Guideline Value for Mullai Nagar , Assisi Nagar Extn (Ward-06)

Mullai Nagar , Assisi Nagar Extn (Ward-06) guideline value

The current guideline value for Mullai Nagar , Assisi Nagar Extn (Ward-06) is Rs 1,300 per sq.ft, effective from 1 July 2024. This area is part of Madhavaram village under the Madhavaram SRO, classified as Residential Class III Type - I.

How the guideline value of Mullai Nagar , Assisi Nagar Extn (Ward-06) has changed

The guideline value for Mullai Nagar has undergone several revisions over the years. The 2012 revision set the value at Rs 1,200 per sq.ft, which decreased to Rs 804 per sq.ft in 2017. Following this, the 2023 revision increased the value to Rs 1,200 per sq.ft, and the most recent 2024 revision raised it further to Rs 1,300 per sq.ft. Notably, there are no figures available for the years 2002, 2003, and 2007 for this street.

From 2017 to 2023, there was a significant increase of 49%, followed by an 8% increase from 2023 to 2024. However, the value decreased by 33% from 2012 to 2017. Overall, comparing the 2012 figure to the 2024 figure, there has been an increase of 8%.

Guideline values in Madhavaram

Madhavaram village features a range of guideline values for its streets, with the 2024 figures ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median value across 1,946 streets in Madhavaram is Rs 1,600 per sq.ft, placing the guideline value of Mullai Nagar at a level below this median.

• Mullai Nagar: Rs 1,300 per sq.ft (2024)
• Mugundha Ramanujam Street: Rs 1,300 per sq.ft (2024)
• Munusamy Garden (Ward-02): Rs 1,300 per sq.ft (2024)
• Munusamy Nagar 1st Street (Ward 23): Rs 1,300 per sq.ft (2024)
• Munusamy Nagar 2nd Street (Ward 23): Rs 1,300 per sq.ft (2024)
• Munusamy Nagar 3rd Street (Ward 23): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Mullai Nagar , Assisi Nagar Extn (Ward-06)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value amounts to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, bringing the total fees to Rs 1,17,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mullai Nagar , Assisi Nagar Extn (Ward-06)?

The Sub Registrar Office that covers Mullai Nagar , Assisi Nagar Extn (Ward-06) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

When buying or selling property in Madhavaram, the guideline value plays a crucial role in determining the fees associated with registration. The guideline value is used to calculate the stamp duty and registration fees, which are necessary for the legal transfer of property ownership.

It is essential to be aware that the guideline value is set by the Registration Department and is subject to periodic revisions. This value serves as a benchmark for property transactions and ensures that the fees collected are based on the official valuation of the property.

Frequently asked questions

What is the current guideline value of Mullai Nagar?

The current guideline value of Mullai Nagar , Assisi Nagar Extn (Ward-06) is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, then increased to Rs 1,200 per sq.ft in 2023, and finally to Rs 1,300 per sq.ft in 2024.

What is the land classification for Mullai Nagar?

Mullai Nagar is classified as Residential Class III Type - I under the Madhavaram SRO.

What is the stamp duty rate for properties in Mullai Nagar?

The stamp duty rate for properties in Mullai Nagar is 7% of the guideline value or sale price, whichever is higher.

Where is the Madhavaram Sub Registrar Office located?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.