Guideline Value for Milagupillai Street

Milagupillai Street guideline value

The current guideline value of Milagupillai Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Cantonment Pallavaram village, under the Pallavaram SRO, and is classified as Residential Class III Type - I.

How the guideline value of Milagupillai Street has changed

The guideline value for Milagupillai Street has undergone several revisions over the years. The earliest recorded revision is from 2003, where the value was Rs 534 per sq.ft. This increased to Rs 800 per sq.ft in 2007, marking a significant rise of 50%. The value then surged to Rs 2,000 per sq.ft in 2012, reflecting a 150% increase. However, it decreased to Rs 1,340 per sq.ft in 2017, a drop of 33%. The guideline value then rose again to Rs 2,000 per sq.ft in 2023, followed by the current value of Rs 2,200 per sq.ft in 2024, which is a 10% increase from the previous year.

It is important to note that there is no figure available for the year 2002 in the register for this street. Overall, from 2003 to 2024, the guideline value has increased by 312%.

Guideline values in Cantonment Pallavaram

In Cantonment Pallavaram, there are 81 streets under the Pallavaram SRO that carry a guideline value for 2024, ranging from Rs 1,650 to Rs 11,000 per sq.ft. The median guideline value for these streets is Rs 2,700 per sq.ft, which means that Milagupillai Street's 2024 figure is below that median.

• M.K. Padmanaban Street: Rs 2,700 per sq.ft (2024)
• Mosque Street: Rs 3,850 per sq.ft (2024)
• Muthalamman Koil Street: Rs 2,700 per sq.ft (2024)
• Mattry Square: Rs 2,200 per sq.ft (2024)
• Market Lane: Rs 3,300 per sq.ft (2024)
• Mariyamman Koil Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Milagupillai Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total amount for these fees to Rs 1,98,000. 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 detailed calculations.

Which Sub Registrar Office covers Milagupillai Street?

The Sub Registrar Office that covers Milagupillai Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. To find your specific SRO, you can visit find your SRO.

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

The guideline value is an essential factor in the registration process of property transactions in Cantonment Pallavaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from property transactions.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory costs associated with the transfer of property ownership. Buyers should be aware that these fees are based on the higher of the guideline value or the sale price of the property.

Frequently asked questions

What is the current guideline value of Milagupillai Street?

The current guideline value of Milagupillai Street is Rs 2,200 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 534 per sq.ft in 2003 to Rs 2,200 per sq.ft in 2024, marking an overall increase of 312% over this period.

What are the stamp duty and registration fees for properties on Milagupillai Street?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Which Sub Registrar Office handles registrations for Milagupillai Street?

The Pallavaram Sub Registrar Office handles registrations for Milagupillai Street, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

How does the guideline value affect property transactions?

The guideline value is used to determine the minimum registration value of a property, which in turn affects the stamp duty and registration fees payable during a property transaction.