Guideline Value for Maleeshwari Nagar

Maleeshwari Nagar guideline value

The current guideline value of Maleeshwari Nagar, located in Erukancherry village under the Madhavaram SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class IV Type - I.

How the guideline value of Maleeshwari Nagar has changed

Since the 2012 revision, the guideline value for Maleeshwari Nagar has seen several changes. In 2012, the guideline value was set at Rs 2,000 per sq.ft. This figure decreased to Rs 1,340 per sq.ft in 2017, reflecting a decline of 33%. However, from 2017 to 2023, there was a significant increase of 49%, bringing the value back up to Rs 2,000 per sq.ft. The most recent revision in 2024 raised the guideline value to Rs 2,200 per sq.ft, marking a 10% increase from the previous year, 2023.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Erukancherry

In Erukancherry, there are 376 streets under the Madhavaram SRO, with guideline values for 2024 ranging from Rs 1,900 to Rs 3,800 per sq.ft. The median value for these streets is Rs 2,500 per sq.ft, positioning Maleeshwari Nagar's 2024 figure below that median.

• Manavalagar Street / Manavalan Street: Rs 2,200 per sq.ft (2024)
• Mahatma Gandhi 3rd Street: Rs 2,200 per sq.ft (2024)
• Mahatma Gandhi 2nd Street: Rs 2,200 per sq.ft (2024)
• Mahatma Gandhi 1st Street: Rs 2,200 per sq.ft (2024)
• Maraimalai Adigalar Street (Teacher Colony): Rs 2,200 per sq.ft (2024)
• Maraimalar Adigalar Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Maleeshwari Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total cost for these fees to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Maleeshwari Nagar?

The Sub Registrar Office covering Maleeshwari Nagar is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Erukancherry, as it determines the minimum value at which properties can be registered. When buying or selling property, this value is used to calculate the stamp duty and registration fees, ensuring that all transactions are conducted transparently and fairly.

Additionally, the guideline value serves as a reference point for both buyers and sellers, helping to facilitate negotiations and ensuring that all parties are aware of the property's assessed value during the registration process.

Frequently asked questions

What is the current guideline value of Maleeshwari Nagar?

The current guideline value of Maleeshwari Nagar is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then back to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What is the land classification of Maleeshwari Nagar?

Maleeshwari Nagar is classified as Residential Class IV Type - I.

What is the stamp duty rate for property transactions?

The stamp duty rate for property transactions in Maleeshwari Nagar is set at 7% of the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Maleeshwari Nagar?

The Sub Registrar Office for Maleeshwari Nagar is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.