Guideline Value for Malligai Avenue

Malligai Avenue guideline value

The current guideline value of Malligai Avenue is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Kolathur village, under the Sembiam Sub Registrar Office (SRO), and is classified as Residential Special Type - I.

How the guideline value of Malligai Avenue has changed

The guideline value for Malligai Avenue has seen significant changes over the years. In 2002, the value was Rs 123 per sq.ft, which rose dramatically to Rs 1,000 per sq.ft in 2007, marking an increase of 713%. The value then increased by 300% to reach Rs 4,000 per sq.ft in 2012. However, there was a decrease of 33% to Rs 2,680 per sq.ft by 2017. Following this, the value surged by 49% to Rs 4,000 per sq.ft in 2023, and it has now increased by 10% to the current value of Rs 4,400 per sq.ft in 2024.

It is important to note that there is no figure available for the year 2003 in the register for this street. Overall, from 2002 to 2024, the guideline value has increased by a remarkable 3477%.

Guideline values in Kolathur

In Kolathur, there are 879 streets under the Sembiam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 6,000 per sq.ft, with a median value of Rs 3,300 per sq.ft. The guideline value of Malligai Avenue is above this median.

• Malligai Avenue Annex: Rs 2,700 per sq.ft (2024)
• Mallika Avenue Annex: Rs 2,700 per sq.ft (2024)
• Makkaram Thottam 9th Street: Rs 3,300 per sq.ft (2024)
• Makkaram Thottam 8th Street: Rs 3,300 per sq.ft (2024)
• Makkaram Thottam 7th Street: Rs 3,300 per sq.ft (2024)
• Makkaram Thottam 6th Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Malligai Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use our stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Malligai Avenue?

Malligai Avenue falls under the jurisdiction of the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Kolathur, as it determines the minimum value at which a property can be registered. When a buyer purchases property, the guideline value is used to calculate the applicable stamp duty and registration fees.

During the registration process, the buyer must pay stamp duty based on the higher value between the guideline value and the actual sale price. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Malligai Avenue?

The current guideline value of Malligai Avenue is Rs 4,400 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 123 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, representing an overall increase of 3477%.

What is the land classification for Malligai Avenue?

Malligai Avenue is classified as Residential Special Type - I, indicating its suitability for residential development.

What are the stamp duty rates applicable for property in Malligai Avenue?

The stamp duty for property in Malligai Avenue is charged at 7% of the guideline value or sale price, whichever is higher. Additionally, there is a registration fee of 2%.

Where is the Sembiam Sub Registrar Office located?

The Sembiam Sub Registrar Office is located at 5, Papermills Road, Sembiam, Chennai - 600011, and it handles the registration of properties in Malligai Avenue.