Guideline Value for Mullai Nagar

Mullai Nagar guideline value

The current guideline value of Mullai Nagar, located in Varadarajapuram village under the Padappai SRO, is Rs 990 per sq.ft, 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 undergone several revisions over the years. In 2007, the guideline value was set at Rs 120 per sq.ft. This figure saw a significant increase in 2012, rising to Rs 900 per sq.ft, followed by a decrease to Rs 603 per sq.ft in 2017. The value then increased again to Rs 900 per sq.ft in 2023, and currently stands at Rs 990 per sq.ft from the 2024 revision.

Between the revisions, notable changes include a dramatic increase of 650% from 2007 to 2012, followed by a decrease of 33% from 2012 to 2017. The value then increased by 49% from 2017 to 2023, and finally, there was a 10% increase from 2023 to 2024. Overall, from 2007 to 2024, the guideline value has increased by 725%.

Guideline values in Varadarajapuram

In Varadarajapuram, there are 250 streets under the Padappai SRO, with guideline values ranging from Rs 880 to Rs 4,100 per sq.ft. The median guideline value for these streets is Rs 1,650 per sq.ft, placing Mullai Nagar's current value below this median.

• Mullai Nagarr: Rs 990 per sq.ft (2024)
• Mudichur Road: Rs 3,300 per sq.ft (2024)
• Muthu Murugan Nagar: Rs 990 per sq.ft (2024)
• Mv Generation Mgr Nagar: Rs 3,370 per sq.ft (2024)
• Naduveerapattu - Tambaram Road: Rs 1,650 per sq.ft (2024)
• Metro Paradise Town: Rs 1,100 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 990 per sq.ft, the total guideline value would be Rs 9,90,000. The stamp duty at 7% would amount to Rs 69,300, and the registration fee at 2% would be Rs 19,800, bringing the total cost for these fees to Rs 89,100. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more accurate calculations.

Which Sub Registrar Office covers Mullai Nagar?

The Sub Registrar Office that covers Mullai Nagar is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Varadarajapuram. It serves as the basis for calculating stamp duty and registration fees, ensuring that the government receives appropriate revenue from property transactions.

When buying or selling property, it is essential to be aware of the current guideline value, as it may affect the overall cost of the transaction. Buyers should ensure that they are informed about the guideline value to avoid unexpected fees during the registration process.

Frequently asked questions

What is the current guideline value of Mullai Nagar?

The current guideline value of Mullai Nagar is Rs 990 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly over the years, increasing from Rs 120 per sq.ft in 2007 to Rs 990 per sq.ft in 2024, which is an overall increase of 725%.

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

The stamp duty for a property valued at Rs 9,90,000 is Rs 69,300, while the registration fee is Rs 19,800, totaling Rs 89,100 for a 1,000 sq.ft plot.

Which office handles property registrations in Mullai Nagar?

The Padappai Sub Registrar Office handles property registrations in Mullai Nagar. It is located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.

What is the land classification of Mullai Nagar?

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