Guideline Value for Mulai Nagar

Mulai Nagar guideline value

The current guideline value of Mulai Nagar, located in Kovilambakkam village under the Pallavaram SRO, is Rs 2,160 per sq.ft. This value is effective from 1 July 2024 and falls under the Residential Class II Type - I land classification.

How the guideline value of Mulai Nagar has changed

The guideline value for Mulai Nagar has undergone several revisions over the years. Starting from the 2003 revision, the value was Rs 91 per sq.ft. This figure saw a significant increase to Rs 350 per sq.ft in 2007, marking a change of +285%. The 2012 revision brought the value to Rs 2,000 per sq.ft, an increase of +471%. However, the subsequent revision in 2017 saw a decrease to Rs 1,340 per sq.ft, which was a drop of -33%. The 2023 revision returned the value to Rs 2,000 per sq.ft, reflecting a rise of +49%, and the most recent revision in 2024 set the value at Rs 2,160 per sq.ft, an increase of +8%.

The overall change from the 2003 revision to the 2024 revision is a remarkable +2,274%. It is important to note that there is no figure available for the 2002 revision in the register for this street.

Guideline values in Kovilambakkam

Kovilambakkam has 61 streets under the Pallavaram SRO with a 2024 guideline value ranging from Rs 1,320 to Rs 5,610 per sq.ft. The median guideline value for these streets is Rs 2,750 per sq.ft, placing the Mulai Nagar guideline value below that median.

• Mohi Aurora: Rs 5,610 per sq.ft (2024)
• Muthiah Nagar: Rs 4,070 per sq.ft (2024)
• Muthiah Nagar 1 To 4 Streets: Rs 2,750 per sq.ft (2024)
• Mmrd Road: Rs 4,400 per sq.ft (2024)
• Mayana Salai: Rs 2,160 per sq.ft (2024)
• Nehru Street: Rs 2,160 per sq.ft (2024)

Stamp duty and registration fee for property in Mulai Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,160 per sq.ft, the total guideline value would amount to Rs 21,60,000. The stamp duty at 7% would be Rs 1,51,200, and the registration fee at 2% would be Rs 43,200, making the total cost for these fees Rs 1,94,400. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Mulai Nagar?

The Sub Registrar Office that covers Mulai Nagar is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. To find your specific SRO, you can visit find your SRO.

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

The guideline value plays a crucial role during the registration of property transactions in Kovilambakkam. It serves as a benchmark for calculating the stamp duty and registration fees that buyers and sellers must pay when completing a property transaction.

When you buy or sell property, the guideline value is used to determine the official value of the property for registration purposes. This ensures that the transaction is recorded accurately and that the appropriate fees are collected based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of Mulai Nagar?

The current guideline value of Mulai Nagar is Rs 2,160 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 91 per sq.ft in 2003 to Rs 2,160 per sq.ft in 2024, reflecting an overall increase of +2,274%.

What is the median guideline value in Kovilambakkam?

The median guideline value for the streets in Kovilambakkam is Rs 2,750 per sq.ft, with Mulai Nagar's value being below this median.

What are the stamp duty and registration fees for property in Mulai Nagar?

For a property valued at Rs 21,60,000, the stamp duty would be Rs 1,51,200 and the registration fee would be Rs 43,200, totaling Rs 1,94,400.

Which office handles property registrations in Mulai Nagar?

The Pallavaram Sub Registrar Office handles property registrations in Mulai Nagar, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.