Guideline Value for Mekmillan Colony 1st Street

Mekmillan Colony 1st Street guideline value

The current guideline value of Mekmillan Colony 1st 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 Colony 1st Street has changed

The guideline value for Mekmillan Colony 1st Street has undergone 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, marking a change of +12%. The value saw a significant rise to Rs 1,300 per sq.ft in 2007, an increase of +132%. Following this, the 2012 revision brought the value back down to Rs 3,500 per sq.ft, a decrease of -33%. In 2017, the value was revised to Rs 2,345 per sq.ft, which was a +49% increase from the previous figure. The most recent revision in 2023 set the value at Rs 3,500 per sq.ft, and the current value of Rs 3,900 per sq.ft in 2024 reflects an increase of +11% from 2023.

Overall, from 2002 to 2024, the guideline value has increased by +678%. The register has no figures for the years not mentioned in this summary.

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 guideline value for these streets is Rs 2,800 per sq.ft, placing Mekmillan Colony 1st Street above this median.

• Mekmillan 3rd Street: Rs 3,900 per sq.ft (2024)
• Mekmillan Colony 2nd Street: Rs 3,900 per sq.ft (2024)
• Mekmillan 3rd Cross Street: Rs 3,900 per sq.ft (2024)
• Mekmillan Colony 4th Cross Street: Rs 3,900 per sq.ft (2024)
• Mekmillan 2nd Cross Street: Rs 3,900 per sq.ft (2024)
• Mekmillan Colony 5th Cross Street: Rs 3,900 per sq.ft (2024)

Stamp duty and registration fee for property in Mekmillan Colony 1st 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, bringing the total fees to Rs 3,51,000. It is important to note that 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 Mekmillan Colony 1st Street?

The Sub Registrar Office that covers Mekmillan Colony 1st 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 further assistance.

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

The guideline value is a crucial factor when registering property transactions in Ullagaram. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with registration requirements.

When a property is sold, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

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

The current guideline value of Mekmillan Colony 1st 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 from Rs 501 per sq.ft in 2002 to Rs 3,900 per sq.ft in 2024, reflecting an overall increase of +678% over the years.

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

Other streets in Ullagaram with a guideline value of Rs 3,900 per sq.ft include Mekmillan 3rd Street, Mekmillan Colony 2nd Street, Mekmillan 3rd Cross Street, Mekmillan Colony 4th Cross Street, Mekmillan 2nd Cross Street, and Mekmillan Colony 5th Cross Street.

What are the stamp duty and registration fees for buying property in Mekmillan Colony 1st Street?

For a 1,000 sq.ft plot at the current guideline value, the total stamp duty would be Rs 2,73,000 and the registration fee would be Rs 78,000, totaling Rs 3,51,000.

Where is the Sub Registrar Office for Mekmillan Colony 1st Street located?

The Alandur Sub Registrar Office, which covers Mekmillan Colony 1st Street, is located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.