Guideline Value for Milk Colony Officers Qtrs (Ward-03)

Milk Colony Officers Qtrs (Ward-03) guideline value

The current guideline value of Milk Colony Officers Qtrs (Ward-03) is Rs 1,300 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village under the Madhavaram SRO, classified as Residential Class III Type - I.

How the guideline value of Milk Colony Officers Qtrs (Ward-03) has changed

In the 2012 revision, the guideline value for Milk Colony Officers Qtrs was Rs 1,200 per sq.ft. This figure remained unchanged in the 2023 revision. However, the 2024 revision saw an increase to Rs 1,300 per sq.ft, marking an 8% rise from the previous year.

Overall, from the 2012 revision to the 2024 revision, there has been an 8% increase in the guideline value. The register has no figures for the years 2002, 2003, 2007, and 2017 for this street.

Guideline values in Madhavaram

Madhavaram village has a total of 1,946 streets under the Madhavaram SRO, with 2024 guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value in this area is Rs 1,600 per sq.ft, placing the Milk Colony Officers Qtrs (Ward-03) figure below that median.

• Milk Colony Main Road (Ward-16): Rs 1,600 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 Officers Qtrs (Ward-03)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value would be Rs 13,00,000. The stamp duty at 7% would amount to Rs 91,000, and the registration fee at 2% would be Rs 26,000, totaling Rs 1,17,000. 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 Milk Colony Officers Qtrs (Ward-03)?

The Madhavaram Sub Registrar Office covers Milk Colony Officers Qtrs (Ward-03), 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 a crucial factor during the registration of property transactions in Madhavaram. It serves as a benchmark for calculating the stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property transactions.

When buying or selling property, the guideline value helps both parties understand the minimum value at which the property must be registered. This ensures transparency and compliance with local regulations during the transaction process.

Frequently asked questions

What is the current guideline value of Milk Colony Officers Qtrs (Ward-03)?

The current guideline value of Milk Colony Officers Qtrs (Ward-03) is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained at Rs 1,200 per sq.ft from 2012 to 2023, before increasing to Rs 1,300 per sq.ft in the 2024 revision. This reflects an overall increase of 8% from 2012 to 2024.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 13,00,000, the stamp duty would be Rs 91,000 and the registration fee would be Rs 26,000, totaling Rs 1,17,000. Duty is charged on the higher of the guideline value or the sale price.

Which office handles the registration for Milk Colony Officers Qtrs?

The Madhavaram Sub Registrar Office is responsible for handling registrations for Milk Colony Officers Qtrs (Ward-03), located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

What is the land classification of Milk Colony Officers Qtrs?

The land classification for Milk Colony Officers Qtrs (Ward-03) is Residential Class III Type - I, indicating its suitability for residential development.