Guideline Value for MULLAI NAGAR 5th STREET

MULLAI NAGAR 5th STREET guideline value

The current guideline value of MULLAI NAGAR 5th 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 5th STREET has changed

The guideline value for MULLAI NAGAR 5th STREET has seen several revisions over the years. In 2007, the guideline value was Rs 1,750 per sq.ft. This increased significantly to Rs 7,500 per sq.ft in 2012, marking a rise of 329%. However, from 2012 to 2017, the value decreased to Rs 5,025 per sq.ft, a decline of 33%. The value then rose sharply to Rs 7,500 per sq.ft in 2023, representing a 49% increase. The most recent revision in 2024 set the guideline value at Rs 8,200 per sq.ft, reflecting a 9% increase from the previous year.

It is important to note that there are no figures available for the years 2002 and 2003 for this street in the register.

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 the area is Rs 4,900 per sq.ft, placing MULLAI NAGAR 5th STREET's 2024 figure above this median.

• MULLAI NAGAR 4th STREET: Rs 8,200 per sq.ft (2024)
• MULLAI NAGAR 6th STREET: Rs 8,200 per sq.ft (2024)
• MULLAI NAGAR 3rd STREET: Rs 8,200 per sq.ft (2024)
• MULLAI NAGAR 7th STREET: Rs 8,200 per sq.ft (2024)
• MULLAI NAGAR 2nd STREET: Rs 8,200 per sq.ft (2024)
• MULLAI NAGAR 8th STREET: Rs 8,200 per sq.ft (2024)

Stamp duty and registration fee for property in MULLAI NAGAR 5th 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. You can use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers MULLAI NAGAR 5th STREET?

The Sub Registrar Office that covers MULLAI NAGAR 5th STREET is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By 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 crucial when buying or selling property in Villivakkam, as it determines the minimum value at which a property can be registered. Buyers must pay stamp duty and registration fees based on this guideline value, ensuring that the transaction is officially recognized by the authorities.

When a property is sold, the guideline value serves as a benchmark for the transaction. If the sale price is higher than the guideline value, the stamp duty will be calculated based on the sale price instead. This ensures that the registration reflects the true value of the property being exchanged.

Frequently asked questions

What is the current guideline value of MULLAI NAGAR 5th STREET?

The current guideline value of MULLAI NAGAR 5th 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, marking an overall increase of 369%. There were notable increases and decreases in various revisions, including a 329% rise from 2007 to 2012 and a 49% increase from 2017 to 2023.

What is the land classification for MULLAI NAGAR 5th STREET?

MULLAI NAGAR 5th STREET is classified as Residential Class II Type - I. This classification is important for determining the guideline value and the type of properties that can be developed in the area.

Where can I find the registration office for MULLAI NAGAR 5th STREET?

The registration office for MULLAI NAGAR 5th 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 5th STREET?

Stamp duty for properties in MULLAI NAGAR 5th STREET is calculated based on the guideline value or the sale price, whichever is higher. For example, a property with a guideline value of Rs 82,00,000 would incur a stamp duty of Rs 5,74,000 at a rate of 7%.