Guideline Value for Mailamani 2nd Street

Mailamani 2nd Street guideline value

The current guideline value of Mailamani 2nd Street is Rs 1,100 per sq.ft, effective from 1 July 2024. This street is located in Pozhichalur village, under the Pammal SRO, and is classified as Residential Class II Type - I.

How the guideline value of Mailamani 2nd Street has changed

The guideline value for Mailamani 2nd Street has undergone several revisions over the years. The oldest revision noted is from 2017, where the guideline value was Rs 670 per sq.ft. This figure increased to Rs 1,000 per sq.ft in 2023, marking a significant rise of 49%. In the latest revision of 2024, the guideline value has further increased to Rs 1,100 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from the 2017 revision to the current 2024 figure, the guideline value has increased by 64%. Notably, there are no recorded figures for Mailamani 2nd Street in the revisions from 2002, 2003, 2007, and 2012.

Guideline values in Pozhichalur

In Pozhichalur, there are 299 streets under the Pammal SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 4,500 per sq.ft. The median guideline value for these streets is Rs 1,320 per sq.ft, indicating that Mailamani 2nd Street's 2024 figure is below this median.

• Mailamani 1st Street: Rs 1,100 per sq.ft (2024)
• Mailamani 3rd Street: Rs 1,100 per sq.ft (2024)
• Mailai Guruji Street: Rs 1,100 per sq.ft (2024)
• Mahalakshmi Nagar: Rs 1,100 per sq.ft (2024)
• Malligai Street: Rs 1,100 per sq.ft (2024)
• Lingam Nagar: Rs 1,320 per sq.ft (2024)

Stamp duty and registration fee for property in Mailamani 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,100 per sq.ft, the total guideline value amounts to Rs 11,00,000. The stamp duty is charged at 7%, totaling Rs 77,000, while the registration fee is charged at 2%, amounting to Rs 22,000. Together, these fees sum up to Rs 99,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information on calculating these fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mailamani 2nd Street?

The Mailamani 2nd Street is covered by the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Pozhichalur. It serves as the basis for calculating the stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property transactions.

When a property is sold, the guideline value helps determine the minimum sale price for registration purposes. This means that if the sale price is lower than the guideline value, the stamp duty will be calculated based on the guideline value instead.

Frequently asked questions

What is the current guideline value of Mailamani 2nd Street?

The current guideline value of Mailamani 2nd Street is Rs 1,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 670 per sq.ft in 2017 to Rs 1,100 per sq.ft in 2024, marking an overall increase of 64% over this period.

What are the stamp duty and registration fees for a property in Mailamani 2nd Street?

For a 1,000 sq.ft plot valued at Rs 1,100 per sq.ft, the total guideline value is Rs 11,00,000. The stamp duty is Rs 77,000, and the registration fee is Rs 22,000, totaling Rs 99,000.

Which office handles registrations for Mailamani 2nd Street?

The Pammal Sub Registrar Office handles registrations for Mailamani 2nd Street, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075.

What is the significance of the guideline value in property transactions?

The guideline value is used to determine the stamp duty and registration fees during property transactions. It ensures that the fees are calculated fairly based on the property's value as determined by the government.