Guideline Value for Mullai Nagar

Mullai Nagar guideline value

The current guideline value of Mullai Nagar is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is located in Madambakkam village under the Selaiyur SRO, classified as Residential Special Type - I.

How the guideline value of Mullai Nagar has changed

In the 2012 revision, the guideline value was set at Rs 2,000 per sq.ft. This figure remained unchanged in the 2023 revision, which also recorded Rs 2,000 per sq.ft. However, in the 2024 revision, the guideline value increased to Rs 2,200 per sq.ft, marking a 10% rise from the previous year. The register has no figures for the years 2002, 2003, 2007, and 2017 for this street.

Overall, from 2012 to 2024, the guideline value has increased by 10%. The most significant change occurred between 2023 and 2024, which saw a 10% increase in the guideline value.

Guideline values in Madambakkam

In Madambakkam, there are 1151 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 for Mullai Nagar is below this median.

• Mullai Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• 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 Extn II: Rs 2,200 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 2,200 per sq.ft, the total guideline value is Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, totaling Rs 1,98,000. It is important to note that duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for precise calculations.

Which Sub Registrar Office covers Mullai Nagar?

The Sub Registrar Office that covers Mullai Nagar 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 further assistance.

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

The guideline value is a crucial factor during property transactions in Madambakkam, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with registration norms and to calculate the applicable stamp duty and registration fees.

When a property is sold, the guideline value serves as a benchmark for the transaction. The registration office uses this value to assess the stamp duty, which is charged at a percentage of either the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of Mullai Nagar?

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

How much has the guideline value changed over the years?

From the 2012 revision to the 2024 revision, the guideline value has increased by 10%, from Rs 2,000 to Rs 2,200 per sq.ft.

What is the land classification for Mullai Nagar?

Mullai Nagar is classified as Residential Special Type - I under the Selaiyur SRO.

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

The stamp duty is 7% and the registration fee is 2% of the guideline value. For a 1,000 sq.ft plot, the total fees would amount to Rs 1,98,000.

Which office handles the registration of properties in Mullai Nagar?

The Selaiyur Sub Registrar Office handles the registration of properties in Mullai Nagar, located at No.36, Bharathmatha Salai, East Tambaram, Chennai.