Guideline Value for Mekmillan Colony 5th Cross Street

Mekmillan Colony 5th Cross Street guideline value

The current guideline value of Mekmillan Colony 5th 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 Colony 5th Cross Street has changed

The guideline value for Mekmillan Colony 5th 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. In 2017, it was revised to Rs 2,345 per sq.ft, before increasing to Rs 3,500 per sq.ft in 2023. The most recent revision in 2024 set the value at Rs 3,900 per sq.ft.

Between these revisions, the changes were notable. From 2002 to 2003, there was an increase of 12%. The value rose by 132% from 2003 to 2007. However, from 2007 to 2012, there was a significant decrease of 33%. The value then increased by 49% from 2017 to 2023, and the latest revision from 2023 to 2024 shows an increase of 11%. Overall, from 2002 to 2024, the guideline value has increased by 678%.

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 5th Cross Street above this median.

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

Stamp duty and registration fee for property in Mekmillan Colony 5th 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, while the registration fee at 2% would be Rs 78,000. Together, the total cost for these fees would be 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. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Mekmillan Colony 5th Cross Street?

The Sub Registrar Office that covers Mekmillan Colony 5th 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 plays a crucial role in the registration process when buying or selling property in Ullagaram. It is used to determine the stamp duty and registration fees applicable to the transaction. Buyers and sellers must ensure that they are aware of the current guideline value to avoid any discrepancies during the registration process.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue based on the value of the property being transferred.

Frequently asked questions

What is the current guideline value of Mekmillan Colony 5th Cross Street?

The current guideline value of Mekmillan Colony 5th 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 significantly 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 stamp duty and registration fees for property in Mekmillan Colony 5th Cross Street?

For a 1,000 sq.ft property, the total guideline value is Rs 39,00,000. The stamp duty would be Rs 2,73,000 and the registration fee would be Rs 78,000, totaling Rs 3,51,000.

Which Sub Registrar Office covers this area?

The Alandur Sub Registrar Office covers Mekmillan Colony 5th Cross Street, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

How is the guideline value used in property transactions?

The guideline value is used to calculate the stamp duty and registration fees during property transactions, based on the higher of the guideline value or the sale price.