Guideline Value for MILLERS ROAD LANE

Millers Road Lane guideline value

The current guideline value of Millers Road Lane is Rs 10,900 per sq.ft, effective from 1 July 2024. This street is located in Purasaivakkam village and falls under the Purasaivakkam SRO. The land classification for this area is Commercial Class I Type - I.

How the guideline value of Millers Road Lane has changed

The guideline value for Millers Road Lane has seen significant changes over the years. In 2007, the value was Rs 3,000 per sq.ft, which increased to Rs 10,000 per sq.ft in 2012, marking a remarkable rise of 233%. However, it then decreased to Rs 6,700 per sq.ft in 2017, a drop of 33%. The value continued to rise, reaching Rs 10,000 per sq.ft in 2023, and finally increasing to the current value of Rs 10,900 per sq.ft in 2024, which is a 9% increase from the previous year.

There are no figures available for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 263%.

Guideline values in Purasaivakkam

In Purasaivakkam, there are 519 streets that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 18,100 per sq.ft, with a median value of Rs 5,500 per sq.ft. Millers Road Lane's 2024 figure is above this median, indicating its relative value in the area.

• Millers Road Blind Lane: Rs 9,300 per sq.ft (2024)
• Millers Road: Rs 11,000 per sq.ft (2024)
• Mookkathal Street: Rs 7,700 per sq.ft (2024)
• Mookku Chetty Street: Rs 6,000 per sq.ft (2024)
• Mothilal Nehru Street 1st Street: Rs 4,400 per sq.ft (2024)
• Menod Street: Rs 6,000 per sq.ft (2024)

Stamp duty and registration fee for property in Millers Road Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 10,900 per sq.ft, the total guideline value amounts to Rs 1,09,00,000. The stamp duty at 7% would be Rs 7,63,000, and the registration fee at 2% would be Rs 2,18,000, making the total Rs 9,81,000. Please note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Millers Road Lane?

The Sub Registrar Office that covers Millers Road Lane is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more details.

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

The guideline value plays a crucial role in property transactions in Purasaivakkam. It is used to determine the stamp duty and registration fees that must be paid when buying or selling property. Buyers should be aware that these fees are calculated based on the guideline value or the sale price, whichever is higher.

When registering a property, the guideline value ensures that the transaction is recorded at a fair value, reflecting the current market conditions. It is important for both buyers and sellers to understand how this value impacts their financial obligations during the registration process.

Frequently asked questions

What is the current guideline value of Millers Road Lane?

The current guideline value of Millers Road Lane is Rs 10,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 3,000 per sq.ft in 2007 to Rs 10,900 per sq.ft in 2024, reflecting an overall increase of 263% over this period.

What are the registration fees for property transactions?

Registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current rate incurs a total registration fee of Rs 9,81,000.

Where is the Sub Registrar Office for Millers Road Lane located?

The Sub Registrar Office covering Millers Road Lane is located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

What is the land classification for Millers Road Lane?

The land classification for Millers Road Lane is Commercial Class I Type - I, indicating its use for commercial purposes.