Guideline Value for Millath Nagar

Millath Nagar guideline value

The current guideline value of Millath Nagar is Rs 2,970 per sq.ft, effective from 1 July 2024. This area is located in Hastinapuram village under the Pallavaram SRO, classified as Residential Class I Type - I.

How the guideline value of Millath Nagar has changed

The guideline value of Millath Nagar has seen several revisions over the years. In 2007, the guideline value was Rs 700 per sq.ft, which increased significantly to Rs 2,700 per sq.ft in 2012, marking a rise of 286%. However, this value decreased to Rs 1,809 per sq.ft in 2017, a reduction of 33%. The value then increased to Rs 2,700 per sq.ft in 2023, and further rose to Rs 2,970 per sq.ft in 2024, reflecting a change of 10% from the previous year. The register has no figures for the years 2002 and 2003.

Overall, from 2007 to 2024, the guideline value has increased by 324%. The 2024 figure of Rs 2,970 per sq.ft is equal to the median value of Rs 2,970 per sq.ft for the 277 streets in Hastinapuram under the Pallavaram SRO.

Guideline values in Hastinapuram

The guideline values for Hastinapuram range from Rs 1,650 to Rs 4,400 per sq.ft as of 2024, with a median value of Rs 2,970 per sq.ft. Millath Nagar's guideline value aligns with this median. Below are the guideline values for other streets in Hastinapuram:

• M.I.T. Gate Border Road: Rs 2,970 per sq.ft (2024)
• Mithila Nagar: Rs 1,650 per sq.ft (2024)
• M.G.R. Nagar: Rs 2,380 per sq.ft (2024)
• Mosque Streets: Rs 1,650 per sq.ft (2024)
• Mosque Works Street: Rs 1,650 per sq.ft (2024)
• M.T.L.P. Colony: Rs 2,970 per sq.ft (2024)

Stamp duty and registration fee for property in Millath Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,970 per sq.ft, the total guideline value would be Rs 29,70,000. The stamp duty at 7% would amount to Rs 2,07,900, and the registration fee at 2% would be Rs 59,400, bringing the total cost to Rs 2,67,300. 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 details.

Which Sub Registrar Office covers Millath Nagar?

The Sub Registrar Office that covers Millath Nagar is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Hastinapuram. It is used to determine the stamp duty and registration fees that are applicable when a property is bought or sold. Buyers and sellers must be aware of the current guideline value to ensure that they are compliant with the registration requirements.

When a property is registered, the guideline value is considered the minimum value for calculating the stamp duty, which is charged at a percentage of this value. This ensures that the government receives the appropriate fees based on the established guideline values, reflecting the property's worth in the local market.

Frequently asked questions

What is the current guideline value of Millath Nagar?

The current guideline value of Millath Nagar is Rs 2,970 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 700 per sq.ft in 2007 to Rs 2,970 per sq.ft in 2024, showing an overall increase of 324% over the years.

What are the stamp duty rates for properties in Millath Nagar?

The stamp duty for properties in Millath Nagar is charged at 7% of the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Millath Nagar?

The Sub Registrar Office for Millath Nagar is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

What is the land classification of Millath Nagar?

Millath Nagar is classified as Residential Class I Type - I, which indicates its suitability for residential development.