Guideline Value for MALLIGAI STREET (SENTHAMIZH NAGAR)

Malligai Street (Senthamizh Nagar) guideline value

The current guideline value of Malligai Street (Senthamizh Nagar) is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Medavakkam village and falls under the Chennai South Joint I SRO. The land classification for this area is Commercial Class I Type - III.

How the guideline value of Malligai Street (Senthamizh Nagar) has changed

The guideline value for Malligai Street has undergone several revisions over the years. In 2012, the guideline value was Rs 2,500 per sq.ft. This figure decreased to Rs 1,675 per sq.ft in 2017, marking a decline of 33%. However, from 2017 to 2023, the value increased significantly to Rs 2,500 per sq.ft, reflecting a rise of 49%. The most recent revision in 2024 set the guideline value at Rs 2,750 per sq.ft, which is a 10% increase from the previous year.

It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for Malligai Street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Medavakkam

In Medavakkam village, there are 379 streets under the Chennai South Joint I SRO that have a 2024 guideline value ranging from Rs 1,540 to Rs 7,500 per sq.ft, with a median value of Rs 2,200 per sq.ft. The guideline value of Malligai Street (Senthamizh Nagar) is above this median.

• Mambakkam Main Road: Rs 4,400 per sq.ft (2024)
• Malles Ahaana: Rs 5,090 per sq.ft (2024)
• Mandaveli 1st Cross Street: Rs 2,200 per sq.ft (2024)
• Mandaveli 2nd Cross Street: Rs 2,200 per sq.ft (2024)
• Mandaveli Street: Rs 2,200 per sq.ft (2024)
• Magastic Phase I: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Malligai Street (Senthamizh Nagar)

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. Together, the total cost for stamp duty and registration fee would be Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for more accurate calculations.

Which Sub Registrar Office covers Malligai Street (Senthamizh Nagar)?

The Sub Registrar Office that covers Malligai Street (Senthamizh 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 Medavakkam

The guideline value plays a crucial role in property transactions in Medavakkam. When buying or selling property, the guideline value is used to determine the stamp duty and registration fees that need to be paid. This ensures that the transaction is recorded accurately and legally.

It is essential for buyers and sellers to be aware of the current guideline value, as it directly impacts the overall cost of the transaction. Understanding these values can help in making informed decisions during property dealings.

Frequently asked questions

What is the current guideline value of Malligai Street (Senthamizh Nagar)?

The current guideline value of Malligai Street (Senthamizh Nagar) 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 from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then increased to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,750 per sq.ft in 2024.

What is the land classification for Malligai Street (Senthamizh Nagar)?

The land classification for Malligai Street (Senthamizh Nagar) is Commercial Class I Type - III.

Where can I find the Sub Registrar Office for Malligai Street (Senthamizh Nagar)?

The Sub Registrar Office for Malligai Street (Senthamizh 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.

How is stamp duty calculated for properties in Malligai Street (Senthamizh Nagar)?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a 1,000 sq.ft plot at the guideline value of Rs 27,50,000, the stamp duty would be Rs 1,92,500 at 7%.