Guideline Value for Y- Block, 2nd Street

Y- Block, 2nd Street guideline value

The current guideline value of Y- Block, 2nd Street is Rs 11,500 per sq.ft. This street is located in Mullam village and falls under the AnnaNagar SRO. The land classification for this area is Residential Special Type - II.

How the guideline value of Y- Block, 2nd Street has changed

The guideline value for Y- Block, 2nd Street has seen several revisions over the years. The earliest recorded figure is from 2007, with a guideline value of Rs 10,000 per sq.ft. This increased to Rs 10,500 per sq.ft in 2012, but then dropped to Rs 7,035 per sq.ft in 2017. The value rose significantly to Rs 10,500 per sq.ft in 2023, and the most recent revision in 2024 set the value at Rs 11,500 per sq.ft.

Between the revisions, the changes were notable. From 2017 to 2023, there was a substantial increase of 49%. However, from 2012 to 2017, the value decreased by 33%. The increase from 2023 to 2024 was 10%. Overall, from 2007 to 2024, the guideline value has increased by 15%. There are no figures available for the years 2002 and 2003 for this street.

Guideline values in Mullam

Mullam village has a range of guideline values for its 119 streets under the AnnaNagar SRO, with the 2024 figures ranging from Rs 4,400 to Rs 15,900 per sq.ft. The median guideline value is Rs 11,500 per sq.ft, which is equal to the current value for Y- Block, 2nd Street.

• Y Block 1 St Street: Rs 12,600 per sq.ft (2024)
• Y- Block, 3rd Street: Rs 12,600 per sq.ft (2024)
• Y Block 4609 to 4623 Second Avenue: Rs 15,900 per sq.ft (2024)
• Y- Block, 10th Street: Rs 11,500 per sq.ft (2024)
• Y- Block, 4th Street: Rs 11,500 per sq.ft (2024)
• Y- Block, 5th Street: Rs 11,500 per sq.ft (2024)

Stamp duty and registration fee for property in Y- Block, 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 11,500 per sq.ft, the total guideline value would be Rs 1,15,00,000. The stamp duty at 7% would be Rs 8,05,000, and the registration fee at 2% would be Rs 2,30,000, bringing the total to Rs 10,35,000. The duty is charged on the guideline value or the sale price, whichever is higher. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Y- Block, 2nd Street?

The Sub Registrar Office that covers Y- Block, 2nd Street is the AnnaNagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more details.

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

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

When buying or selling a property, the guideline value helps establish a fair value for the transaction. It is essential for both buyers and sellers to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Y- Block, 2nd Street?

The current guideline value of Y- Block, 2nd Street is Rs 11,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, starting from Rs 10,000 per sq.ft in 2007, increasing to Rs 10,500 in 2012, dropping to Rs 7,035 in 2017, then rising to Rs 10,500 in 2023, and finally reaching Rs 11,500 in 2024.

What is the land classification for Y- Block, 2nd Street?

The land classification for Y- Block, 2nd Street is Residential Special Type - II, indicating its designated use for residential purposes.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is 2% of the guideline value. For example, a 1,000 sq.ft plot at the current rate incurs a total of Rs 10,35,000 in fees.

Which office handles registrations for Y- Block, 2nd Street?

The AnnaNagar Sub Registrar Office handles registrations for Y- Block, 2nd Street. It is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.