Guideline Value for Malliga Nagar 2nd &3rd Street

Malliga Nagar 2nd &3rd Street guideline value

The current guideline value for Malliga Nagar 2nd &3rd Street in Issa Pallavaram village is Rs 3,850 per sq.ft, effective from 1 July 2024. This property falls under the Pallavaram SRO and is classified as Residential Class I Type - I.

How the guideline value of Malliga Nagar 2nd &3rd Street has changed

The guideline value for Malliga Nagar 2nd &3rd Street has seen several revisions over the years. The earliest recorded revision was in 2003, with a guideline value of Rs 212 per sq.ft. This increased to Rs 400 per sq.ft in 2007, marking a significant rise of 89%. In 2012, the value remained the same at Rs 3,500 per sq.ft, but then dropped to Rs 2,345 per sq.ft in 2017, which was a decrease of 33%. The value then increased to Rs 3,500 per sq.ft in 2023, followed by the latest revision in 2024, which set the value at Rs 3,850 per sq.ft, reflecting a 10% increase from the previous year.

From 2003 to 2024, the overall change in guideline value for Malliga Nagar 2nd &3rd Street is an increase of 1716%. The register has no figure for the year 2002 for this street.

Guideline values in Issa Pallavaram

In Issa Pallavaram, there are 110 streets under the Pallavaram SRO that have a 2024 guideline value ranging from Rs 2,200 to Rs 11,000 per sq.ft, with a median value of Rs 3,300 per sq.ft. The guideline value for Malliga Nagar 2nd &3rd Street is above this median.

• Malliga Nagar 1st 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 2nd &3rd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total to Rs 3,46,500. 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 information.

Which Sub Registrar Office covers Malliga Nagar 2nd &3rd Street?

The Sub Registrar Office that covers Malliga Nagar 2nd &3rd 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 Issa Pallavaram

The guideline value is a crucial factor in the registration process when buying or selling property in Issa Pallavaram. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the registration reflects the true value of the property being transacted.

Frequently asked questions

What is the current guideline value for Malliga Nagar 2nd &3rd Street?

The current guideline value for Malliga Nagar 2nd &3rd 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 1716% over this period.

Where can I find the registration office for this area?

The registration office for Malliga Nagar 2nd &3rd Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

What is the stamp duty rate for property transactions?

The stamp duty rate for property transactions in this area is 7% of the guideline value or the sale price, whichever is higher.

Are there other streets with the same guideline value?

Yes, Malliga Nagar 1st Street, Malliga Nagar 4th Street, and Marriyamman Koil Street also have a guideline value of Rs 3,850 per sq.ft in 2024.