Guideline Value for QUAID MILLETH STREET

Quaid Milleth Street guideline value

The current guideline value of Quaid Milleth Street in Palavakkam village under the Neelankarai SRO is Rs 2,800 per sq.ft, effective from 1 July 2024. The land classification for this street is Residential Class III Type - I.

How the guideline value of Quaid Milleth Street has changed

The guideline value for Quaid Milleth Street has undergone several revisions over the years. In the 2002 revision, the guideline value was Rs 305 per sq.ft. This increased to Rs 341 per sq.ft in 2003, marking a 12% rise. The value saw a significant jump to Rs 1,000 per sq.ft in 2007, which was a 193% increase. In 2012, the value was Rs 2,500 per sq.ft, reflecting a 150% increase from the previous revision. However, in 2017, it dropped to Rs 1,675 per sq.ft, a decrease 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 the 2024 revision, which is 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 any other revisions for this street in the register.

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. The median guideline value for these streets is Rs 3,300 per sq.ft, placing Quaid Milleth Street's 2024 figure below this median.

• Quaid Milleth 2nd Street: Rs 2,800 per sq.ft (2024)
• Quaid Milleth 1st 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 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 amount to Rs 1,96,000, and the registration fee at 2% would be Rs 56,000, bringing the total fees to Rs 2,52,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Quaid Milleth Street?

The Sub Registrar Office that covers Quaid Milleth 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

The guideline value is a crucial factor when buying or selling property in Palavakkam. It serves as a benchmark for the minimum value of the property, which is used to calculate stamp duty and registration fees. Buyers should be aware that the guideline value may differ from the actual sale price of the property.

When registering a property, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Quaid Milleth Street?

The current guideline value of Quaid Milleth 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, reflecting an overall increase of 818% over this period.

What is the land classification of Quaid Milleth Street?

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

What are the stamp duty and registration fees for properties on this street?

For a property valued at Rs 28,00,000, the stamp duty would be Rs 1,96,000 and the registration fee would be Rs 56,000, totaling Rs 2,52,000.

Which office handles property registrations for Quaid Milleth Street?

The Neelankarai Sub Registrar Office handles property registrations for Quaid Milleth Street, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.