Guideline Value for Mullai Colony

Mullai Colony guideline value

The current guideline value of Mullai Colony, located in Mugappair village under the Konnur SRO, is Rs 7,100 per sq.ft. This value is effective from 1 July 2024 and falls under the land classification of Residential Special Type - I.

How the guideline value of Mullai Colony has changed

The guideline value for Mullai Colony has seen significant changes over the years. Starting from Rs 486 per sq.ft in 2002, it increased to Rs 534 per sq.ft in 2003. The value then rose substantially to Rs 1,500 per sq.ft in 2007, followed by a decrease to Rs 6,500 per sq.ft in 2012. In 2017, the value was revised to Rs 4,355 per sq.ft, and by 2023, it increased to Rs 6,500 per sq.ft again. The most recent revision in 2024 set the guideline value at Rs 7,100 per sq.ft, reflecting a 9% increase from the previous year.

Overall, the guideline value has increased by 1361% from 2002 to 2024. The changes between the revisions include a 333% increase from 2007 to 2012, a 49% increase from 2017 to 2023, and a 10% increase from 2002 to 2003. There are no figures available for the years not listed in the register for this street.

Guideline values in Mugappair

Mugappair village has a total of 224 streets under the Konnur SRO, with guideline values ranging from Rs 3,300 to Rs 8,800 per sq.ft. The median guideline value for these streets is Rs 7,100 per sq.ft, which is equal to the current value for Mullai Colony.

• M.T.H. Road: Rs 7,100 per sq.ft (2024)
• Mohanram Nagar: Rs 7,100 per sq.ft (2024)
• Mogappair Vennus Street: Rs 3,300 per sq.ft (2024)
• Mogappair School Street (Mogappair East): Rs 7,100 per sq.ft (2024)
• Mogappair Road Segment - 4 (End of the Srinivasa Nagar and near Madhiyazhagan Nagar): Rs 7,100 per sq.ft (2024)
• Mogappair Road Segment - 3 (Wavin to Mogappair Road West Water Tank): Rs 7,100 per sq.ft (2024)

Stamp duty and registration fee for property in Mullai Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 7,100 per sq.ft, the total guideline value amounts to Rs 71,00,000. The stamp duty at 7% would be Rs 4,97,000, and the registration fee at 2% would be Rs 1,42,000, bringing the total costs together to Rs 6,39,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Mullai Colony?

The Sub Registrar Office that covers Mullai Colony is the Konnur Sub Registrar Office, located at Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai. You can find your SRO for more details.

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

The guideline value is a crucial factor during the registration of property transactions in Mugappair. It serves as a benchmark for determining the minimum value at which property can be registered, ensuring that all transactions are conducted transparently and fairly.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees that need to be paid. This ensures that both buyers and sellers are aware of the costs involved in the transaction, based on the officially set values.

Frequently asked questions

What is the current guideline value of Mullai Colony?

The current guideline value of Mullai Colony is Rs 7,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 486 per sq.ft in 2002 to Rs 7,100 per sq.ft in 2024, showing a significant overall increase of 1361%.

What are the stamp duty rates for property in Mullai Colony?

The stamp duty for property transactions in Mullai Colony is charged at 7% of the guideline value or sale price, whichever is higher.

Where is the Konnur Sub Registrar Office located?

The Konnur Sub Registrar Office is located at Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai.

What is the land classification of Mullai Colony?

Mullai Colony falls under the land classification of Residential Special Type - I.