Guideline Value for MILLERS ROAD

Millers Road guideline value

The current guideline value of Millers Road in Purasaivakkam village is Rs 11,000 per sq.ft, effective from 1 July 2024. This area falls under the Purasaivakkam Sub Registrar Office (SRO) and is classified as Residential Special Type - III.

How the guideline value of Millers Road has changed

The guideline value for Millers Road has undergone several revisions over the years. In 2007, the value was Rs 3,000 per sq.ft, which increased significantly to Rs 10,000 per sq.ft in 2012, marking a rise of 233%. However, it dropped to Rs 6,700 per sq.ft in 2017, a decrease of 33%. From 2017 to 2023, the value saw a substantial increase of 49%, reaching Rs 10,000 per sq.ft. The most recent revision in 2024 has set the guideline value at Rs 11,000 per sq.ft, reflecting a 10% increase from the previous year.

The register does not provide figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 267%.

Guideline values in Purasaivakkam

In Purasaivakkam, there are 519 streets under the Purasaivakkam SRO with a 2024 guideline value ranging from Rs 2,200 to Rs 18,100 per sq.ft. The median value is Rs 5,500 per sq.ft, making the 2024 guideline value of Millers Road above this median.

• Millers Road Blind Lane: Rs 9,300 per sq.ft (2024)
• Millers Road Lane: Rs 10,900 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

For a 1,000 sq.ft plot at the current guideline value of Rs 11,000 per sq.ft, the total guideline value amounts to Rs 1,10,00,000. The stamp duty at 7% would be Rs 7,70,000, and the registration fee at 2% would be Rs 2,20,000, making the total charges Rs 9,90,000. 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 details.

Which Sub Registrar Office covers Millers Road?

The Sub Registrar Office that covers Millers Road is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor during the registration process of property transactions in Purasaivakkam. It serves as a benchmark for determining the stamp duty and registration fees payable when buying or selling property in the area.

When a property is registered, the guideline value is used to calculate the applicable duties, ensuring that the transaction is recorded accurately in accordance with the prevailing regulations.

Frequently asked questions

What is the current guideline value of Millers Road?

The current guideline value of Millers Road is Rs 11,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,000 per sq.ft in 2007 to Rs 11,000 per sq.ft in 2024, reflecting a total increase of 267% over the years.

What is the land classification of Millers Road?

Millers Road is classified as Residential Special Type - III, indicating its suitability for residential development.

Where can I find the Purasaivakkam Sub Registrar Office?

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

How is the stamp duty calculated for properties on Millers Road?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 1,10,00,000 would incur a stamp duty of Rs 7,70,000 at 7%.