Guideline Value for Mullai Nagar Main Road

Mullai Nagar Main Road guideline value

The current guideline value of Mullai Nagar Main Road 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, classified as Residential Special Type - I.

How the guideline value of Mullai Nagar Main Road has changed

In the 2012 revision, the guideline value was set at Rs 2,000 per sq.ft. This figure decreased to Rs 1,340 per sq.ft in the 2017 revision, marking a decline of 33%. However, the most recent revision in 2024 saw a significant increase to Rs 2,200 per sq.ft, representing a rise of 64% from the 2017 figure.

Overall, from the 2012 to the 2024 revision, the guideline value has increased by 10%. It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2023 for this street.

Guideline values in Madambakkam

In Madambakkam, there are 1,151 streets under the Selaiyur SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 6,000 per sq.ft, with a median value of Rs 2,400 per sq.ft. The guideline value of Mullai Nagar Main Road is below this median.

• Mullai Nagar Extn II: Rs 2,200 per sq.ft (2024)
• Mullai Nagar Extn I: Rs 2,200 per sq.ft (2024)
• Mullai Nagar Extn Cross Street: Rs 2,200 per sq.ft (2024)
• Mullai Nagar Extn: Rs 2,200 per sq.ft (2024)
• Mullai Nagar 2nd Street: Rs 2,200 per sq.ft (2024)
• Mullai Nagar 1st Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Mullai Nagar Main Road

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 charges to Rs 1,98,000. 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 Nagar Main Road?

The Sub Registrar Office that covers Mullai Nagar Main Road 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 details.

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

The guideline value plays a crucial role during the registration of property transactions in Madambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees.

When buying or selling property, the guideline value is compared to the sale price. The higher of the two values is used to calculate the applicable stamp duty and registration fees, ensuring compliance with local regulations.

Frequently asked questions

What is the current guideline value of Mullai Nagar Main Road?

The current guideline value of Mullai Nagar Main Road 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 changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, and then increased to Rs 2,200 per sq.ft in 2024. This represents a decline of 33% from 2012 to 2017, followed by a rise of 64% from 2017 to 2024.

What are the guideline values for other streets in Madambakkam?

Other streets in Madambakkam have a guideline value of Rs 2,200 per sq.ft in 2024, which is consistent across several streets including Mullai Nagar Extn II, Mullai Nagar Extn I, and others.

What are the stamp duty and registration fees for properties in Mullai Nagar Main Road?

The stamp duty is charged at 7%, and the registration fee is 2% of the guideline value or sale price, whichever is higher. For a 1,000 sq.ft plot, the total charges would amount to Rs 1,98,000.

Which office handles property registrations for Mullai Nagar Main Road?

The Selaiyur Sub Registrar Office handles property registrations for Mullai Nagar Main Road, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.