Guideline Value for Mullai Nagar 1st Street

Mullai Nagar 1st Street guideline value

The current guideline value of Mullai Nagar 1st Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Madambakkam village and falls under the Selaiyur SRO. The land classification for this area is Residential Special Type - I.

How the guideline value of Mullai Nagar 1st Street has changed

Looking at the revisions, the guideline value for Mullai Nagar 1st Street has seen changes over the years. The 2012 revision recorded a value of Rs 2,000 per sq.ft, which remained unchanged until the 2023 revision, also at Rs 2,000 per sq.ft. In 2024, the value increased to Rs 2,200 per sq.ft, marking a 10% increase from the previous year.

It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2017 in the register for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Madambakkam

In Madambakkam, there are 1151 streets under the Selaiyur SRO with guideline values ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median guideline value for these streets is Rs 2,400 per sq.ft, indicating that the 2024 figure for Mullai Nagar 1st Street is below this median.

• Mullai Nagar 2nd Street: Rs 2,200 per sq.ft (2024)
• Mullai Nagar Extn: Rs 2,200 per sq.ft (2024)
• Mullai Nagar Extn Cross Street: Rs 2,200 per sq.ft (2024)
• Mullai Nagar Extn I: Rs 2,200 per sq.ft (2024)
• Mullai Nagar: Rs 2,200 per sq.ft (2024)
• Mullai Nagar Extn II: Rs 2,200 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total cost for these fees to Rs 1,98,000. Please note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Mullai Nagar 1st Street?

The Sub Registrar Office that covers Mullai Nagar 1st Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Madambakkam. It is used to determine the stamp duty and registration fees that are payable when buying or selling property. The guideline value is set by the government and is updated periodically to reflect changes in the market.

When you register a property, the stamp duty is calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Mullai Nagar 1st Street?

The current guideline value of Mullai Nagar 1st Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained at Rs 2,000 per sq.ft from 2012 to 2023 and increased to Rs 2,200 per sq.ft in 2024, marking a 10% increase. There are no figures available for the years 2002, 2003, 2007, and 2017.

What are the other streets in Madambakkam with the same guideline value?

Other streets in Madambakkam with the same guideline value of Rs 2,200 per sq.ft include Mullai Nagar 2nd Street, Mullai Nagar Extn, Mullai Nagar Extn Cross Street, Mullai Nagar Extn I, Mullai Nagar, and Mullai Nagar Extn II.

How is stamp duty calculated for properties in Mullai Nagar 1st Street?

Stamp duty for properties in Mullai Nagar 1st Street is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current rate would incur a stamp duty of Rs 1,54,000.

Where can I find the Sub Registrar Office for Mullai Nagar 1st Street?

The Selaiyur Sub Registrar Office covers Mullai Nagar 1st Street, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073. You can find more information by following the provided link.