Guideline Value for Siyallan Second Street

Siyallan Second Street guideline value

The current guideline value of Siyallan Second Street in Malligaicherry village, under the Konnur SRO, is Rs 2,400 per sq.ft, effective from 1 July 2024. This street is classified as Residential Class II Type - I.

How the guideline value of Siyallan Second Street has changed

The guideline value for Siyallan Second Street has seen several revisions over the years. In 2002, the guideline value was Rs 415 per sq.ft, which increased to Rs 449 per sq.ft in 2003. Following this, the value rose significantly to Rs 800 per sq.ft in 2007, marking an increase of 78%. The value then saw a substantial jump to Rs 2,250 per sq.ft in 2012, reflecting a growth of 181%. However, it decreased to Rs 1,507 per sq.ft in 2017, a decline of 33%. The value continued to rise, reaching Rs 2,250 per sq.ft in 2023, before finally settling at Rs 2,400 per sq.ft in 2024, an increase of 7% from the previous year.

There are no figures available for the revisions in years other than those stated. Overall, from 2002 to 2024, the guideline value has increased by 478%.

Guideline values in Malligaicherry

Malligaicherry village has 49 streets under the Konnur SRO, with the 2024 guideline values ranging from Rs 2,200 to Rs 6,000 per sq.ft. The median guideline value for these streets is Rs 2,400 per sq.ft, which is equal to the guideline value of Siyallan Second Street.

• Siyallan First Street: Rs 2,400 per sq.ft (2024)
• Siyallan Street: Rs 2,750 per sq.ft (2024)
• Seeyalam Lane 1 to 4 Streets: Rs 2,400 per sq.ft (2024)
• Seeyalam II Cross Street: Rs 2,400 per sq.ft (2024)
• Seeyalam I Cross Street: Rs 2,400 per sq.ft (2024)
• Therkku Thirumalai Nagar: Rs 3,800 per sq.ft (2024)

Stamp duty and registration fee for property in Siyallan Second Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,400 per sq.ft, the total guideline value would be Rs 24,00,000. The stamp duty at 7% would amount to Rs 1,68,000, and the registration fee at 2% would be Rs 48,000, bringing the total to Rs 2,16,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Siyallan Second Street?

The Sub Registrar Office that covers Siyallan Second Street is the Konnur Sub Registrar Office, located at Sub Register Office, Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Malligaicherry. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees. Buyers must pay these fees based on the higher of the guideline value or the sale price, ensuring compliance with local regulations.

Frequently asked questions

What is the current guideline value of Siyallan Second Street?

The current guideline value of Siyallan Second Street is Rs 2,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 415 per sq.ft in 2002 to Rs 2,400 per sq.ft in 2024, reflecting an overall increase of 478% over this period.

What is the land classification of Siyallan Second Street?

Siyallan Second Street is classified as Residential Class II Type - I.

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

The stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is 2% of the same. For example, a 1,000 sq.ft plot would incur a total of Rs 2,16,000 in fees.

Which office handles the registration of properties in Malligaicherry?

The Konnur Sub Registrar Office handles the registration of properties in Malligaicherry, located at Sub Register Office, Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai.