Guideline Value for Mekmillan Colony Main

Mekmillan Colony Main guideline value

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

How the guideline value of Mekmillan Colony Main has changed

The guideline value for Mekmillan Colony Main has undergone several revisions over the years. In 2003, it was set at Rs 561 per sq.ft, which increased significantly to Rs 1,300 per sq.ft in 2007. The value then rose to Rs 3,500 per sq.ft in 2012, but saw a decline to Rs 2,345 per sq.ft in 2017. The value increased again to Rs 3,500 per sq.ft in 2023, and the latest revision for 2024 has set the value at Rs 3,900 per sq.ft.

From 2017 to 2023, the value increased by 49%, and from 2023 to 2024, it rose by 11%. The largest increase occurred from 2007 to 2012, with a rise of 169%. Overall, from 2003 to 2024, the guideline value has increased by 595%. The register has no figure for the year 2002 for this street.

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 value of Rs 2,800 per sq.ft. The guideline value for Mekmillan Colony Main is above this median.

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

For a 1,000 sq.ft plot at the current rate of Rs 3,900 per sq.ft, the 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, totaling Rs 3,51,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Mekmillan Colony Main?

The Sub Registrar Office that covers Mekmillan Colony Main 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 during the registration of property transactions in Ullagaram. It is used to determine the stamp duty and registration fees that must be paid, ensuring that the government receives the appropriate revenue from property transactions.

When buying or selling property, it is essential to be aware of the current guideline value, as it can affect the overall cost of the transaction. Buyers should ensure that the sale price is in line with the guideline value to avoid any discrepancies during registration.

Frequently asked questions

What is the current guideline value of Mekmillan Colony Main?

The current guideline value of Mekmillan Colony Main 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 561 per sq.ft in 2003 to Rs 3,900 per sq.ft in 2024, marking an overall increase of 595% over this period.

What is the land classification for Mekmillan Colony Main?

Mekmillan Colony Main is classified as Residential Class I Type - III.

Where can I find the registration office for Mekmillan Colony Main?

The registration office for Mekmillan Colony Main 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 Mekmillan Colony Main?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at Rs 3,900 per sq.ft, the total guideline value would be Rs 39,00,000, leading to a stamp duty of Rs 2,73,000 at 7%.