Guideline Value for QUAID MILLETH 1ST STREET

Quaid Milleth 1st Street guideline value

The current guideline value of Quaid Milleth 1st Street is Rs 2,800 per sq.ft, effective from 1 July 2024. This street is located in Palavakkam village, under the Neelankarai SRO, and is classified as Residential Class III Type - I.

How the guideline value of Quaid Milleth 1st Street has changed

The guideline value for Quaid Milleth 1st Street has seen several revisions over the years. In 2002, the value was Rs 305 per sq.ft. This increased to Rs 341 per sq.ft in 2003, marking a 12% rise. The value then saw a significant increase to Rs 1,000 per sq.ft in 2007, which was a 193% jump. By 2012, the value adjusted to Rs 2,500 per sq.ft, reflecting a 150% increase from the previous revision. However, this was followed by a decrease to Rs 1,675 per sq.ft in 2017, a drop of 33%. The value then rose again to Rs 2,500 per sq.ft in 2023, and finally reached Rs 2,800 per sq.ft in 2024, representing a 12% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 818%. There are no figures available for the revisions in years other than those listed above.

Guideline values in Palavakkam

In Palavakkam, there are 349 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,000 to Rs 8,800 per sq.ft, with a median value of Rs 3,300 per sq.ft. The guideline value for Quaid Milleth 1st Street is below this median.

• Quaid Milleth 2nd Street: Rs 2,800 per sq.ft (2024)
• Quaid Milleth Street: Rs 2,800 per sq.ft (2024)
• Radhakrishanan Street: Rs 1,700 per sq.ft (2024)
• Radha Krishnan Road: Rs 1,700 per sq.ft (2024)
• Pushpa Avenue: Rs 3,300 per sq.ft (2024)
• P.R.S. Nagar: Rs 3,900 per sq.ft (2024)

Stamp duty and registration fee for property in Quaid Milleth 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,800 per sq.ft, the total guideline value would be Rs 28,00,000. The stamp duty at 7% would be Rs 1,96,000, while the registration fee at 2% would amount to Rs 56,000. Together, the total cost for these fees would be Rs 2,52,000. 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 Quaid Milleth 1st Street?

The Sub Registrar Office that covers Quaid Milleth 1st Street is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

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

When buying or selling property in Palavakkam, the guideline value is used to determine the stamp duty and registration fees applicable to the transaction. This value serves as a benchmark for the value of the property, ensuring that the appropriate taxes are collected during the registration process.

It is essential for buyers and sellers to be aware of the current guideline value, as it directly impacts the overall cost of the transaction. The guideline value is updated periodically, reflecting changes in the real estate market.

Frequently asked questions

What is the current guideline value of Quaid Milleth 1st Street?

The current guideline value of Quaid Milleth 1st Street is Rs 2,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 305 per sq.ft in 2002 to Rs 2,800 per sq.ft in 2024, marking an overall increase of 818% over the years.

What is the land classification for Quaid Milleth 1st Street?

Quaid Milleth 1st Street is classified as Residential Class III Type - I.

Where can I find the Neelankarai Sub Registrar Office?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How is the stamp duty calculated for properties in Quaid Milleth 1st Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a 1,000 sq.ft plot at the current guideline value, the stamp duty would be Rs 1,96,000 at a rate of 7%.