Guideline Value for Malar Avenue

Malar Avenue guideline value

The current guideline value of Malar Avenue, located in Thirumani village under the Chengleput Joint I SRO, is Rs 400 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - I.

How the guideline value of Malar Avenue has changed

The guideline value for Malar Avenue has seen several revisions over the years. The 2017 revision set the value at Rs 268 per sq.ft. This figure remained unchanged through the 2023 revision, which also recorded a value of Rs 400 per sq.ft. The most recent revision in 2024 again confirmed the guideline value at Rs 400 per sq.ft, indicating no change from the previous year.

Between the 2017 and 2023 revisions, there was a significant increase of 49%. Overall, from the 2017 revision to the 2024 revision, the guideline value has also increased by 49%. The register does not have figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Thirumani

In Thirumani, there are seven streets under the Chengleput Joint I SRO that carry a 2024 guideline value, ranging from Rs 400 to Rs 601 per sq.ft. The median guideline value for these streets is Rs 500 per sq.ft, placing Malar Avenue's 2024 figure below that median.

• Krishnamurthi Nagar: Rs 601 per sq.ft (2024)
• PTN EnClave: Rs 500 per sq.ft (2024)
• SathyaGiraganagar: Rs 601 per sq.ft (2024)
• Annai Sathya Nagar: Rs 500 per sq.ft (2024)
• Sri Sai Garden: Rs 601 per sq.ft (2024)
• Thirumalai Nagar: Rs 400 per sq.ft (2024)

Stamp duty and registration fee for property in Malar Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 400 per sq.ft, the total guideline value would be Rs 4,00,000. The stamp duty, charged at 7%, amounts to Rs 28,000, while the registration fee at 2% is Rs 8,000. Thus, the total cost for stamp duty and registration fees would be Rs 36,000. It is important to note that duty is charged on the higher of the guideline value or the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Malar Avenue?

Malar Avenue falls under the jurisdiction of the Chengleput Joint I Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, within the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a key factor in the registration process when buying or selling property in Thirumani. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is sold, the guideline value ensures that the transaction is recorded at a fair value, which is crucial for legal and tax purposes. Buyers and sellers should be aware of the guideline value to ensure compliance with local regulations during the registration process.

Frequently asked questions

What is the current guideline value of Malar Avenue?

The current guideline value of Malar Avenue is Rs 400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained at Rs 400 per sq.ft from 2023 to 2024, with a significant increase of 49% from Rs 268 per sq.ft in 2017 to Rs 400 per sq.ft in 2023 and 2024.

What is the land classification of Malar Avenue?

Malar Avenue is classified as Residential Class I Type - I, indicating its suitability for residential development.

Where is the Chengleput Joint I SRO located?

The Chengleput Joint I Sub Registrar Office is located at 10, Kancheepuram Main Road, Chengalpattu 603 002, in the Chengalpattu registration zone.

How is stamp duty calculated for properties in Malar Avenue?

Stamp duty for properties in Malar Avenue is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at Rs 400 per sq.ft incurs a stamp duty of Rs 28,000.