Guideline Value for MITTNAMILLI COLONY

Mittnamilli Colony guideline value

The current guideline value of Mittnamilli Colony, located in Mitnamalle village under the Avadi SRO, is Rs 804 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class II Type - II land classification.

How the guideline value of Mittnamilli Colony has changed

Over the years, the guideline value for Mittnamilli Colony has seen significant changes. In the 2012 revision, the value was set at Rs 400 per sq.ft. This figure remained the same in the 2012 revision, but by 2017, it decreased to Rs 268 per sq.ft. The value then increased to Rs 400 per sq.ft in the 2023 revision, and most recently, it has risen sharply to Rs 804 per sq.ft in the 2024 revision, marking a 101% increase from the previous year.

When looking at the changes between the revisions, the jump from Rs 268 per sq.ft in 2017 to Rs 400 per sq.ft in 2023 represents a 49% increase. The overall change from the 2012 figure of Rs 400 per sq.ft to the current 2024 figure of Rs 804 per sq.ft indicates a total increase of 101% over the twelve-year period. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Mitnamalle

In Mitnamalle, there are 53 streets under the Avadi SRO that carry a 2024 guideline value ranging from Rs 800 to Rs 2,550 per sq.ft, with a median value of Rs 802 per sq.ft. The guideline value for Mittnamilli Colony is above this median.

• M.R.Radha Nagar: Rs 802 per sq.ft (2024)
• M.R.Radha Nagar 1st Street: Rs 802 per sq.ft (2024)
• M.R.Radha Nagar 2nd Street: Rs 802 per sq.ft (2024)
• Munusamy St: Rs 804 per sq.ft (2024)
• Main Road: Rs 802 per sq.ft (2024)
• Palavedu Main Road (Commercial Area): Rs 802 per sq.ft (2024)

Stamp duty and registration fee for property in Mittnamilli Colony

For a 1,000 sq.ft plot at the current rate of Rs 804 per sq.ft, the guideline value amounts to Rs 8,04,000. The stamp duty at 7% would be Rs 56,280, and the registration fee at 2% would be Rs 16,080, totaling Rs 72,360. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mittnamilli Colony?

The Sub Registrar Office covering Mittnamilli Colony is the Avadi Sub Registrar Office, located at Plot No.145, Vii Street, Modern City, Thandurai Village, Avadi Taluk, Tiruvallur District, Chennai registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Mitnamalle. 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 a buyer or seller engages in a transaction, the guideline value is considered alongside the sale price. The higher of the two values is used to calculate the applicable duties and fees, ensuring compliance with local regulations and fair assessment of property transactions.

Frequently asked questions

What is the current guideline value of Mittnamilli Colony?

The current guideline value of Mittnamilli Colony is Rs 804 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 400 per sq.ft in 2012 to Rs 804 per sq.ft in 2024, marking an overall increase of 101% during this period.

What is the land classification of Mittnamilli Colony?

Mittnamilli Colony falls under the Residential Class II Type - II land classification.

Where can I find the Sub Registrar Office for Mittnamilli Colony?

The Sub Registrar Office for Mittnamilli Colony is the Avadi Sub Registrar Office, located at Plot No.145, Vii Street, Modern City, Thandurai Village, Avadi Taluk, Tiruvallur District, Chennai registration zone.

How is the stamp duty calculated for property in Mittnamilli Colony?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a plot valued at Rs 8,04,000, the stamp duty at 7% would be Rs 56,280.