Guideline Value for Mullai Nagar 1 to 6 Street

Mullai Nagar 1 to 6 Street guideline value

The current guideline value for Mullai Nagar 1 to 6 Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Ramapuram village and falls under the Chennai South Joint II SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Mullai Nagar 1 to 6 Street has changed

Over the years, the guideline value of Mullai Nagar 1 to 6 Street has seen several revisions. The 2012 revision set the value at Rs 3,500 per sq.ft, which then decreased to Rs 2,345 per sq.ft in the 2017 revision. This marked a decrease of 33%. However, from 2017 to 2023, the value increased significantly to Rs 3,500 per sq.ft, reflecting a rise of 49%. The latest revision in 2024 has further increased the guideline value to Rs 3,850 per sq.ft, which is a 10% increase from the previous year.

It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%.

Guideline values in Ramapuram

In Ramapuram, there are a total of 394 streets under the Chennai South Joint II SRO, with guideline values ranging from Rs 1,950 to Rs 6,600 per sq.ft. The median guideline value for the area is Rs 3,100 per sq.ft, placing the 2024 figure for Mullai Nagar 1 to 6 Street above this median.

• Mullai Nagar 2nd Main Road: Rs 3,850 per sq.ft (2024)
• Mullai Nagar 1st Main Road: Rs 3,850 per sq.ft (2024)
• Mullai Nagar: Rs 3,850 per sq.ft (2024)
• Mullai Street: Rs 3,850 per sq.ft (2024)
• Moovendar Nagar: Rs 2,750 per sq.ft (2024)
• Moonlight Ramapuram Pillaiyar Koil: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Mullai Nagar 1 to 6 Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty, charged at 7%, would amount to Rs 2,69,500, while the registration fee at 2% would be Rs 77,000. Together, the total cost for these fees would be Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information on calculating these fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mullai Nagar 1 to 6 Street?

The Sub Registrar Office that covers Mullai Nagar 1 to 6 Street is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Ramapuram. It serves as the basis for calculating the stamp duty and registration fees that must be paid at the time of registration. Buyers should be aware that these fees are calculated based on the higher of the guideline value or the sale price of the property.

Understanding the guideline value is essential for both buyers and sellers, as it ensures that the transaction is compliant with local regulations. It also provides a transparent framework for determining the costs associated with property transactions in the area.

Frequently asked questions

What is the current guideline value for Mullai Nagar 1 to 6 Street?

The current guideline value for Mullai Nagar 1 to 6 Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, with the most recent increase being from Rs 3,500 per sq.ft in 2023 to Rs 3,850 per sq.ft in 2024, marking a 10% increase. From 2017 to 2023, there was a significant increase of 49% from Rs 2,345 per sq.ft.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 38,50,000, the stamp duty would be Rs 2,69,500 and the registration fee would be Rs 77,000, totaling Rs 3,46,500. These fees are calculated based on the guideline value or the sale price, whichever is higher.

Which office handles property registrations for Mullai Nagar 1 to 6 Street?

The Chennai South Joint II Sub Registrar Office handles property registrations for Mullai Nagar 1 to 6 Street. The office is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

What is the land classification for Mullai Nagar 1 to 6 Street?

The land classification for Mullai Nagar 1 to 6 Street is Residential Class I Type - I, indicating its suitability for residential development.