Guideline Value for MULLAI NAGAR

Mullai Nagar guideline value

The current guideline value of Mullai Nagar in Ernavur village, under the Thiruvottiyur SRO, is Rs 1,600 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - II.

How the guideline value of Mullai Nagar has changed

The guideline value for Mullai Nagar has seen significant changes over the years. In 2007, the guideline value was Rs 350 per sq.ft. This figure increased to Rs 1,500 per sq.ft in 2012, which was a remarkable rise of 329%. However, it then decreased to Rs 1,005 per sq.ft in 2017, reflecting a drop of 33%. The value saw a substantial increase of 49% to Rs 1,500 per sq.ft in 2023, followed by another increase of 7% to the current value of Rs 1,600 per sq.ft in 2024.

There are no figures available for the revisions in 2002 and 2003. Overall, from 2007 to 2024, the guideline value has increased by 357%.

Guideline values in Ernavur

In Ernavur, there are 82 streets under the Thiruvottiyur SRO that have a 2024 guideline value ranging from Rs 1,000 to Rs 7,300 per sq.ft, with a median value of Rs 1,600 per sq.ft. The guideline value for Mullai Nagar aligns with this median.

• MURUGAPPA NAGAR (Barathi Street): Rs 1,800 per sq.ft (2024)
• MURUGAPPA NAGAR (Elango Street): Rs 1,800 per sq.ft (2024)
• MURUGAPPA NAGAR (Ganthi Street): Rs 1,800 per sq.ft (2024)
• MURUGAPPA NAGAR (Kambar Street): Rs 1,800 per sq.ft (2024)
• MURUGAPPA NAGAR (Nethaji Street): Rs 1,800 per sq.ft (2024)
• MURUGAPPA NAGAR (Parivallal Street): Rs 1,800 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 1,600 per sq.ft, the total guideline value amounts to Rs 16,00,000. The stamp duty at 7% would be Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, bringing the total to Rs 1,44,000. 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 further assistance.

Which Sub Registrar Office covers Mullai Nagar?

The Sub Registrar Office that covers Mullai Nagar is the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Ernavur. It is used to determine the stamp duty and registration fees applicable when buying or selling property. Buyers and sellers must refer to the guideline value to ensure compliance with local regulations during the registration process.

When a property is sold, the guideline value is compared to the sale price. The higher of the two figures is used to calculate the stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Mullai Nagar?

The current guideline value of Mullai Nagar is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 350 per sq.ft in 2007 to Rs 1,600 per sq.ft in 2024, showing a total increase of 357% over this period.

What is the land classification of Mullai Nagar?

Mullai Nagar is classified as Residential Class I Type - II according to the guidelines.

Where is the Thiruvottiyur Sub Registrar Office located?

The Thiruvottiyur Sub Registrar Office is located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019.

How is the stamp duty calculated in Mullai Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 16,00,000, the stamp duty would be Rs 1,12,000 at 7%.