Guideline Value for Malick Street

Malick Street guideline value

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

How the guideline value of Malick Street has changed

The guideline value for Malick Street has undergone several revisions over the years. In 2003, the guideline value was Rs 684 per sq.ft, which increased to Rs 1,000 per sq.ft in 2007, marking a significant rise of 46%. The value remained unchanged at Rs 2,500 per sq.ft from 2012 until 2023. The 2023 revision saw the value increase to Rs 2,500 per sq.ft, and subsequently, in 2024, it rose to Rs 2,750 per sq.ft, reflecting a 10% increase.

Notably, there are no figures available for Malick Street in the 2017 and 2002 revisions. Overall, from 2003 to 2024, the guideline value has increased by 302%.

Guideline values in Zaminpallavaram

Zaminpallavaram has a total of 638 streets under the Pallavaram SRO, with guideline values ranging from Rs 2,100 to Rs 11,000 per sq.ft. The median guideline value for these streets is Rs 3,300 per sq.ft, placing Malick Street's 2024 value below this median.

• Malanganathapuram 9th Street: Rs 3,300 per sq.ft (2024)
• Malanganandapuram 8th Street: Rs 3,300 per sq.ft (2024)
• Malanganandapuram 7th Street: Rs 3,300 per sq.ft (2024)
• Malanganandapuram 6th Street: Rs 3,300 per sq.ft (2024)
• Malanganandapuram 5th Street: Rs 3,300 per sq.ft (2024)
• Malanganandapuram 4th Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Malick Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value is 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, making the total cost for these charges Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Malick Street?

The Sub Registrar Office that covers Malick Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Zaminpallavaram. It serves as a benchmark for determining the minimum value at which property transactions must be registered, ensuring transparency and fairness in property dealings.

When a property is sold, the guideline value helps establish the applicable stamp duty and registration fees. These charges are calculated based on the guideline value or the sale price, whichever is higher, ensuring that the government receives due revenue from property transactions.

Frequently asked questions

What is the current guideline value of Malick Street?

The current guideline value of Malick Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Over the years, the guideline value has seen several revisions, with the most recent increase from Rs 2,500 per sq.ft in 2023 to Rs 2,750 per sq.ft in 2024. The overall increase from 2003 to 2024 is 302%.

What is the land classification of Malick Street?

Malick Street is classified as Residential Class II Type - I. This classification determines the type of development allowed in the area.

What are the stamp duty and registration fees for property in Malick Street?

The stamp duty for a property on Malick Street is 7%, and the registration fee is 2%. For example, for a 1,000 sq.ft plot valued at Rs 27,50,000, the total charges would be Rs 2,47,500.

Which office handles property registrations for Malick Street?

The Pallavaram Sub Registrar Office handles property registrations for Malick Street. It is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone.