Guideline Value for MULLAI STREET

Mullai Street guideline value

The current guideline value of Mullai Street in Vengathur village, under the Manavalanagar SRO, is Rs 700 per sq.ft, effective from 1 July 2024. This street is classified as Residential Class II 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 figure is from 2007, where the value was Rs 125 per sq.ft. This increased significantly to Rs 700 per sq.ft in 2012, marking a 460% rise. However, from 2012 to 2017, the value decreased to Rs 469 per sq.ft, reflecting a decline of 33%. The value then rose again to Rs 700 per sq.ft in both 2023 and 2024, showing a 49% increase from 2017 to 2023, but no change from 2023 to 2024.

It is important to note that the register has no figures for the years 2002 and 2003 for Mullai Street. The overall increase from the 2007 revision to the 2024 revision is 460%.

Guideline values in Vengathur

In Vengathur, there are 186 streets under the Manavalanagar SRO that carry a 2024 guideline value ranging from Rs 500 to Rs 2,000 per sq.ft. The median value is Rs 1,000 per sq.ft, placing Mullai Street's 2024 figure below that median.

• Murugan Street: Rs 700 per sq.ft (2024)
• Murugesa Reddy Street: Rs 1,000 per sq.ft (2024)
• Mu.Varadharasanar Street: Rs 1,300 per sq.ft (2024)
• M.G.R. Nagar: Rs 600 per sq.ft (2024)
• Mettur Street: Rs 700 per sq.ft (2024)
• Navalar Street: Rs 1,300 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 700 per sq.ft, the total guideline value would be Rs 7,00,000. The stamp duty at 7% would amount to Rs 49,000, and the registration fee at 2% would be Rs 14,000, bringing the total cost for these fees to Rs 63,000. 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 more detailed calculations.

Which Sub Registrar Office covers Mullai Street?

The Sub Registrar Office that covers Mullai Street is the Manavalanagar Sub Registrar Office, located at Thandalam Main Road, Nungambakkam Village, Manavalanagar-602002, Chennai registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Vengathur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring transparency in real estate transactions.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Mullai Street?

The current guideline value of Mullai Street is Rs 700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 125 per sq.ft in 2007 to Rs 700 per sq.ft in 2024, with various increments and a decline in between. Notably, the value saw a significant increase of 460% from 2007 to 2012 and then a decrease to Rs 469 per sq.ft in 2017.

What are the other streets in Vengathur with their guideline values?

Other streets in Vengathur include Murugan Street at Rs 700 per sq.ft, Murugesa Reddy Street at Rs 1,000 per sq.ft, Mu.Varadharasanar Street at Rs 1,300 per sq.ft, M.G.R. Nagar at Rs 600 per sq.ft, Mettur Street at Rs 700 per sq.ft, and Navalar Street at Rs 1,300 per sq.ft.

What is the stamp duty for a property in Mullai Street?

The stamp duty for a property in Mullai Street is 7% of the guideline value or sale price, whichever is higher. For a property valued at Rs 7,00,000, the stamp duty would be Rs 49,000.

Which office handles property registrations for Mullai Street?

The Manavalanagar Sub Registrar Office handles property registrations for Mullai Street, located at Thandalam Main Road, Nungambakkam Village, Manavalanagar-602002, Chennai registration zone.