duty and registration fees payable during the transaction.

When a property is registered, the guideline value is used to calculate the applicable duties, ensuring that both the buyer and seller comply with the legal requirements set by the Registration Department.

Frequently asked questions

What is the current guideline value of Malligai Avenue?

The current guideline value of Malligai Avenue is Rs 2,750 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 90 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, reflecting various increases and decreases over the years.

What is the registration fee for property in Malligai Avenue?

The registration fee for property in Malligai Avenue is 2% of the guideline value. For example, for a property valued at Rs 27,50,000, the registration fee would be Rs 55,000.

Which office handles property registration for Malligai Avenue?

The Virugambakkam Sub Registrar Office handles property registration for Malligai Avenue, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the impact of guideline value on property transactions?

The guideline value impacts property transactions as it determines the stamp duty and registration fees that must be paid during the registration process. This ensures compliance with legal requirements when buying or selling property.