Guideline Value for MULLAI NAGAR 3rd STREET

MULLAI NAGAR 3rd STREET guideline value

The current guideline value of MULLAI NAGAR 3rd 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 3rd STREET has changed

The guideline value for MULLAI NAGAR 3rd STREET has seen several revisions over the years. The 2007 revision set the value at Rs 1,750 per sq.ft, which increased significantly to Rs 7,500 per sq.ft in 2012, marking a rise of 329%. However, in 2017, the value dropped to Rs 5,025 per sq.ft, reflecting a decrease of 33%. The next revision in 2023 brought the value back up to Rs 7,500 per sq.ft, and the most recent revision in 2024 increased it further to Rs 8,200 per sq.ft, which is a 9% increase from the previous year.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 369%. It is important to note that 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, with guideline values ranging from Rs 1,600 to Rs 13,200 per sq.ft. The median guideline value for the village is Rs 4,900 per sq.ft, making the current guideline value of MULLAI NAGAR 3rd STREET above this median.

• MULLAI NAGAR 1st STREET: Rs 8,200 per sq.ft (2024)
• MULLAI NAGAR 2nd STREET: Rs 8,200 per sq.ft (2024)
• MULLAI NAGAR 4th 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 7th STREET: Rs 8,200 per sq.ft (2024)

Stamp duty and registration fee for property in MULLAI NAGAR 3rd STREET

For a 1,000 sq.ft plot at the current guideline value of Rs 8,200 per sq.ft, the total guideline value amounts to Rs 82,00,000. The stamp duty at 7% would be 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 further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers MULLAI NAGAR 3rd STREET?

The Sub Registrar Office that covers MULLAI NAGAR 3rd 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 information.

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

The guideline value is a crucial factor in property transactions in Villivakkam, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices, as the registration fees and stamp duties are calculated based on the guideline value or the sale price, whichever is higher.

During the registration process, it is essential to provide accurate information regarding the property and its valuation. This ensures that all dues, including stamp duty and registration fees, are correctly assessed and paid, facilitating a smooth transfer of property ownership.

Frequently asked questions

What is the current guideline value of MULLAI NAGAR 3rd STREET?

The current guideline value of MULLAI NAGAR 3rd 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 significantly from Rs 1,750 per sq.ft in 2007 to Rs 8,200 per sq.ft in 2024, reflecting an overall increase of 369% over the years.

What is the land classification for MULLAI NAGAR 3rd STREET?

MULLAI NAGAR 3rd STREET is classified as Residential Class II Type - I, indicating its suitability for residential development.

Where can I find the registration office for MULLAI NAGAR 3rd STREET?

The registration office for MULLAI NAGAR 3rd STREET is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is stamp duty calculated for properties in MULLAI NAGAR 3rd STREET?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value results in a total stamp duty of Rs 5,74,000.