Guideline Value for Malai Street

Malai Street guideline value

The current guideline value of Malai Street in Parangimalai village is Rs 2,750 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint II SRO and is classified as Residential Class III Type - I.

How the guideline value of Malai Street has changed

The guideline value for Malai Street has undergone several revisions over the years. In 2002, the value was Rs 170 per sq.ft, which increased to Rs 213 per sq.ft in 2003. Following this, the value saw a significant rise to Rs 750 per sq.ft in 2007, and then it further increased to Rs 2,500 per sq.ft in 2012. However, it decreased to Rs 1,675 per sq.ft in 2017 before rising again to Rs 2,500 per sq.ft in 2023. The latest revision in 2024 set the guideline value at Rs 2,750 per sq.ft, marking a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1518%. The changes between the revisions include a 49% increase from 2017 to 2023, a 33% decrease from 2012 to 2017, a 233% increase from 2007 to 2012, a 252% increase from 2003 to 2007, and a 25% increase from 2002 to 2003. The register has no figures for the years not mentioned above.

Guideline values in Parangimalai

In Parangimalai, there are 233 streets under the Chennai South Joint II SRO carrying a 2024 guideline value ranging from Rs 2,750 to Rs 11,000 per sq.ft, with a median value of Rs 3,850 per sq.ft. The guideline value for Malai Street is below this median.

• Mandi Street: Rs 2,750 per sq.ft (2024)
• Mangaliamman Koil Street: Rs 3,300 per sq.ft (2024)
• Mahajun Road: Rs 3,850 per sq.ft (2024)
• Maduvakanrai 5th Street: Rs 3,850 per sq.ft (2024)
• Maduvakanrai 4th Street: Rs 3,850 per sq.ft (2024)
• Maduvakanrai 4th Cross Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Malai Street

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, and 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 the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Malai Street?

The Sub Registrar Office that covers Malai Street is the Chennai South Joint II 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 further assistance.

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

The guideline value is a crucial factor during the registration of property transactions in Parangimalai. It serves as a reference point for determining the stamp duty and registration fees that need to be paid when a property is bought or sold. Buyers and sellers should be aware of the guideline value to ensure compliance with legal requirements during the registration process.

When a property is registered, the guideline value is used to calculate the applicable taxes and fees. This ensures that the transaction is officially recorded and that the appropriate government dues are collected. Understanding the guideline value helps in making informed decisions during property transactions in the area.

Frequently asked questions

What is the current guideline value of Malai Street?

The current guideline value of Malai Street 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 170 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of 1518% over this period.

What is the land classification of Malai Street?

Malai Street is classified as Residential Class III Type - I under the Chennai South Joint II SRO.

Where is the Sub Registrar Office for Malai Street located?

The Sub Registrar Office for Malai Street is 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 Malai Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current guideline value, the total stamp duty would be Rs 1,92,500.