Guideline Value for SELVAKUMAR MALLIGAI STREET

Selvakumar Malligai Street guideline value

The current guideline value of Selvakumar Malligai Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Medavakkam village, under the Chennai South Joint I SRO, and is classified as Residential Class I Type - I.

How the guideline value of Selvakumar Malligai Street has changed

The guideline value of Selvakumar Malligai Street has undergone several revisions over the years. The 2012 revision set the value at Rs 2,000 per sq.ft, which was later reduced to Rs 1,340 per sq.ft in 2017. However, in 2023, the value increased to Rs 2,000 per sq.ft, and then further rose to Rs 2,200 per sq.ft in 2024, marking a 10% increase from the previous year. Overall, from 2012 to 2024, the guideline value has increased by 10%.

There are no figures available for the revisions in 2002, 2003, and 2007 for this street. The 2017 to 2023 period saw a significant increase of 49%, while the 2012 to 2017 period experienced a decrease of 33%.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 1,540 to Rs 7,500 per sq.ft. The median value is Rs 2,200 per sq.ft, which is the same as the current value for Selvakumar Malligai Street.

• Selvakumar Avenue Mullai Street: Rs 2,200 per sq.ft (2024)
• Selvakumar Roja Street: Rs 2,200 per sq.ft (2024)
• Selvakumar Avenue: Rs 2,200 per sq.ft (2024)
• Selva Ganapathy Nagar: Rs 2,200 per sq.ft (2024)
• Senthamil Nagar: Rs 2,750 per sq.ft (2024)
• Sathya Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Selvakumar Malligai Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total cost for these fees to Rs 1,98,000. It is important to note that 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 detailed calculations.

Which Sub Registrar Office covers Selvakumar Malligai Street?

The Sub Registrar Office that covers Selvakumar Malligai Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices, as it affects the stamp duty and registration fees payable at the time of registration.

When a property is sold, the guideline value ensures that the transaction is recorded accurately and that the appropriate taxes are collected by the government. It is essential for both parties in a transaction to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Selvakumar Malligai Street?

The current guideline value of Selvakumar Malligai Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then back to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What is the land classification for Selvakumar Malligai Street?

Selvakumar Malligai Street is classified as Residential Class I Type - I.

Where can I find the Sub Registrar Office for this street?

The Sub Registrar Office for Selvakumar Malligai Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

How is the stamp duty calculated for properties in this area?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 at 7%.