Guideline Value for Malavika Avenue

Malavika Avenue guideline value

The current guideline value of Malavika Avenue is Rs 2,400 per sq.ft, effective from 1 July 2024. This street is located in Selaiyur village under the Selaiyur SRO and is classified as Residential Special Type - II.

How the guideline value of Malavika Avenue has changed

The guideline value for Malavika Avenue has seen several revisions over the years. In the 2007 revision, the guideline value was Rs 600 per sq.ft, which increased significantly to Rs 2,200 per sq.ft in the 2012 revision. However, this figure decreased to Rs 1,474 per sq.ft in the 2017 revision, marking a decline of 33%. The value then rose sharply to Rs 2,200 per sq.ft in the 2023 revision, before reaching the current rate of Rs 2,400 per sq.ft in the 2024 revision, reflecting a 9% increase.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 300%. The register does not contain figures for the years 2002 and 2003 for this street.

Guideline values in Selaiyur

Selaiyur village has a total of 478 streets under the Selaiyur SRO, with guideline values ranging from Rs 850 to Rs 6,500 per sq.ft. The median guideline value for these streets is Rs 2,200 per sq.ft, and Malavika Avenue's current figure of Rs 2,400 per sq.ft is above this median.

• Malavika Avenue Extention: Rs 2,400 per sq.ft (2024)
• Mangaiyarkarasi Street: Rs 2,400 per sq.ft (2024)
• Manickam Avenue: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Street: Rs 3,750 per sq.ft (2024)
• Manickam Street: Rs 850 per sq.ft (2024)
• Manickavasakar Street: Rs 1,100 per sq.ft (2024)

Stamp duty and registration fee for property in Malavika Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 2,400 per sq.ft, the total guideline value amounts to Rs 24,00,000. The stamp duty, charged at 7%, would be Rs 1,68,000, and the registration fee at 2% would be Rs 48,000, bringing the total cost for these fees to Rs 2,16,000. It is important to note that the 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 detailed calculations.

Which Sub Registrar Office covers Malavika Avenue?

The Sub Registrar Office covering Malavika Avenue is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. To find your specific SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in the registration process for property transactions in Selaiyur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is documented at a fair value.

When buying or selling property, the guideline value influences the stamp duty and registration fees that must be paid. Buyers should be aware that these fees are calculated based on the higher of the guideline value or the sale price, which can significantly impact the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Malavika Avenue?

The current guideline value of Malavika Avenue is Rs 2,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 600 per sq.ft in 2007 to Rs 2,400 per sq.ft in 2024, marking an overall increase of 300% over this period.

What are the stamp duty and registration fees for property in Malavika Avenue?

The stamp duty is charged at 7%, and the registration fee is charged at 2% of the guideline value or sale price, whichever is higher. For a 1,000 sq.ft plot, the total fees would amount to Rs 2,16,000.

Which Sub Registrar Office covers Malavika Avenue?

The Selaiyur Sub Registrar Office covers Malavika Avenue, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.

What is the land classification for Malavika Avenue?

Malavika Avenue is classified as Residential Special Type - II, indicating its suitability for residential development.