Guideline Value for FATHIMA NAGAR - Mullai Nagar

FATHIMA NAGAR - Mullai Nagar guideline value

The current guideline value for FATHIMA NAGAR - Mullai Nagar is Rs 4,400 per sq.ft, effective from 1 July 2024. This area is located in Valasaravakkam village under the Virugambakkam SRO, classified as Residential Class I Type - II.

How the guideline value of FATHIMA NAGAR - Mullai Nagar has changed

The guideline value for FATHIMA NAGAR - Mullai Nagar has seen significant changes over the years. In 2002, the value was Rs 524 per sq.ft, which increased to Rs 570 per sq.ft in 2003, marking a 9% rise. This was followed by a 14% increase to Rs 650 per sq.ft in 2007. The value then surged to Rs 4,000 per sq.ft in 2012, a remarkable increase of 515%. However, it decreased by 33% to Rs 2,680 per sq.ft in 2017. The current guideline value of Rs 4,400 per sq.ft reflects a 64% increase from the 2017 figure.

There is no figure available for the year 2023 in the register for this street. Overall, from 2002 to 2024, the guideline value has increased by 740%.

Guideline values in Valasaravakkam

In Valasaravakkam, there are 774 streets under the Virugambakkam SRO with a 2024 guideline value ranging from Rs 2,750 to Rs 8,800 per sq.ft. The median value is Rs 3,850 per sq.ft, which means that FATHIMA NAGAR - Mullai Nagar's guideline value is above this median.

• FATHIMA NAGAR - Marutham street: Rs 4,400 per sq.ft (2024)
• FATHIMA NAGAR - Neithal Street: Rs 4,400 per sq.ft (2024)
• FATHIMA NAGAR - Kurunji Street: Rs 4,400 per sq.ft (2024)
• Gandhi Nagar 1st Cross Street: Rs 3,300 per sq.ft (2024)
• Gandhi Nagar 1st Street: Rs 3,300 per sq.ft (2024)
• Gandhi Nagar 2nd Cross Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in FATHIMA NAGAR - Mullai Nagar

For a 1,000 sq.ft plot at the current rate of Rs 4,400 per sq.ft, the guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, totaling Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers FATHIMA NAGAR - Mullai Nagar?

The Sub Registrar Office that covers FATHIMA NAGAR - Mullai Nagar is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Valasaravakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that both the buyer and seller are aware of the financial implications of the transaction based on the established guideline values.

Frequently asked questions

What is the current guideline value for FATHIMA NAGAR - Mullai Nagar?

The current guideline value for FATHIMA NAGAR - Mullai Nagar is Rs 4,400 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly from Rs 524 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, representing an overall increase of 740%.

What is the role of the Virugambakkam SRO?

The Virugambakkam SRO is responsible for the registration of properties in Valasaravakkam, including FATHIMA NAGAR - Mullai Nagar, and ensures compliance with the guideline values during property transactions.

How is stamp duty calculated for properties in FATHIMA NAGAR - Mullai Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 44,00,000 would incur a stamp duty of Rs 3,08,000 at 7%.

Where can I find more information about the registration process?

For more information about the registration process and to find your Sub Registrar Office, you can visit the relevant links provided in this article.