Guideline Value for Mekmillan 3rd Street

Mekmillan 3rd Street guideline value

The current guideline value of Mekmillan 3rd 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 3rd Street has changed

The guideline value for Mekmillan 3rd 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. Following this, the value rose significantly to Rs 1,300 per sq.ft in 2007, and then to Rs 3,500 per sq.ft in 2012. However, it dropped to Rs 2,345 per sq.ft in 2017 before climbing back to Rs 3,500 per sq.ft in 2023. The latest revision in 2024 has set the value at Rs 3,900 per sq.ft.

Between these revisions, there have been notable changes. From 2017 to 2023, there was a 49% increase, while the jump from 2012 to 2017 saw a decrease of 33%. The value surged by 169% from 2007 to 2012 and increased by 132% from 2003 to 2007. The overall increase from 2002 to 2024 is 678%.

Guideline values in Ullagaram

In Ullagaram, there are 298 streets under the Alandur SRO that carry a 2024 guideline value ranging from Rs 1,700 to Rs 5,500 per sq.ft, with a median of Rs 2,800 per sq.ft. Mekmillan 3rd Street's 2024 figure of Rs 3,900 per sq.ft is above this median.

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

For a 1,000 sq.ft plot at the current guideline value of Rs 3,900 per sq.ft, the total guideline value amounts to Rs 39,00,000. The stamp duty at 7% would be Rs 2,73,000, and the registration fee at 2% would be Rs 78,000, bringing the total fees together to 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 our stamp duty and registration fee calculator for precise calculations.

Which Sub Registrar Office covers Mekmillan 3rd Street?

The Sub Registrar Office that covers Mekmillan 3rd 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

When buying or selling property in Ullagaram, the guideline value plays a crucial role in determining the registration fees. This value is used to calculate the stamp duty and registration fees, ensuring that the transaction is legally documented and that the appropriate taxes are paid.

It is essential for buyers and sellers to be aware of the current guideline value as it directly impacts the overall cost of the transaction. Understanding this value helps in making informed decisions during the buying or selling process.

Frequently asked questions

What is the current guideline value of Mekmillan 3rd Street?

The current guideline value of Mekmillan 3rd 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 increased significantly from Rs 501 per sq.ft in 2002 to Rs 3,900 per sq.ft in 2024, marking an overall increase of 678%.

What are the other streets in Ullagaram with the same guideline value?

Several other streets in Ullagaram have the same guideline value of Rs 3,900 per sq.ft in 2024, including Mekmillan 3rd Cross Street, Mekmillan Colony 1st Street, and Mekmillan 2nd Cross Street, among others.

What is the registration office for Mekmillan 3rd Street?

The registration office for Mekmillan 3rd Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

How is the 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, a property valued at Rs 39,00,000 would incur a stamp duty of Rs 2,73,000 at 7%.