Guideline Value for Malliga Garden 1St Street (Ward-07)

Malliga Garden 1St Street (Ward-07) guideline value

The current guideline value of Malliga Garden 1St Street (Ward-07) is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village and falls under the Madhavaram SRO, classified as Residential Class I Type - I.

How the guideline value of Malliga Garden 1St Street (Ward-07) has changed

The guideline value for Malliga Garden 1St Street has seen several revisions over the years. In 2012, the guideline value was set at Rs 2,000 per sq.ft, which then decreased to Rs 1,340 per sq.ft in 2017. Following this, the value increased significantly to Rs 2,000 per sq.ft in 2023, and further rose to Rs 2,200 per sq.ft in 2024, marking a 10% increase from the previous year. Notably, there are no figures available for the revisions in 2002, 2003, and 2007.

From 2012 to 2017, the guideline value decreased by 33%, but from 2017 to 2023, it increased by 49%. Overall, from 2012 to 2024, the guideline value has risen by 10%.

Guideline values in Madhavaram

In Madhavaram, there are a total of 1,946 streets under the Madhavaram SRO, with 2024 guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median value for these streets is Rs 1,600 per sq.ft, positioning Malliga Garden 1St Street's 2024 guideline value above this median.

• Malliga Avenue: Rs 2,700 per sq.ft (2024)
• Malliga Garden (Ward-07): Rs 2,200 per sq.ft (2024)
• Mallika Garden: Rs 2,200 per sq.ft (2024)
• Manavalan Avenue (Ponniamman Medu): Rs 1,300 per sq.ft (2024)
• Manavalan Nagar , Ponniammanmedu (Ward-23): Rs 1,300 per sq.ft (2024)
• Majestic Colony, Ponniammanmedu (Ward-24): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Malliga Garden 1St Street (Ward-07)

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, totaling 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 Malliga Garden 1St Street (Ward-07)?

The Sub Registrar Office that covers Malliga Garden 1St Street (Ward-07) 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 Madhavaram

The guideline value is crucial during property registration in Madhavaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is documented accurately and fairly.

When buying or selling property, the guideline value helps in calculating the applicable stamp duty and registration fees, which are essential components of the registration process. This ensures transparency and compliance with local regulations.

Frequently asked questions

What is the current guideline value of Malliga Garden 1St Street (Ward-07)?

The current guideline value of Malliga Garden 1St Street (Ward-07) 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 increased 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 for Malliga Garden 1St Street?

Malliga Garden 1St Street is classified as Residential Class I Type - I, indicating its suitability for residential purposes.

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

For a property valued at 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, totaling Rs 1,98,000.

Where is the Madhavaram Sub Registrar Office located?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles registrations for properties in the area.