Guideline Value for Mullai Nagar

Mullai Nagar guideline value

The current guideline value of Mullai Nagar, located in Nemilicherry village under the Pallavaram SRO, is Rs 2,160 per sq.ft. This value is effective from the 2024 revision, which took effect on 1 July 2024. The land classification for this area is Residential Class II Type - I.

How the guideline value of Mullai Nagar has changed

Over the years, the guideline value of Mullai Nagar has seen several revisions. The 2007 revision set the value at Rs 250 per sq.ft, which increased significantly to Rs 2,000 per sq.ft in the 2012 revision. However, the value then decreased to Rs 1,340 per sq.ft in the 2017 revision. Following this, the 2023 revision raised it to Rs 2,000 per sq.ft, and the current 2024 revision has further increased it to Rs 2,160 per sq.ft. The register has no figures for the years 2002 and 2003 for this street.

Between the revisions, there have been notable changes. From 2007 to 2012, the guideline value increased by 700%. However, it then decreased by 33% from 2012 to 2017. The value saw a significant increase of 49% from 2017 to 2023, and finally, there was an 8% increase from 2023 to 2024. Overall, the guideline value has increased by 764% from 2007 to 2024.

Guideline values in Nemilicherry

In Nemilicherry, there are 172 streets under the Pallavaram SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 3,300 per sq.ft. The median value for these streets is Rs 2,160 per sq.ft, which is equal to the current guideline value of Mullai Nagar. Below are the guideline values for other streets in Nemilicherry:

• Muthalamman Koil Street: Rs 2,160 per sq.ft (2024)
• Muthuswamy Nagar: Rs 2,160 per sq.ft (2024)
• Mylarasu Nagar: Rs 2,750 per sq.ft (2024)
• Nagappan Road: Rs 2,160 per sq.ft (2024)
• Nanmangalam Road: Rs 2,420 per sq.ft (2024)
• Mettu Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Mullai Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,160 per sq.ft, the total guideline value would be Rs 21,60,000. The stamp duty at 7% would amount to Rs 1,51,200, and the registration fee at 2% would be Rs 43,200. Together, the total cost for stamp duty and registration fee would be Rs 1,94,400. 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?

The Sub Registrar Office that covers Mullai Nagar is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is an essential factor in property transactions in Nemilicherry, as it determines the minimum value at which a property can be registered. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, ensuring that these fees are based on a standard valuation rather than individual sale prices.

During the registration process, the buyer must pay the stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions, contributing to local development and infrastructure.

Frequently asked questions

What is the current guideline value of Mullai Nagar?

The current guideline value of Mullai Nagar is Rs 2,160 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 250 per sq.ft in 2007 to Rs 2,160 per sq.ft in 2024, reflecting an overall increase of 764% over the years.

What are the stamp duty and registration fees for property in Mullai Nagar?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a property valued at Rs 21,60,000, the total fees would be Rs 1,94,400.

Which Sub Registrar Office covers Mullai Nagar?

The Pallavaram Sub Registrar Office covers Mullai Nagar, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

What is the land classification for Mullai Nagar?

The land classification for Mullai Nagar is Residential Class II Type - I, indicating its designation for residential use.