Guideline Value for MULLAI NAGAR 8th STREET

MULLAI NAGAR 8th STREET guideline value

The current guideline value of MULLAI NAGAR 8th 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 8th STREET has changed

The guideline value for MULLAI NAGAR 8th 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. However, it then decreased to Rs 5,025 per sq.ft in 2017. The value rose again to Rs 7,500 per sq.ft in 2023, before reaching the current value of Rs 8,200 per sq.ft in 2024.

From 2017 to 2023, there was a substantial increase of 49%. The jump from 2023 to 2024 is 9%. Overall, from 2007 to 2024, the guideline value has increased by 369%. Notably, there are no figures available for the years 2002 and 2003 for this street.

Guideline values in Villivakkam

In Villivakkam, there are a total of 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 is Rs 4,900 per sq.ft, placing MULLAI NAGAR 8th STREET above this median at Rs 8,200 per sq.ft.

• MULLAI NAGAR 7th STREET: Rs 8,200 per sq.ft (2024)
• MULLAI NAGAR 9th STREET: Rs 8,200 per sq.ft (2024)
• MULLAI NAGAR 6th STREET: Rs 8,200 per sq.ft (2024)
• MULLAI NAGAR 5th STREET: Rs 8,200 per sq.ft (2024)
• MULLAI NAGAR 4th STREET: Rs 8,200 per sq.ft (2024)
• MULLAI NAGAR 3rd STREET: Rs 8,200 per sq.ft (2024)

Stamp duty and registration fee for property in MULLAI NAGAR 8th 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, while the registration fee at 2% would be Rs 1,64,000, bringing the total costs together 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 the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers MULLAI NAGAR 8th STREET?

The MULLAI NAGAR 8th STREET is covered by the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. To find your specific SRO, you can visit find your SRO.

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

The guideline value plays a crucial role in the registration process when buying or selling property. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the guideline value is assessed to ensure that the transaction is recorded accurately. Buyers and sellers must be aware of the guideline value to understand the financial implications of their property dealings in Villivakkam.

Frequently asked questions

What is the current guideline value of MULLAI NAGAR 8th STREET?

The current guideline value of MULLAI NAGAR 8th 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 are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 82,00,000, the stamp duty would be Rs 5,74,000 and the registration fee would be Rs 1,64,000, totaling Rs 7,38,000.

Which office handles registrations for MULLAI NAGAR 8th STREET?

The Villivakkam Sub Registrar Office handles registrations for MULLAI NAGAR 8th STREET, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

What is the land classification for MULLAI NAGAR 8th STREET?

MULLAI NAGAR 8th STREET is classified as Residential Class II Type - I according to the local guidelines.