Guideline Value for Malar Avenue

Malar Avenue guideline value

The current guideline value of Malar Avenue in Neelamangalam village is Rs 500 per sq.ft, effective from the 2024 revision. This area falls under the Gooduvancheri SRO and is classified as Residential Class I Type - I.

How the guideline value of Malar Avenue has changed

The guideline value for Malar Avenue has undergone several revisions over the years. In 2007, the value was Rs 125 per sq.ft, which increased significantly to Rs 500 per sq.ft in 2012, marking a 300% rise. However, this value remained unchanged until the next revision in 2017, where it increased to Rs 335 per sq.ft, reflecting a decrease of 33% from the previous figure.

From 2017 to 2023, the guideline value rose to Rs 500 per sq.ft, representing a 49% increase. The most recent revision in 2024 again set the value at Rs 500 per sq.ft, showing no change from the previous year. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Neelamangalam

In Neelamangalam, there are 41 streets under the Gooduvancheri SRO that carry a 2024 guideline value ranging from Rs 400 to Rs 2,000 per sq.ft, with a median value of Rs 600 per sq.ft. Malar Avenue's 2024 figure is below this median.

• Madhan Square: Rs 500 per sq.ft (2024)
• Metro Square: Rs 600 per sq.ft (2024)
• Mupathamman Nagar: Rs 600 per sq.ft (2024)
• Kkr Nagar: Rs 900 per sq.ft (2024)
• Kesavan Garden: Rs 1,300 per sq.ft (2024)
• K.C.R. Nagar Phase -II: Rs 1,344 per sq.ft (2024)

Stamp duty and registration fee for property in Malar Avenue

For a 1,000 sq.ft plot at the current rate of Rs 500 per sq.ft, the guideline value amounts to Rs 5,00,000. The stamp duty at 7% would be Rs 35,000, and the registration fee at 2% would be Rs 10,000, totaling Rs 45,000. It is important to note that duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Malar Avenue?

The Sub Registrar Office that covers Malar Avenue is the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone. You can find your SRO for further assistance.

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

The guideline value plays a crucial role when buying or selling property in Neelamangalam. It is used to determine the stamp duty and registration fees that need to be paid at the time of registration. Buyers and sellers should be aware that the guideline value may influence the overall transaction costs associated with property transfers.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Malar Avenue?

The current guideline value of Malar Avenue is Rs 500 per sq.ft, effective from the 2024 revision.

How has the guideline value changed over the years?

The guideline value has changed from Rs 125 per sq.ft in 2007 to Rs 500 per sq.ft in 2012, then to Rs 335 per sq.ft in 2017, and back to Rs 500 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 can I find the Gooduvancheri Sub Registrar Office?

The Gooduvancheri Sub Registrar Office is located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone.

How is the stamp duty calculated for properties in Malar Avenue?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 5,00,000, the stamp duty would be Rs 35,000 at a rate of 7%.