Guideline Value for Malliga Nagar 1st Street

Malliga Nagar 1st Street guideline value

The current guideline value of Malliga Nagar 1st Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Issa Pallavaram village, under the Pallavaram SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Malliga Nagar 1st Street has changed

The guideline value for Malliga Nagar 1st Street has undergone several revisions over the years. In 2003, the guideline value was Rs 212 per sq.ft. This increased to Rs 400 per sq.ft in 2007, marking a significant rise of 89%. The value then surged dramatically to Rs 3,500 per sq.ft in 2012, reflecting an increase of 775%. However, it decreased to Rs 2,345 per sq.ft in 2017, a drop of 33%. The value saw a substantial increase to Rs 3,500 per sq.ft in 2023, followed by a further rise to Rs 3,850 per sq.ft in 2024, which is a 10% increase from the previous year. The register has no figure for this street in 2002.

Guideline values in Issa Pallavaram

In Issa Pallavaram, there are 110 streets under the Pallavaram SRO with a 2024 guideline value ranging from Rs 2,200 to Rs 11,000 per sq.ft. The median value is Rs 3,300 per sq.ft, placing Malliga Nagar 1st Street's 2024 figure above this median.

• Malliga Nagar 2nd & 3rd Street: Rs 3,850 per sq.ft (2024)
• Malliga Nagar 4th Street: Rs 3,850 per sq.ft (2024)
• Mariamman Koil 2nd Cross St.: Rs 2,200 per sq.ft (2024)
• Marriyamman Cross Street: Rs 3,300 per sq.ft (2024)
• Marriyamman Koil Street: Rs 3,850 per sq.ft (2024)
• Kumaraswamy Street: Rs 3,300 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current rate of Rs 3,850 per sq.ft, the guideline value amounts to Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, totaling Rs 3,46,500. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Malliga Nagar 1st Street?

The Sub Registrar Office that covers Malliga Nagar 1st 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 further assistance.

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

The guideline value plays a crucial role in property transactions in Issa Pallavaram. It is used to determine the stamp duty and registration fees payable when a property is bought or sold. The guideline value is essential for ensuring that the correct taxes are paid during the registration process.

When a property is registered, the guideline value serves as a benchmark to assess the transaction. Buyers and sellers must be aware of the guideline value to understand their financial obligations and ensure compliance with local regulations.

Frequently asked questions

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

The current guideline value of Malliga Nagar 1st Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 212 per sq.ft in 2003 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 1,716% over the years.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 38,50,000, the stamp duty would be Rs 2,69,500, and the registration fee would be Rs 77,000, totaling Rs 3,46,500.

Which Sub Registrar Office handles transactions for Malliga Nagar 1st Street?

The Pallavaram Sub Registrar Office handles transactions for Malliga Nagar 1st Street, located at 7th Main Road, New Colony, Chromepet, Chennai-600044.

What is the land classification for Malliga Nagar 1st Street?

The land classification for Malliga Nagar 1st Street is Residential Class I Type - I, indicating its designation for residential use.