Guideline Value for MULLAI NAGAR

Mullai Nagar guideline value

The current guideline value of Mullai Nagar, located in Villivakkam village under the Villivakkam SRO, is Rs 8,200 per sq.ft as of the 2024 revision, effective from 1 July 2024. The land classification for this area is Residential Class II Type - I.

How the guideline value of Mullai Nagar has changed

The guideline value of Mullai Nagar has seen significant changes over the years. In the 2002 revision, the value was Rs 1,056 per sq.ft, which increased to Rs 1,205 per sq.ft in 2003, marking a 14% rise. The value continued to rise, reaching Rs 1,750 per sq.ft in 2007, reflecting a 45% increase. The 2012 revision saw the value at Rs 7,500 per sq.ft, which was a substantial increase of 329% from the previous revision.

From 2012 to 2017, the guideline value decreased to Rs 5,025 per sq.ft, showing a decline of 33%. However, this trend reversed in the subsequent years, with the value rising to Rs 7,500 per sq.ft in 2023, a 49% increase. The most recent revision in 2024 set the guideline value at Rs 8,200 per sq.ft, representing a 9% increase from 2023. Overall, from 2002 to 2024, the guideline value has increased by 677%.

Guideline values in Villivakkam

In Villivakkam, there are 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 in this area is Rs 4,900 per sq.ft, placing Mullai Nagar's 2024 figure above that median.

• MULLAI NAGAR 10th STREET: Rs 8,200 per sq.ft (2024)
• MULLAI NAGAR 11th STREET: Rs 8,200 per sq.ft (2024)
• MULLAI NAGAR 1st STREET: Rs 8,200 per sq.ft (2024)
• MULLAI NAGAR 2nd STREET: Rs 8,200 per sq.ft (2024)
• MULLAI NAGAR 3rd STREET: Rs 8,200 per sq.ft (2024)
• MULLAI NAGAR 4th STREET: Rs 8,200 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 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, 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 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 Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

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 in Villivakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with legal requirements during transactions.

When a property is registered, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives due revenue from property transactions in the region.

Frequently asked questions

What is the current guideline value of Mullai Nagar?

The current guideline value of Mullai Nagar 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 increased significantly from Rs 1,056 per sq.ft in 2002 to Rs 8,200 per sq.ft in 2024, marking an overall increase of 677%.

What is the land classification of Mullai Nagar?

The land classification for Mullai Nagar is Residential Class II Type - I.

Where can I find the Villivakkam Sub Registrar Office?

The Villivakkam Sub Registrar Office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 82,00,000, the total stamp duty and registration fees would amount to Rs 7,38,000.