Guideline Value for Mekmillan 1st Cross Street

Mekmillan 1st Cross Street guideline value

The current guideline value of Mekmillan 1st Cross Street is Rs 3,900 per sq.ft, effective from 1 July 2024. This street is located in Ullagaram village, under the Alandur SRO, and is classified as Residential Class I Type - III.

How the guideline value of Mekmillan 1st Cross Street has changed

The guideline value for Mekmillan 1st Cross Street has seen several revisions over the years. In 2002, the value was Rs 501 per sq.ft, which increased to Rs 561 per sq.ft in 2003. The value then rose significantly to Rs 1,300 per sq.ft in 2007, followed by a decrease to Rs 3,500 per sq.ft in 2012. The value remained the same in 2012 and 2023 at Rs 3,500 per sq.ft, before increasing to Rs 3,900 per sq.ft in 2024.

From 2017 to 2023, the guideline value increased by 49%, moving from Rs 2,345 per sq.ft in 2017 to Rs 3,500 per sq.ft in 2023. The most recent change from 2023 to 2024 reflects an increase of 11%, bringing the value to Rs 3,900 per sq.ft. There are no figures available for any other revisions for this street.

Guideline values in Ullagaram

In Ullagaram, there are 298 streets under the Alandur SRO with a 2024 guideline value ranging from Rs 1,700 to Rs 5,500 per sq.ft. The median value in this area is Rs 2,800 per sq.ft, making the guideline value of Mekmillan 1st Cross Street above this median.

• Mekmillan 2nd Cross Street: Rs 3,900 per sq.ft (2024)
• Mekmillan 3rd Cross Street: Rs 3,900 per sq.ft (2024)
• Mekmillan 3rd Street: Rs 3,900 per sq.ft (2024)
• Mekmillan Colony 1st Street: Rs 3,900 per sq.ft (2024)
• Mekmillan Colony 2nd Street: Rs 3,900 per sq.ft (2024)
• Mekmillan Colony 4th Cross Street: Rs 3,900 per sq.ft (2024)

Stamp duty and registration fee for property in Mekmillan 1st Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,900 per sq.ft, the total guideline value would be Rs 39,00,000. The stamp duty at 7% would amount to Rs 2,73,000, and the registration fee at 2% would be Rs 78,000, resulting in a total of Rs 3,51,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Mekmillan 1st Cross Street?

The Sub Registrar Office that covers Mekmillan 1st Cross Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for more information.

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

The guideline value is utilized during the registration of property transactions in Ullagaram. It serves as a basis for calculating stamp duty and registration fees, which are mandatory for legal property transfers.

When a property is bought or sold, the guideline value helps ensure that the transaction is recorded accurately and fairly. This value is crucial for both buyers and sellers, as it impacts the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Mekmillan 1st Cross Street?

The current guideline value of Mekmillan 1st Cross Street is Rs 3,900 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 501 per sq.ft in 2002 to Rs 3,900 per sq.ft in 2024. The most significant increase occurred from 2007 to 2012, where the value rose by 169%.

What is the land classification for Mekmillan 1st Cross Street?

Mekmillan 1st Cross Street is classified as Residential Class I Type - III. This classification indicates the type of development and usage permitted in the area.

Where can I find the registration office for this street?

The registration office for Mekmillan 1st Cross Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

How is stamp duty calculated for properties in this area?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 39,00,000, the stamp duty would be Rs 2,73,000 at a rate of 7%.