Guideline Value for Micetich Colony (Ward-18)

Micetich Colony (Ward-18) guideline value

The current guideline value of Micetich Colony (Ward-18) is Rs 1,600 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village, under the Madhavaram SRO, and is classified as Residential Class II Type - I.

How the guideline value of Micetich Colony (Ward-18) has changed

The guideline value for Micetich Colony has seen several revisions over the years. In 2012, the value was set at Rs 1,200 per sq.ft. This increased to Rs 1,500 per sq.ft in 2023, marking a 25% rise. The most recent revision in 2024 has further increased the value to Rs 1,600 per sq.ft, which is a 7% increase from the previous year.

There are no figures available for the revisions in 2002, 2003, 2007, and 2017 for this street. Overall, from 2012 to 2024, the guideline value has increased by 33%.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median value for these streets is Rs 1,600 per sq.ft, which is equal to the current guideline value of Micetich Colony (Ward-18).

• M.H. Road (Ward-08): Rs 3,300 per sq.ft (2024)
• M.H. Road (Ward-05): Rs 3,300 per sq.ft (2024)
• M.G.R. St ( Ward No.22 ): Rs 1,300 per sq.ft (2024)
• M.G.R.Street ( Ward No.7 ): Rs 1,300 per sq.ft (2024)
• Milk Colony Main Road (Ward-16): Rs 1,600 per sq.ft (2024)
• Milk Colony Officers Qtrs (Ward-03): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Micetich Colony (Ward-18)

For a 1,000 sq.ft plot at the current guideline value, the total guideline value would be Rs 16,00,000. The stamp duty at 7% would amount to Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, totaling Rs 1,44,000. 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 Micetich Colony (Ward-18)?

The Sub Registrar Office that covers Micetich Colony (Ward-18) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Madhavaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees.

When a buyer or seller engages in a property transaction, the guideline value is used to calculate the applicable duties and fees, which are essential for the legal transfer of property ownership. It is important for both parties to be aware of the current guideline value to ensure compliance with registration requirements.

Frequently asked questions

What is the current guideline value of Micetich Colony (Ward-18)?

The current guideline value of Micetich Colony (Ward-18) is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2012 to Rs 1,500 per sq.ft in 2023, and then to Rs 1,600 per sq.ft in 2024. This reflects a 33% increase overall from 2012 to 2024.

What is the land classification of Micetich Colony (Ward-18)?

Micetich Colony (Ward-18) is classified as Residential Class II Type - I, indicating its suitability for residential development.

What are the stamp duty rates for property transactions in Micetich Colony (Ward-18)?

The stamp duty rate for property transactions in Micetich Colony is 7% of the guideline value or the sale price, whichever is higher. Additionally, there is a registration fee of 2%.

Where can I find the Sub Registrar Office for Micetich Colony (Ward-18)?

The Sub Registrar Office for Micetich Colony (Ward-18) is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles all registration activities for the area.