Guideline Value for V.G.P. SHANTHI NAGAR MULLAI STREET

V.G.P. Shanthi Nagar Mullai Street guideline value

The current guideline value of V.G.P. Shanthi Nagar Mullai Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Pallikaranai village and falls under the Chennai South Joint I SRO. The land classification for this street is Commercial Class I Type - I.

How the guideline value of V.G.P. Shanthi Nagar Mullai Street has changed

The guideline value for V.G.P. Shanthi Nagar Mullai Street has undergone several revisions since 2012. In 2012, the guideline value was Rs 3,500 per sq.ft, which then decreased to Rs 2,345 per sq.ft in 2017. However, from 2017 to 2024, the guideline value increased significantly to Rs 3,850 per sq.ft, marking a 64% rise. Overall, from 2012 to 2024, there has been a 10% increase in the guideline value.

It is important to note that for the years 2002, 2003, 2007, and 2023, the register has no figure for this street. Thus, the changes in guideline value are only reflected in the years 2012, 2017, and 2024.

Guideline values in Pallikaranai

In Pallikaranai, there are 749 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median guideline value in this area is Rs 1,650 per sq.ft, making the 2024 figure for V.G.P. Shanthi Nagar Mullai Street above that median.

• V.G.P.Shanthi Nagar Main Road: Rs 3,850 per sq.ft (2024)
• V.G.P.Shanthi Nagar Pari Street: Rs 3,850 per sq.ft (2024)
• V.G.P. Shanthi Nagar Lakshmi Street Extension: Rs 3,850 per sq.ft (2024)
• V.G.P.Shanthi Nagar Raja Veethi: Rs 3,850 per sq.ft (2024)
• V.G.P.Shanthi Nagar Kanchi Street: Rs 3,850 per sq.ft (2024)
• V.G.P.Shanthi Nagar Santhosh Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in V.G.P. Shanthi Nagar Mullai Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value amounts to Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total cost for these fees to Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers V.G.P. Shanthi Nagar Mullai Street?

The Sub Registrar Office that covers V.G.P. Shanthi Nagar Mullai Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for further assistance.

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

The guideline value plays a crucial role in the registration process of property transactions in Pallikaranai. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When buying or selling property, it is essential to be aware of the guideline value, as it directly impacts the costs involved in the transaction. Buyers should ensure that the sale price is not lower than the guideline value to avoid any legal complications during the registration process.

Frequently asked questions

What is the current guideline value of V.G.P. Shanthi Nagar Mullai Street?

The current guideline value of V.G.P. Shanthi Nagar Mullai Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2012, the guideline value has changed from Rs 3,500 per sq.ft in 2012 to Rs 2,345 per sq.ft in 2017, and then increased to Rs 3,850 per sq.ft in 2024. This represents a 64% increase from 2017 to 2024.

What are the other streets with the same guideline value in Pallikaranai?

Other streets in Pallikaranai that share the same guideline value of Rs 3,850 per sq.ft as V.G.P. Shanthi Nagar Mullai Street include V.G.P.Shanthi Nagar Main Road, V.G.P.Shanthi Nagar Pari Street, V.G.P. Shanthi Nagar Lakshmi Street Extension, V.G.P.Shanthi Nagar Raja Veethi, V.G.P.Shanthi Nagar Kanchi Street, and V.G.P.Shanthi Nagar Santhosh Street.

What is the registration fee for property in V.G.P. Shanthi Nagar Mullai Street?

The registration fee for a property in V.G.P. Shanthi Nagar Mullai Street is calculated based on the guideline value. For example, for a property valued at Rs 38,50,000, the registration fee would be Rs 77,000 at a rate of 2%.

Where can I find the Sub Registrar Office for V.G.P. Shanthi Nagar Mullai Street?

The Sub Registrar Office for V.G.P. Shanthi Nagar Mullai Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.