Guideline Value for Mithila Nagar

Mithila Nagar guideline value

The current guideline value of Mithila Nagar is Rs 1,650 per sq.ft, effective from 1 July 2024. This area is located in Hastinapuram village under the Pallavaram SRO and is classified as Residential Class III Type - I.

How the guideline value of Mithila Nagar has changed

The guideline value for Mithila Nagar has undergone several revisions over the years. In the 2007 revision, the value was set at Rs 400 per sq.ft, which saw a significant increase to Rs 1,500 per sq.ft in the 2012 revision. However, this figure dropped to Rs 1,005 per sq.ft in the 2017 revision. The following revision in 2023 raised the value to Rs 1,500 per sq.ft, and the latest revision in 2024 increased it further to Rs 1,650 per sq.ft, reflecting a 10% rise from the previous year.

Overall, from 2007 to 2024, the guideline value has increased by 313%. Notably, there are no figures available for the years 2002 and 2003 for this street in the register.

Guideline values in Hastinapuram

In Hastinapuram, there are 277 streets under the Pallavaram SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 4,400 per sq.ft, with a median value of Rs 2,970 per sq.ft. Mithila Nagar's 2024 figure of Rs 1,650 per sq.ft is below the median value.

• M.I.T. Gate Border Road: Rs 2,970 per sq.ft (2024)
• Millath Nagar: Rs 2,970 per sq.ft (2024)
• M.G.R. Nagar: Rs 2,380 per sq.ft (2024)
• Mosque Streets: Rs 1,650 per sq.ft (2024)
• Mosque Works Street: Rs 1,650 per sq.ft (2024)
• M.T.L.P. Colony: Rs 2,970 per sq.ft (2024)

Stamp duty and registration fee for property in Mithila Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty at 7% would amount to Rs 1,15,500, while the registration fee at 2% would be Rs 33,000, bringing the total to Rs 1,48,500. It is important to note that the stamp duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Mithila Nagar?

The Mithila Nagar area is covered by the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for further assistance.

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

The guideline value plays a crucial role in the registration process of property transactions in Hastinapuram. It serves as a benchmark for calculating the stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property sales.

When buying or selling property, the guideline value is considered to determine the minimum value on which stamp duty is charged. This means that if the sale price is lower than the guideline value, the stamp duty will be calculated based on the guideline value instead.

Frequently asked questions

What is the current guideline value of Mithila Nagar?

The current guideline value of Mithila Nagar is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 400 per sq.ft in 2007 to Rs 1,650 per sq.ft in 2024, marking a total increase of 313% over the years.

What is the registration office for Mithila Nagar?

The registration office for Mithila Nagar is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone.

How is stamp duty calculated in Mithila Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For instance, for a plot valued at Rs 16,50,000, the stamp duty would be Rs 1,15,500 at a rate of 7%.

What are the guideline values of other streets in Hastinapuram?

Other streets in Hastinapuram have varying guideline values. For example, M.I.T. Gate Border Road and Millath Nagar both have a guideline value of Rs 2,970 per sq.ft in 2024.