Guideline Value for MULLAI NAGAR 2nd STREET

MULLAI NAGAR 2nd STREET guideline value

The current guideline value of MULLAI NAGAR 2nd STREET is Rs 8,200 per sq.ft, effective from 1 July 2024. This street is located in Villivakkam village, under the Villivakkam SRO, and is classified as Residential Class II Type - I.

How the guideline value of MULLAI NAGAR 2nd STREET has changed

The guideline value for MULLAI NAGAR 2nd STREET has seen several revisions over the years. In 2007, the guideline value was Rs 1,750 per sq.ft, which increased significantly to Rs 7,500 per sq.ft in 2012, marking a 329% increase. However, from 2012 to 2017, the value decreased to Rs 5,025 per sq.ft, a decline of 33%. The value then rose to Rs 7,500 per sq.ft in 2023, followed by a further increase to Rs 8,200 per sq.ft in 2024, reflecting a 9% rise.

Between the 2017 and 2023 revisions, the guideline value increased by 49%. Overall, from 2007 to 2024, the guideline value has increased by 369%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Villivakkam

In Villivakkam, there are 372 streets under the Villivakkam SRO that carry a 2024 guideline value ranging from Rs 1,600 to Rs 13,200 per sq.ft. The median guideline value in this area is Rs 4,900 per sq.ft, placing MULLAI NAGAR 2nd STREET above this median.

• MULLAI NAGAR 3rd STREET: Rs 8,200 per sq.ft (2024)
• MULLAI NAGAR 4th STREET: Rs 8,200 per sq.ft (2024)
• MULLAI NAGAR 1st STREET: Rs 8,200 per sq.ft (2024)
• MULLAI NAGAR 5th STREET: Rs 8,200 per sq.ft (2024)
• MULLAI NAGAR 6th STREET: Rs 8,200 per sq.ft (2024)
• MULLAI NAGAR 11th STREET: Rs 8,200 per sq.ft (2024)

Stamp duty and registration fee for property in MULLAI NAGAR 2nd STREET

For a 1,000 sq.ft plot at the current guideline value of Rs 8,200 per sq.ft, the total guideline value would be Rs 82,00,000. The stamp duty at 7% would amount to Rs 5,74,000, and the registration fee at 2% would be Rs 1,64,000, bringing the total to Rs 7,38,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information on calculating these fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers MULLAI NAGAR 2nd STREET?

The Sub Registrar Office that covers MULLAI NAGAR 2nd STREET is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more details.

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

The guideline value is used as a reference point for determining the stamp duty and registration fees during property transactions in Villivakkam. When a property is bought or sold, the guideline value helps calculate the necessary fees based on the property's value.

It is essential for buyers and sellers to be aware of the guideline value, as it influences the overall cost of the transaction. Accurate knowledge of the guideline value can aid in better financial planning during property dealings.

Frequently asked questions

What is the current guideline value of MULLAI NAGAR 2nd STREET?

The current guideline value of MULLAI NAGAR 2nd STREET is Rs 8,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,750 per sq.ft in 2007 to Rs 8,200 per sq.ft in 2024, showing an overall increase of 369% over the years.

What is the land classification of MULLAI NAGAR 2nd STREET?

MULLAI NAGAR 2nd STREET is classified as Residential Class II Type - I, indicating its suitability for residential purposes.

What are the stamp duty and registration fees for properties in this area?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For example, a property valued at Rs 82,00,000 would incur a total of Rs 7,38,000 in fees.

Which office handles registrations for MULLAI NAGAR 2nd STREET?

The Villivakkam Sub Registrar Office handles registrations for MULLAI NAGAR 2nd STREET, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.