Guideline Value for Mekmillan Colony 2nd Street

Mekmillan Colony 2nd Street guideline value

The current guideline value of Mekmillan Colony 2nd Street is Rs 3,900 per sq.ft, as per the 2024 revision effective from 1 July 2024. This street is located in Ullagaram village under the Alandur SRO, classified as Residential Class I Type - III.

How the guideline value of Mekmillan Colony 2nd Street has changed

The guideline value for Mekmillan Colony 2nd Street has undergone several revisions over the years. In 2002, the guideline value was Rs 501 per sq.ft, which increased to Rs 561 per sq.ft in 2003, marking a 12% rise. The value saw a significant jump to Rs 1,300 per sq.ft in 2007, reflecting a 132% increase. Following this, in 2012, the value was revised to Rs 3,500 per sq.ft, showing a substantial increase of 169% from the previous figure. However, it then dropped to Rs 2,345 per sq.ft in 2017, representing a decrease of 33%.

In 2023, the guideline value rose to Rs 3,500 per sq.ft, and in the latest 2024 revision, it increased by 11% to Rs 3,900 per sq.ft. Overall, from 2002 to 2024, the guideline value has increased by 678%. The register has no figure for the years not mentioned in this summary.

Guideline values in Ullagaram

In Ullagaram, there are 298 streets under the Alandur SRO, with guideline values ranging from Rs 1,700 to Rs 5,500 per sq.ft. The median guideline value for the area is Rs 2,800 per sq.ft, making the 2024 figure for Mekmillan Colony 2nd Street above this median.

• Mekmillan Colony 1st Street: Rs 3,900 per sq.ft (2024)
• Mekmillan Colony 4th Cross Street: Rs 3,900 per sq.ft (2024)
• Mekmillan 3rd Street: Rs 3,900 per sq.ft (2024)
• Mekmillan Colony 5th Cross Street: Rs 3,900 per sq.ft (2024)
• Mekmillan 3rd Cross Street: Rs 3,900 per sq.ft (2024)
• Mekmillan Colony Main: Rs 3,900 per sq.ft (2024)

Stamp duty and registration fee for property in Mekmillan Colony 2nd 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 to Rs 3,51,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mekmillan Colony 2nd Street?

The Sub Registrar Office that covers Mekmillan Colony 2nd 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 in the registration process for property transactions in Ullagaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately in the official registry.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees, which are necessary for the legal transfer of ownership. Buyers and sellers should be aware of the current guideline value to ensure compliance with local regulations during the transaction.

Frequently asked questions

What is the current guideline value of Mekmillan Colony 2nd Street?

The current guideline value of Mekmillan Colony 2nd Street is Rs 3,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2002, the guideline value has increased from Rs 501 per sq.ft to Rs 3,900 per sq.ft in 2024, marking an overall increase of 678%.

What are the stamp duty and registration fees for a property in Mekmillan Colony 2nd Street?

For a 1,000 sq.ft plot, the total guideline value is Rs 39,00,000, resulting in a stamp duty of Rs 2,73,000 and a registration fee of Rs 78,000, totaling Rs 3,51,000.

Where is the Sub Registrar Office for Mekmillan Colony 2nd Street?

The Sub Registrar Office is located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

What is the land classification for Mekmillan Colony 2nd Street?

Mekmillan Colony 2nd Street is classified as Residential Class I Type - III according to the local regulations.