Guideline Value for Milk Colony Main Road (Ward-16)

Milk Colony Main Road (Ward-16) guideline value

The current guideline value of Milk Colony Main Road (Ward-16) is Rs 1,600 per sq.ft, effective from 1 July 2024. This road is located in Madhavaram village, under the Madhavaram SRO, and is classified as Residential Class II Type - I.

How the guideline value of Milk Colony Main Road (Ward-16) has changed

Over the years, the guideline value for Milk Colony Main Road has seen several revisions. The 2012 revision set the value at Rs 1,200 per sq.ft. This was followed by a significant increase to Rs 1,500 per sq.ft in the 2023 revision, marking a 25% rise. The most recent 2024 revision has further increased the guideline value to Rs 1,600 per sq.ft, reflecting a 7% increase from the previous year.

Overall, from the 2012 revision to the 2024 revision, there has been an increase of 33%. It is worth noting that the register has no figures for the years 2002, 2003, 2007, and 2017 for this street.

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 guideline value for these streets is Rs 1,600 per sq.ft, which aligns with the current figure for Milk Colony Main Road (Ward-16).

• Milk Colony Officers Qtrs (Ward-03): Rs 1,300 per sq.ft (2024)
• Milk Colony Police Quarters (Ward-04): Rs 1,300 per sq.ft (2024)
• Milk Colony Tanuvas Qrts (Ward-05): Rs 1,300 per sq.ft (2024)
• Micetich Colony (Ward-18): Rs 1,600 per sq.ft (2024)
• M.H. Road (Ward-08): Rs 3,300 per sq.ft (2024)
• M.H. Road (Ward-05): Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Milk Colony Main Road (Ward-16)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value amounts to Rs 16,00,000. The stamp duty at 7% would be Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, bringing the total to Rs 1,44,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Milk Colony Main Road (Ward-16)?

The Sub Registrar Office that covers Milk Colony Main Road (Ward-16) 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 is an essential factor in property transactions, as it determines the minimum value at which a property can be registered. When buying or selling property in Madhavaram, the guideline value is used to calculate the stamp duty and registration fees that must be paid during the registration process.

It is crucial for buyers and sellers to be aware of the current guideline value, as it can significantly impact the overall costs associated with property transactions. Ensuring that the property is registered at or above the guideline value helps in maintaining compliance with local regulations.

Frequently asked questions

What is the current guideline value of Milk Colony Main Road (Ward-16)?

The current guideline value of Milk Colony Main Road (Ward-16) 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 increased from Rs 1,200 per sq.ft in 2012 to Rs 1,600 per sq.ft in 2024, which is a total increase of 33%. The most recent revision in 2024 saw an increase of 7% from the 2023 figure of Rs 1,500 per sq.ft.

What are the other streets in Madhavaram with their guideline values?

Other streets in Madhavaram include Milk Colony Officers Qtrs (Ward-03) at Rs 1,300 per sq.ft, Milk Colony Police Quarters (Ward-04) at Rs 1,300 per sq.ft, and Micetich Colony (Ward-18) at Rs 1,600 per sq.ft, among others.

What fees are associated with property registration in Milk Colony Main Road (Ward-16)?

For a property valued at Rs 16,00,000, the stamp duty would be Rs 1,12,000 and the registration fee would be Rs 32,000, totaling Rs 1,44,000. These fees are calculated based on the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Milk Colony Main Road (Ward-16)?

The Madhavaram Sub Registrar Office, which covers Milk Colony Main Road (Ward-16), is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find more information by visiting the appropriate link.