Guideline Value for MULLAI NAGAR (KR)

Mullai Nagar (Kr) guideline value

The current guideline value of Mullai Nagar (Kr) is Rs 440 per sq.ft, effective from 1 July 2024. This area is located in Panangottur village and falls under the Chengleput Joint II SRO. The land classification for this street is Residential Class II Type - II.

How the guideline value of Mullai Nagar (Kr) has changed

Over the years, the guideline value of Mullai Nagar (Kr) has seen several revisions. The 2012 revision set the value at Rs 400 per sq.ft, which was then reduced to Rs 268 per sq.ft in the 2017 revision. However, the guideline value increased significantly to Rs 400 per sq.ft in the 2023 revision. The most recent revision in 2024 has further increased the value to Rs 440 per sq.ft, marking a 10% increase from the previous year.

When looking at the changes between revisions, the value rose by 49% from 2017 to 2023. The 2012 to 2017 period saw a decrease of 33%, while the overall change from 2012 to 2024 reflects a modest increase of 10%. The register has no figure for this street in the years 2002, 2003, and 2007.

Guideline values in Panangottur

In Panangottur village, there are 419 streets under the Chengleput Joint II SRO that carry a 2024 guideline value ranging from Rs 440 to Rs 2,200 per sq.ft, with a median value of Rs 990 per sq.ft. The guideline value for Mullai Nagar (Kr) is below this median.

• M.T.C. Nagar (Pa): Rs 990 per sq.ft (2024)
• Murugan Sintigate (Sa): Rs 440 per sq.ft (2024)
• Mosqure Street (Ward -17): Rs 550 per sq.ft (2024)
• Muthumariamman Koil Street (Ward -15): Rs 440 per sq.ft (2024)
• Muthumariamman Koil Street (Ward -17): Rs 550 per sq.ft (2024)
• Muthumari Street (Kr): Rs 660 per sq.ft (2024)

Stamp duty and registration fee for property in Mullai Nagar (Kr)

For a 1,000 sq.ft plot at the current guideline value of Rs 440 per sq.ft, the total guideline value amounts to Rs 4,40,000. The stamp duty, charged at 7%, would be Rs 30,800, while the registration fee at 2% would be Rs 8,800, bringing the total cost for these fees to Rs 39,600. 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 our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Mullai Nagar (Kr)?

The Sub Registrar Office that covers Mullai Nagar (Kr) is the Chengleput Joint II Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a critical factor in property transactions in Panangottur. It serves as a benchmark for determining the minimum value at which a property can be registered. When buying or selling property, the guideline value helps in calculating the applicable stamp duty and registration fees, ensuring that all transactions are conducted fairly and transparently.

During the registration process, the buyer must pay the stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions, reflecting the value of the property being transferred.

Frequently asked questions

What is the current guideline value of Mullai Nagar (Kr)?

The current guideline value of Mullai Nagar (Kr) is Rs 440 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 400 per sq.ft in 2012 to Rs 268 per sq.ft in 2017, then increased to Rs 400 per sq.ft in 2023, and finally to Rs 440 per sq.ft in 2024.

What is the land classification of Mullai Nagar (Kr)?

Mullai Nagar (Kr) is classified as Residential Class II Type - II, indicating its suitability for residential purposes.

What are the stamp duty rates for property in Mullai Nagar (Kr)?

The stamp duty for property in Mullai Nagar (Kr) is charged at 7% of the guideline value or sale price, whichever is higher. Additionally, there is a registration fee of 2%.

Where can I find the Sub Registrar Office for Mullai Nagar (Kr)?

The Chengleput Joint II Sub Registrar Office covers Mullai Nagar (Kr) and is located at 10, Kancheepuram Main Road, Chengalpattu 603 002, Chengalpattu registration zone.