Guideline Value for Malliga Nagar 1st Main Road

Malliga Nagar 1st Main Road guideline value

The current guideline value of Malliga Nagar 1st Main Road is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Tambaram village and falls under the Tambaram Joint 1 SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Malliga Nagar 1st Main Road has changed

The guideline value for Malliga Nagar 1st Main Road has seen several revisions over the years. The earliest recorded revision is from 2012, where the guideline value was Rs 3,000 per sq.ft. This figure remained unchanged until the 2017 revision, which saw a decrease to Rs 2,010 per sq.ft, a decline of 33%. However, the value increased significantly to Rs 3,000 per sq.ft in the 2023 revision, marking a 49% rise. The current revision in 2024 has further increased the guideline value to Rs 3,300 per sq.ft, representing a 10% increase from the previous year.

There are no recorded figures for the revisions in 2002, 2003, and 2007 for this street. Overall, comparing the 2012 and 2024 revisions, the guideline value has increased by 10% over this period.

Guideline values in Tambaram

In Tambaram, there are 360 streets under the Tambaram Joint 1 SRO that carry a 2024 guideline value ranging from Rs 880 to Rs 8,250 per sq.ft. The median guideline value is Rs 3,300 per sq.ft, which is equal to the current value of Malliga Nagar 1st Main Road.

• Malliga Nagar 2nd Main Road: Rs 3,300 per sq.ft (2024)
• Mangalapuram: Rs 2,200 per sq.ft (2024)
• Mangalapuram 1st St: Rs 2,200 per sq.ft (2024)
• Mangalapuram 2nd St: Rs 2,200 per sq.ft (2024)
• Manthoppu Street (Brindavan Avenue): Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Malliga Nagar 1st Main Road

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total cost together to Rs 2,97,000. 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 details.

Which Sub Registrar Office covers Malliga Nagar 1st Main Road?

The Sub Registrar Office that covers Malliga Nagar 1st Main Road is the Tambaram Joint 1 Sub Registrar Office, located at No.26, mes Road, East Tambaram, Chennai-600059, 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 Tambaram

The guideline value is a crucial factor in property transactions in Tambaram. It determines the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue in the form of stamp duty and registration fees. Buyers and sellers must consider this value when negotiating property prices.

When registering a property, the guideline value is used to calculate the applicable stamp duty and registration fees. The duty is charged based on the higher amount between the guideline value and the sale price, ensuring that the registration process is fair and transparent.

Frequently asked questions

What is the current guideline value of Malliga Nagar 1st Main Road?

The current guideline value of Malliga Nagar 1st Main Road is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,000 per sq.ft in 2023 to Rs 3,300 per sq.ft in 2024, a 10% increase. It was Rs 2,010 per sq.ft in 2017 and Rs 3,000 per sq.ft in 2012.

What is the land classification for Malliga Nagar 1st Main Road?

The land classification for Malliga Nagar 1st Main Road is Residential Class I Type - I.

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

The stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, and the registration fee is 2%. For example, a property valued at Rs 33,00,000 would incur a stamp duty of Rs 2,31,000 and a registration fee of Rs 66,000.

Which office handles property registrations in Tambaram?

The Tambaram Joint 1 Sub Registrar Office handles property registrations for Malliga Nagar 1st Main Road, located at No.26, mes Road, East Tambaram, Chennai-600059.