Guideline Value for MULLAI STREET

Mullai Street guideline value

The current guideline value of Mullai Street in Medavakkam village is Rs 2,200 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint I SRO and is classified as Residential Class I Type - I.

How the guideline value of Mullai Street has changed

Over the years, the guideline value of Mullai Street has seen several revisions. The earliest recorded revision is from 2012, where the value was Rs 2,000 per sq.ft. This was followed by a decrease to Rs 1,340 per sq.ft in 2017. The 2023 revision saw a significant increase to Rs 2,000 per sq.ft, and the most recent revision in 2024 has set the value at Rs 2,200 per sq.ft. Notably, there are no figures available for the years 2002, 2003, and 2007 for this street.

From 2012 to 2017, the guideline value decreased by 33%, but it then increased by 49% from 2017 to 2023. The transition from 2023 to 2024 reflects a 10% increase. Overall, the guideline value has risen by 10% from the 2012 revision to the current 2024 value.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO that have a 2024 guideline value ranging from Rs 1,540 to Rs 7,500 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, which aligns with the current guideline value for Mullai Street.

• Munusamy Nagar: Rs 2,750 per sq.ft (2024)
• Munusamy Nagar 1st Street: Rs 2,750 per sq.ft (2024)
• Munusamy Nagar 2nd Street: Rs 2,750 per sq.ft (2024)
• Munusamy Nagar 3rd Street: Rs 2,750 per sq.ft (2024)
• Munusamy Nagar Main Road: Rs 2,750 per sq.ft (2024)
• Moovendar Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Mullai Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, totaling Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information on costs, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mullai Street?

The Sub Registrar Office that covers Mullai Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process of property transactions in Medavakkam. It is the minimum value at which properties can be registered, ensuring that the government receives appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value is compared with the sale price, and the higher value is used to calculate the stamp duty and registration fees. This ensures transparency and fair taxation during property transactions.

Frequently asked questions

What is the current guideline value of Mullai Street?

The current guideline value of Mullai Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What is the land classification of Mullai Street?

Mullai Street is classified as Residential Class I Type - I under the Chennai South Joint I SRO.

What are the stamp duty and registration fees for properties on Mullai Street?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Which Sub Registrar Office covers Mullai Street?

The Chennai South Joint I Sub Registrar Office covers Mullai Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.