Guideline Value for Mylarasu Nagar

Mylarasu Nagar guideline value

The current guideline value of Mylarasu Nagar is Rs 2,750 per sq.ft, effective from 1 July 2024. This area is located in Nemilicherry village under the Pallavaram SRO, classified as Commercial Class I Type - II.

How the guideline value of Mylarasu Nagar has changed

The guideline value for Mylarasu Nagar has undergone several revisions over the years. The earliest recorded figure is from 2007, when it was Rs 478 per sq.ft. This increased significantly to Rs 2,500 per sq.ft in 2012, marking a rise of 423%. However, by 2017, the value decreased to Rs 1,675 per sq.ft, a drop of 33%. The value then rose to Rs 2,500 per sq.ft in 2023, and most recently, it has increased to Rs 2,750 per sq.ft in 2024, reflecting a 10% increase from the previous year.

From 2017 to 2023, the guideline value increased by 49%. Overall, from 2007 to 2024, there has been a substantial increase of 475% in the guideline value for Mylarasu Nagar.

Guideline values in Nemilicherry

In Nemilicherry village, 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 guideline value in this area is Rs 2,160 per sq.ft, placing Mylarasu Nagar's 2024 figure above this median.

• Muthuswamy Nagar: Rs 2,160 per sq.ft (2024)
• Nagappan Road: Rs 2,160 per sq.ft (2024)
• Muthalamman Koil Street: Rs 2,160 per sq.ft (2024)
• Nanmangalam Road: Rs 2,420 per sq.ft (2024)
• Natrajapuram 1st Street: Rs 2,160 per sq.ft (2024)
• Natrajapuram 2nd Street: Rs 2,160 per sq.ft (2024)

Stamp duty and registration fee for property in Mylarasu Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total cost to Rs 2,47,500. 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 detailed calculations.

Which Sub Registrar Office covers Mylarasu Nagar?

The Sub Registrar Office that covers Mylarasu 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 information.

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

The guideline value is a crucial factor in the registration process of property transactions in Nemilicherry. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps to assess the fair value of the property, aiding both buyers and sellers in negotiations. It is essential for parties involved in the transaction to be aware of the current guideline value to avoid discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Mylarasu Nagar?

The current guideline value of Mylarasu Nagar is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen significant changes, increasing from Rs 478 per sq.ft in 2007 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of 475% over the years.

What is the median guideline value in Nemilicherry?

The median guideline value in Nemilicherry is Rs 2,160 per sq.ft, with Mylarasu Nagar's current value being above this median.

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

For a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500 and the registration fee would be Rs 55,000, totaling Rs 2,47,500.

Where is the Sub Registrar Office for Mylarasu Nagar located?

The Sub Registrar Office for Mylarasu Nagar is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone.