Guideline Value for Malligai Street

Malligai Street guideline value

The current guideline value of Malligai Street is Rs 5,000 per sq.ft, effective from 1 July 2024. This street is located in Adambakkam village, under the Alandur SRO, and is classified as Residential Class I Type - I.

How the guideline value of Malligai Street has changed

The guideline value for Malligai Street has seen several revisions over the years. In 2002, the value was Rs 167 per sq.ft. This increased significantly to Rs 650 per sq.ft in 2003, marking an increase of 289%. The value further rose to Rs 1,250 per sq.ft in 2007, showing a 92% increase. In 2012, the guideline value reached Rs 4,500 per sq.ft, reflecting a substantial increase of 260%. However, this value dropped to Rs 3,015 per sq.ft in 2017, a decrease of 33%. The most recent revisions show an increase to Rs 4,500 per sq.ft in 2023, followed by the current value of Rs 5,000 per sq.ft in 2024, which is an increase of 11% from the previous year.

Overall, the guideline value has increased from Rs 167 per sq.ft in 2002 to Rs 5,000 per sq.ft in 2024, representing a remarkable increase of 2,894% over the years.

Guideline values in Adambakkam

In Adambakkam, there are 569 streets under the Alandur SRO that carry a 2024 guideline value, ranging from Rs 2,800 to Rs 11,000 per sq.ft. The median guideline value in this area is Rs 3,900 per sq.ft, placing Malligai Street's 2024 figure above that median.

• Mandi Street: Rs 5,000 per sq.ft (2024)
• Mannadiyamman Koil 2nd Lane: Rs 3,900 per sq.ft (2024)
• Mannadiyamman Koil Cross Street: Rs 3,900 per sq.ft (2024)
• Mannadiyamman Koil First Lane: Rs 3,900 per sq.ft (2024)
• Mannadiyamman Koil Street: Rs 3,900 per sq.ft (2024)
• Marisan 1st Lane: Rs 3,900 per sq.ft (2024)

Stamp duty and registration fee for property in Malligai Street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,000 per sq.ft, the total guideline value would be Rs 50,00,000. The stamp duty at 7% would amount to Rs 3,50,000, and the registration fee at 2% would be Rs 1,00,000, bringing the total fees to Rs 4,50,000. 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 Malligai Street?

The Sub Registrar Office that covers Malligai Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for further assistance.

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

The guideline value is a critical factor in the registration process when buying or selling property in Adambakkam. It serves as a benchmark to determine the stamp duty and registration fees that need to be paid during a property transaction.

When a property is registered, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable fees. This ensures that the government receives the appropriate revenue based on the property's value.

Frequently asked questions

What is the current guideline value of Malligai Street?

The current guideline value of Malligai Street is Rs 5,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased significantly from Rs 167 per sq.ft in 2002 to Rs 5,000 per sq.ft in 2024, marking an overall increase of 2,894%.

What is the land classification for Malligai Street?

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

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

Stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is 2% of the guideline value or sale price.

Where is the Alandur Sub Registrar Office located?

The Alandur Sub Registrar Office is located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.