Guideline Value for Malladi Garden 1st Street

Malladi Garden 1st Street guideline value

The current guideline value of Malladi Garden 1st Street is Rs 1,600 per sq.ft, effective from 1 July 2024. This street is located in Madambakkam village under the Selaiyur SRO and is classified as Residential Class II Type - I.

How the guideline value of Malladi Garden 1st Street has changed

The guideline value for Malladi Garden 1st Street has seen several revisions over the years. The most recent revision in 2024 set the value at Rs 1,600 per sq.ft, an increase of 7% from Rs 1,500 per sq.ft in 2023. Prior to that, the value was Rs 1,005 per sq.ft in 2017, reflecting a significant increase of 49% over the six years. The 2012 revision also recorded a value of Rs 1,500 per sq.ft, which was a decrease of 33% from the 2017 figure. There are no figures available for the revisions in 2002, 2003, and 2007 for this street.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 7%. This indicates a stabilization in the values over the years, particularly given the fluctuations seen in the earlier revisions.

Guideline values in Madambakkam

In Madambakkam, there are 1,151 streets under the Selaiyur SRO with a 2024 guideline value ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median value for these streets is Rs 2,400 per sq.ft, placing Malladi Garden 1st Street's 2024 figure below this median.

• Malladi Garden Main Road: Rs 1,600 per sq.ft (2024)
• Malladi Garden Street: Rs 1,600 per sq.ft (2024)
• Malleeswari Nagar: Rs 2,750 per sq.ft (2024)
• Malleeswari Nagar 1st Cross Street: Rs 2,750 per sq.ft (2024)
• Malleeswari Nagar 1st Main Road: Rs 2,750 per sq.ft (2024)
• Malleeswari Nagar 1st Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Malladi Garden 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value would be Rs 16,00,000. The stamp duty at 7% would be Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, bringing the total to Rs 1,44,000. 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 further calculations.

Which Sub Registrar Office covers Malladi Garden 1st Street?

The Sub Registrar Office that covers Malladi Garden 1st Street 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. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Madambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duty and registration fees.

When buying or selling property, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable stamp duty. This means that buyers should be aware of the guideline values in their area to understand the financial implications of their property transactions.

Frequently asked questions

What is the current guideline value of Malladi Garden 1st Street?

The current guideline value of Malladi Garden 1st Street is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2023 to Rs 1,600 per sq.ft in 2024, an increase of 7%. It was Rs 1,005 per sq.ft in 2017 and Rs 1,500 per sq.ft in 2012, showing fluctuations over the years.

What is the land classification of Malladi Garden 1st Street?

Malladi Garden 1st Street is classified as Residential Class II Type - I, which indicates its suitability for residential development.

What are the stamp duty and registration fees for property transactions?

The stamp duty is charged at 7% of the higher value between the guideline value and the sale price, while the registration fee is 2%. For example, for a 1,000 sq.ft plot at the current guideline value, the total stamp duty and registration fees would be Rs 1,44,000.

Where is the Selaiyur Sub Registrar Office located?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp to Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone.