Guideline Value for Mallika nagar

Mallika nagar guideline value

The current guideline value of Mallika nagar, located in Irumpuliyur village under the Tambaram Joint 1 SRO, is Rs 3,850 per sq.ft, effective from 1 July 2024. This area is classified as Commercial Class I Type - II.

How the guideline value of Mallika nagar has changed

The guideline value of Mallika nagar has seen several revisions over the years. In 2007, the guideline value was Rs 600 per sq.ft. This increased significantly to Rs 3,500 per sq.ft in 2012, marking an increase of 483%. However, the value then decreased to Rs 2,345 per sq.ft in 2017, a decline of 33%. The value rose again to Rs 3,500 per sq.ft in 2023, and most recently, it has reached Rs 3,850 per sq.ft in 2024, reflecting a 10% increase from the previous year. The register has no figures for the years 2002 and 2003 for this street.

Overall, from 2007 to 2024, the guideline value has increased by 542%. The changes between the revisions highlight the fluctuations in property valuation in this area, with the most significant increase occurring between 2007 and 2012.

Guideline values in Irumpuliyur

In Irumpuliyur, there are 218 streets under the Tambaram Joint 1 SRO with a 2024 guideline value ranging from Rs 880 to Rs 6,600 per sq.ft. The median guideline value for these streets is Rs 2,200 per sq.ft, placing Mallika nagar's 2024 figure above this median.

• Mangalapuram 1-st St: Rs 1,650 per sq.ft (2024)
• Mangalapuram 2-nd St: Rs 3,850 per sq.ft (2024)
• Mangalapuram 3-rd St: Rs 1,650 per sq.ft (2024)
• Mangalapuram Main Road: Rs 3,850 per sq.ft (2024)
• Mangalapuram & Thiruvalluvarpuram: Rs 1,650 per sq.ft (2024)
• Mangali Amman Nagar: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Mallika nagar

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 be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total cost together to Rs 3,46,500. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Mallika nagar?

The Sub Registrar Office that covers Mallika nagar is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. To find your SRO, you can visit find your SRO.

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

When buying or selling property in Irumpuliyur, the guideline value is a crucial factor in determining the stamp duty and registration fees. The guideline value serves as a benchmark for property transactions, ensuring that the transaction is registered at a value that reflects the current market conditions.

It is essential for buyers and sellers to be aware of the guideline value as it influences the overall cost of property transactions. The registration process requires adherence to these values to ensure compliance with local regulations.

Frequently asked questions

What is the current guideline value of Mallika nagar?

The current guideline value of Mallika nagar 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, starting from Rs 600 per sq.ft in 2007 to Rs 3,850 per sq.ft in 2024, marking an overall increase of 542% over the years.

What is the land classification of Mallika nagar?

Mallika nagar is classified as Commercial Class I Type - II, indicating its suitability for commercial activities.

What are the stamp duty and registration fees for property in Mallika nagar?

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.

Where is the Sub Registrar Office for Mallika nagar located?

The Tambaram Joint 1 Sub Registrar Office is located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone.