Guideline Value for MULLAI NAGAR

Mullai Nagar guideline value

The current guideline value of Mullai Nagar, located in Chitthalapakkam village under the Selaiyur SRO, is Rs 2,900 per sq.ft, effective from 1 July 2024. This area is classified as Industries Type - I.

How the guideline value of Mullai Nagar has changed

The guideline value for Mullai Nagar has seen several revisions over the years. In 2012, the guideline value was Rs 2,700 per sq.ft. This figure remained unchanged until 2017, when it dropped to Rs 1,809 per sq.ft. Following this, the value increased significantly to Rs 2,700 per sq.ft in 2023, marking a 49% increase from 2017. The latest revision in 2024 raised the value to Rs 2,900 per sq.ft, reflecting a 7% increase from the previous year.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for Mullai Nagar. Overall, from 2012 to 2024, the guideline value has increased by 7%.

Guideline values in Chitthalapakkam

In Chitthalapakkam, there are 107 streets under the Selaiyur SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 5,000 per sq.ft. The median value for these streets is Rs 2,900 per sq.ft, which is equal to the current guideline value for Mullai Nagar.

• M.G.R. Street: Rs 2,700 per sq.ft (2024)
• Nagalakshmi Nagar: Rs 3,300 per sq.ft (2024)
• Nagalakshmi Nagar Extension: Rs 3,300 per sq.ft (2024)
• Nethaji Street: Rs 2,400 per sq.ft (2024)
• Manoranjitham Nagar: Rs 3,300 per sq.ft (2024)
• Manju Foundation Street Synnot: Rs 3,180 per sq.ft (2024)

Stamp duty and registration fee for property in Mullai Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,900 per sq.ft, the total guideline value would be Rs 29,00,000. The stamp duty at 7% would amount to Rs 2,03,000, and the registration fee at 2% would be Rs 58,000, bringing the total fees to Rs 2,61,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mullai Nagar?

The Sub Registrar Office that covers Mullai Nagar is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in property transactions in Chitthalapakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. This value is used to calculate the stamp duty and registration fees that must be paid during the transaction.

When buying or selling a property, the guideline value ensures that the transaction is recorded at a fair value, preventing undervaluation. It is essential for both buyers and sellers to be aware of the current guideline value to understand their financial obligations during the registration process.

Frequently asked questions

What is the current guideline value of Mullai Nagar?

The current guideline value of Mullai Nagar is Rs 2,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,700 per sq.ft in 2012 to Rs 1,809 per sq.ft in 2017, then to Rs 2,700 per sq.ft in 2023, and finally to Rs 2,900 per sq.ft in 2024.

What are the stamp duty and registration fees for a property in Mullai Nagar?

For a property valued at Rs 29,00,000, the stamp duty would be Rs 2,03,000 and the registration fee would be Rs 58,000, totaling Rs 2,61,000.

Which Sub Registrar Office covers Mullai Nagar?

Mullai Nagar is covered by the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai, Ruby Mansion, East Tambaram, Chennai - 600 073.

What is the significance of the guideline value in property transactions?

The guideline value is used as a benchmark for the minimum value at which a property can be registered. It is essential for calculating the stamp duty and registration fees during property transactions.