Guideline Value for Millath Nagar

Millath Nagar guideline value

The current guideline value of Millath Nagar, located in Zaminpallavaram village under the Pallavaram SRO, is Rs 2,100 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class IV Type - I land classification.

How the guideline value of Millath Nagar has changed

Since the earliest revision in 2003, the guideline value has seen significant changes. The 2003 revision set the value at Rs 73 per sq.ft, which rose to Rs 600 per sq.ft in 2007, marking a substantial increase of 722%. The value remained unchanged at Rs 2,000 per sq.ft from 2012 until the 2023 revision, which also maintained the same rate. The latest revision in 2024 saw an increase to Rs 2,100 per sq.ft, reflecting a 5% rise from the previous year.

Notably, the guideline value has increased dramatically overall, from Rs 73 in 2003 to Rs 2,100 in 2024, amounting to a staggering 2777% increase over the years. The revisions for the years 2017 and 2002 have no figures listed for this street in the register.

Guideline values in Zaminpallavaram

Zaminpallavaram comprises 638 streets under the Pallavaram SRO, with guideline values ranging from Rs 2,100 to Rs 11,000 per sq.ft. The median guideline value in this area is Rs 3,300 per sq.ft, placing Millath Nagar's 2024 figure below this median.

• M.K.Nagar: Rs 4,400 per sq.ft (2024)
• M.G.R. Street: Rs 3,520 per sq.ft (2024)
• M.M.R.D Road (200 Feet Road): Rs 4,400 per sq.ft (2024)
• M.E.S. Lane Presently Veerapadran Street: Rs 2,750 per sq.ft (2024)
• M.E.S. Colony: Rs 2,750 per sq.ft (2024)
• Mumurthi Nagar 1st Street: Rs 3,300 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 2,100 per sq.ft, the total guideline value amounts to Rs 21,00,000. The stamp duty at 7% would be Rs 1,47,000, and the registration fee at 2% would be Rs 42,000, bringing the total to Rs 1,89,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

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, in the Chengalpattu registration zone. You can find your SRO here.

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

The guideline value is a crucial factor in property transactions in Zaminpallavaram, as it determines the minimum value at which properties can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations during the registration process.

When a property is sold, the registration office uses the guideline value to calculate applicable stamp duty and registration fees. This ensures that the transaction is documented at a value that reflects the established rates in the area.

Frequently asked questions

What is the current guideline value of Millath Nagar?

The current guideline value of Millath Nagar is Rs 2,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 73 per sq.ft in 2003 to Rs 2,100 per sq.ft in 2024, representing an overall increase of 2777% 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.

Which Sub Registrar Office is responsible for Millath Nagar?

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

What are the other streets in Zaminpallavaram?

Other streets in Zaminpallavaram include M.K.Nagar, M.G.R. Street, M.M.R.D Road (200 Feet Road), M.E.S. Lane Presently Veerapadran Street, M.E.S. Colony, and Mumurthi Nagar 1st Street, with varying guideline values.