Guideline Value for Mallika Garden

Mallika Garden guideline value

The current guideline value of Mallika Garden, located in Madhavaram village under the Madhavaram SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - I.

How the guideline value of Mallika Garden has changed

The guideline value for Mallika Garden has seen several revisions over the years. From the 2012 revision, which was set at Rs 2,000 per sq.ft, there was no change until the 2023 revision, where it remained at Rs 2,000 per sq.ft. However, in the 2024 revision, the value increased to Rs 2,200 per sq.ft, marking a 10% increase from the previous year.

Overall, from the 2012 revision to the 2024 revision, the guideline value increased by 10%. It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2017 for this street in the register.

Guideline values in Madhavaram

Madhavaram village has a total of 1946 streets under the Madhavaram SRO, with 2024 guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median value for these streets is Rs 1,600 per sq.ft, placing Mallika Garden's 2024 figure above this median.

• Malliga Garden (Ward-07): Rs 2,200 per sq.ft (2024)
• Malliga Garden 1St Street (Ward-07): Rs 2,200 per sq.ft (2024)
• Malliga Avenue: Rs 2,700 per sq.ft (2024)
• Manavalan Avenue (Ponniamman Medu): Rs 1,300 per sq.ft (2024)
• Manavalan Nagar, Ponniammanmedu (Ward-23): Rs 1,300 per sq.ft (2024)
• Mandaveli 1st Street (Ward-7): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Mallika Garden

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mallika Garden?

The Sub Registrar Office that covers Mallika Garden is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more details.

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

The guideline value plays a crucial role in property transactions in Madhavaram. It is used to determine the stamp duty and registration fees applicable when buying or selling property in the area. Buyers and sellers must consider this value to ensure compliance with local regulations during the registration process.

When a property is registered, the guideline value is taken into account to calculate the applicable fees. It is essential for both buyers and sellers to be aware of the current guideline value to avoid any discrepancies during the transaction.

Frequently asked questions

What is the current guideline value of Mallika Garden?

The current guideline value of Mallika Garden is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value increased from Rs 2,000 per sq.ft in 2012 to Rs 2,200 per sq.ft in 2024, reflecting a 10% increase overall from 2012 to 2024.

What are the other streets with guideline values in Madhavaram?

Other streets in Madhavaram include Malliga Garden 1St Street at Rs 2,200 per sq.ft, Malliga Avenue at Rs 2,700 per sq.ft, and Manavalan Avenue at Rs 1,300 per sq.ft, among others.

What fees are associated with buying property in Mallika Garden?

When buying property in Mallika Garden, the stamp duty is 7% of the guideline value, and the registration fee is 2%. These fees are calculated based on the higher of the guideline value or the sale price.

Where can I find the Sub Registrar Office for Mallika Garden?

The Sub Registrar Office for Mallika Garden is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles the registration of properties in the area.