Guideline Value for MITHILAI NAGAR

Mithilai Nagar guideline value

The current guideline value of Mithilai Nagar is Rs 400 per sq.ft, effective from 1 July 2024. This area is located in Uthukkadu, under the Walajabad SRO, and is classified as Residential Special Type - II.

How the guideline value of Mithilai Nagar has changed

The guideline value for Mithilai Nagar has seen several revisions over the years. The 2017 revision set the value at Rs 268 per sq.ft. This figure remained unchanged until the 2023 revision, which also recorded Rs 400 per sq.ft, marking a 49% increase from the 2017 figure. The most recent revision in 2024 maintained the guideline value at Rs 400 per sq.ft, showing no change from the previous year.

There are no figures available for the revisions in 2002, 2003, 2007, and 2012 for this street. Overall, from 2017 to 2024, the guideline value has increased by 49%.

Guideline values in Uthukkadu - A

In Uthukkadu - A, there are 38 streets under the Walajabad SRO that carry a 2024 guideline value, ranging from Rs 200 to Rs 800 per sq.ft. The median guideline value for these streets is Rs 350 per sq.ft, which means Mithilai Nagar's value of Rs 400 per sq.ft is above that median.

• Meenakshi Nagar: Rs 350 per sq.ft (2024)
• Lakshmi Narasimman Nagar: Rs 300 per sq.ft (2024)
• Lakshmi Narasima Perumal Nagar Phase-II: Rs 300 per sq.ft (2024)
• Kurunji Nagar: Rs 300 per sq.ft (2024)
• Kumaran Nagar: Rs 300 per sq.ft (2024)
• Krisna Garden: Rs 400 per sq.ft (2024)

Stamp duty and registration fee for property in Mithilai Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 400 per sq.ft, the total guideline value would be Rs 4,00,000. The stamp duty at 7% would amount to Rs 28,000, and the registration fee at 2% would be Rs 8,000, making the total fees Rs 36,000. It is important to note that the 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 details.

Which Sub Registrar Office covers Mithilai Nagar?

The Sub Registrar Office that covers Mithilai Nagar is the Walajabad Sub Registrar Office, located at Sriperumbudur Road, Walajabad-631 605, Chengalpattu registration zone. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Uthukkadu - A

The guideline value is a critical factor in property transactions in Uthukkadu - A. It determines the base value on which stamp duty and registration fees are calculated during the registration process. Buyers and sellers must consider this value to ensure compliance with legal requirements during property transactions.

When a property is sold, the guideline value serves as a reference point for the transaction. If the sale price is higher than the guideline value, the stamp duty is calculated based on the sale price. Conversely, if the sale price is lower, the duty is charged on the guideline value instead.

Frequently asked questions

What is the current guideline value of Mithilai Nagar?

The current guideline value of Mithilai Nagar is Rs 400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 268 per sq.ft in 2017 to Rs 400 per sq.ft in both 2023 and 2024, reflecting a 49% increase overall from 2017 to 2024.

What is the land classification of Mithilai Nagar?

Mithilai Nagar is classified as Residential Special Type - II, indicating its designation for residential purposes within the area.

What are the stamp duty and registration fees for property in Mithilai Nagar?

For a property valued at Rs 4,00,000, the stamp duty would be Rs 28,000, and the registration fee would be Rs 8,000, totaling Rs 36,000. These fees are based on the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Mithilai Nagar?

The Sub Registrar Office for Mithilai Nagar is the Walajabad Sub Registrar Office, located at Sriperumbudur Road, Walajabad-631 605, Chengalpattu registration zone.