Guideline Value for Mullai Nagar

Mullai Nagar guideline value

The current guideline value of Mullai Nagar, located in Madhavaram village under the Madhavaram SRO, is Rs 1,300 per sq.ft as per the 2024 revision, effective from 1 July 2024. This area is classified as Residential Class III Type - I.

How the guideline value of Mullai Nagar has changed

The guideline value for Mullai Nagar has seen several revisions over the years. The 2012 revision set the value at Rs 1,200 per sq.ft, which then decreased to Rs 804 per sq.ft in the 2017 revision. In 2023, the value increased to Rs 1,200 per sq.ft, followed by an increase to Rs 1,300 per sq.ft in the 2024 revision. The register has no figures for the years 2002, 2003, and 2007.

From 2017 to 2023, there was a significant increase of 49%. The change from 2023 to 2024 reflects an 8% increase. Overall, comparing the 2012 and 2024 revisions, there has been a net increase of 8% in the guideline value.

Guideline values in Madhavaram

The Madhavaram village figures show that there are 1,946 streets under the Madhavaram SRO with a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft, where the median value is Rs 1,600 per sq.ft. The guideline value of Mullai Nagar is below this median.

• Mullai Nagar , Assisi Nagar Extn (Ward-06): Rs 1,300 per sq.ft (2024)
• Mugundha Ramanujam Street: Rs 1,300 per sq.ft (2024)
• Munusamy Garden (Ward-02): Rs 1,300 per sq.ft (2024)
• Munusamy Nagar 1st Street (Ward 23): Rs 1,300 per sq.ft (2024)
• Munusamy Nagar 2nd Street (Ward 23): Rs 1,300 per sq.ft (2024)
• Munusamy Nagar 3rd Street (Ward 23): Rs 1,300 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 1,300 per sq.ft, the total guideline value amounts to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, bringing the total to Rs 1,17,000. It is important to note that the 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 more details.

Which Sub Registrar Office covers Mullai Nagar?

The Sub Registrar Office that covers Mullai Nagar is located at Madhavaram Sub Registrar Office, No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

When buying or selling property in Madhavaram, the guideline value plays a crucial role in determining the stamp duty and registration fees. The guideline value is set by the government and is used to assess the minimum value for property transactions, ensuring that the correct taxes are paid during the registration process.

It is essential for buyers and sellers to be aware of the current guideline value, as it can influence the overall cost of the transaction. Understanding the guideline value helps in making informed decisions during property dealings.

Frequently asked questions

What is the current guideline value of Mullai Nagar?

The current guideline value of Mullai Nagar is Rs 1,300 per sq.ft as per the 2024 revision, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, then increased to Rs 1,200 per sq.ft in 2023, and finally to Rs 1,300 per sq.ft in 2024.

What is the land classification of Mullai Nagar?

Mullai Nagar is classified as Residential Class III Type - I, indicating its usage for residential purposes.

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 property, the total cost would be Rs 1,17,000.

Where is the Sub Registrar Office for Mullai Nagar located?

The Sub Registrar Office for Mullai Nagar is located at Madhavaram Sub Registrar Office, No.7, Roja Nagar, Madhavaram, Chennai-600060.