Guideline Value for MULLAI STREET

Mullai Street guideline value

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

How the guideline value of Mullai Street has changed

The guideline value for Mullai Street has seen significant changes over the years. In 2007, the value was Rs 1,100 per sq.ft, which increased dramatically to Rs 3,500 per sq.ft in 2012, marking a rise of 218%. However, this value decreased to Rs 2,345 per sq.ft in 2017, reflecting a decline of 33%. The value then rose sharply to Rs 3,500 per sq.ft in 2023, followed by a further increase to Rs 3,850 per sq.ft in 2024, representing a 10% increase.

Notably, the register has no figures for Mullai Street for the years 2002 and 2003. Overall, from 2007 to 2024, the guideline value has increased by 250%.

Guideline values in Ramapuram

In Ramapuram, there are 394 streets under the Chennai South Joint II SRO that carry a 2024 guideline value, ranging from Rs 1,950 to Rs 6,600 per sq.ft. The median value for these streets is Rs 3,100 per sq.ft, placing Mullai Street's 2024 figure above this median.

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

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, while the registration fee at 2% would be Rs 77,000, bringing the total cost for these fees to Rs 3,46,500. It is important to note that 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 more detailed calculations.

Which Sub Registrar Office covers Mullai Street?

The Sub Registrar Office that covers Mullai Street 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. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Ramapuram. It is used to determine the stamp duty and registration fees that need to be paid when buying or selling a property. The fees are calculated based on the guideline value or the sale price, whichever is higher.

When engaging in a property transaction, it is essential to be aware of the current guideline value, as it directly impacts the overall cost of the transaction. Buyers and sellers should ensure they have the latest information to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Mullai Street?

The current guideline value of Mullai Street 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, starting from Rs 1,100 per sq.ft in 2007 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 250% over the years.

What is the median guideline value for streets in Ramapuram?

The median guideline value for streets in Ramapuram is Rs 3,100 per sq.ft, with Mullai Street's 2024 value being above this median.

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

For a property valued at Rs 38,50,000, the stamp duty would be Rs 2,69,500, and the registration fee would be Rs 77,000, totaling Rs 3,46,500.

Which office handles the registration for Mullai Street?

The registration for Mullai Street is handled by 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.