Guideline Value for MULLAI NAGAR

Mullai Nagar guideline value

The current guideline value of Mullai Nagar, located in Ramapuram village, is Rs 3,850 per sq.ft, effective from 1 July 2024. This area falls under the Chennai South Joint II SRO and is classified as Residential Class I Type - I.

How the guideline value of Mullai Nagar has changed

The guideline value for Mullai Nagar has seen several revisions over the years. Starting from the 2002 revision, the value was Rs 245 per sq.ft. It increased to Rs 432 per sq.ft in 2003, marking a 76% rise. The value further rose to Rs 1,100 per sq.ft in 2007, which was a significant increase of 155%. In 2012, the guideline value was Rs 3,500 per sq.ft, reflecting a substantial jump of 218% from the previous revision. However, in 2017, it decreased to Rs 2,345 per sq.ft, a decline of 33%.

From 2017 to 2023, the guideline value rose to Rs 3,500 per sq.ft, indicating a 49% increase. The most recent revision in 2024 has set the guideline value at Rs 3,850 per sq.ft, which is a 10% increase from the previous year. Overall, from 2002 to 2024, the guideline value has increased by 1,471%.

Guideline values in Ramapuram

In Ramapuram, there are 394 streets under the Chennai South Joint II SRO, with guideline values for 2024 ranging from Rs 1,950 to Rs 6,600 per sq.ft. The median guideline value in this area is Rs 3,100 per sq.ft, positioning Mullai Nagar's 2024 figure above this median.

• Mullai Nagar 1st Main Road: Rs 3,850 per sq.ft (2024)
• Mullai Nagar 1 to 6 Street: Rs 3,850 per sq.ft (2024)
• Mullai Nagar 2nd Main Road: Rs 3,850 per sq.ft (2024)
• Mullai Street: Rs 3,850 per sq.ft (2024)
• Moovendar Nagar: Rs 2,750 per sq.ft (2024)
• Moonlight Ramapuram Pillaiyar Koil: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Mullai Nagar

For a 1,000 sq.ft plot at the current rate of Rs 3,850 per sq.ft, the guideline value amounts to Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, leading to a total of Rs 3,46,500. 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 details.

Which Sub Registrar Office covers Mullai Nagar?

The Sub Registrar Office that covers Mullai Nagar is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. To find your SRO, you can visit find your SRO.

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

The guideline value plays a crucial role when buying or selling property in Ramapuram. It serves as a benchmark for determining the minimum value at which a property can be registered. This value ensures that the government receives the appropriate stamp duty and registration fees based on the property's worth.

When a property is sold, the buyer and seller must adhere to the guideline value during the registration process. 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 all transactions are transparent and in accordance with the regulations set by the government.

Frequently asked questions

What is the current guideline value of Mullai Nagar?

The current guideline value of Mullai Nagar is Rs 3,850 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 245 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, marking an overall increase of 1,471% over the years.

What is the land classification of Mullai Nagar?

Mullai Nagar is classified as Residential Class I Type - I, which indicates its suitability for residential purposes.

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

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a property valued at Rs 38,50,000, the total fees would amount to Rs 3,46,500.

Where can I find the Sub Registrar Office for Mullai Nagar?

The Sub Registrar Office for Mullai Nagar is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO using the provided link.