Guideline Value for Millima Nagar

Millima Nagar guideline value

The current guideline value of Millima Nagar, located in Pozhichalur village under the Pammal SRO, is Rs 1,320 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - II.

How the guideline value of Millima Nagar has changed

The guideline value for Millima Nagar has seen significant changes over the years. In 2007, the value was Rs 300 per sq.ft, which increased to Rs 804 per sq.ft in 2017, marking a substantial rise of 168%. The value continued to increase to Rs 1,200 per sq.ft in 2023, representing a 49% growth from the previous revision. The current guideline value, effective from 2024, is Rs 1,320 per sq.ft, reflecting a 10% increase from 2023.

There are years in which the register has no figure for this street, specifically in 2002, 2003, and 2012. Overall, from 2007 to 2024, the guideline value has increased by 340%.

Guideline values in Pozhichalur

In Pozhichalur village, there are 299 streets under the Pammal SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 4,500 per sq.ft, with the median value being Rs 1,320 per sq.ft. Millima Nagar's 2024 guideline value aligns with this median.

• M.K.Stalin Street: Rs 1,320 per sq.ft (2024)
• M.G.R. Street: Rs 1,320 per sq.ft (2024)
• Moobika Nagar: Rs 1,320 per sq.ft (2024)
• Moorthi Street: Rs 1,320 per sq.ft (2024)
• Moovar Nagar: Rs 1,320 per sq.ft (2024)
• Meetu Street: Rs 1,100 per sq.ft (2024)

Stamp duty and registration fee for property in Millima Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,320 per sq.ft, the total guideline value amounts to Rs 13,20,000. The stamp duty at 7% would be Rs 92,400, and the registration fee at 2% would be Rs 26,400, bringing the total cost for these fees to Rs 1,18,800. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Millima Nagar?

The Sub Registrar Office that covers Millima Nagar is the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor when registering property transactions in Pozhichalur. It serves as the benchmark for calculating stamp duty and registration fees, ensuring that both buyers and sellers comply with the legal requirements during the transfer of property ownership.

When a property is bought or sold, the guideline value helps determine the minimum value on which the stamp duty is calculated. This ensures that the transaction is recorded accurately and fairly in the official registry.

Frequently asked questions

What is the current guideline value of Millima Nagar?

The current guideline value of Millima Nagar is Rs 1,320 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 300 per sq.ft in 2007 to Rs 1,320 per sq.ft in 2024, marking an overall increase of 340%.

What are the stamp duty and registration fees for property in Millima Nagar?

For a property valued at Rs 13,20,000, the stamp duty would be Rs 92,400 and the registration fee would be Rs 26,400, totaling Rs 1,18,800.

Which office handles registrations for Millima Nagar?

The Pammal Sub Registrar Office handles registrations for Millima Nagar, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075.

How is the guideline value determined for properties in Pozhichalur?

The guideline value is determined based on various factors and is revised periodically. It serves as a reference point for property transactions, ensuring compliance with legal requirements during registration.