Guideline Value for QUIDE MILLATH I ST STREET

Quide Millath I St Street guideline value

The current guideline value of Quide Millath I St Street is Rs 3,800 per sq.ft, effective from 1 July 2024. This street is located in Arumbakkam village under the Kodambakkam SRO, and it falls under the Residential Class IV Type - III land classification.

How the guideline value of Quide Millath I St Street has changed

The guideline value for Quide Millath I St Street has undergone several revisions over the years. In 2007, the guideline value was Rs 850 per sq.ft, which increased significantly to Rs 3,500 per sq.ft in 2012, marking a rise of 312%. However, from 2012 to 2017, the value decreased to Rs 2,345 per sq.ft, representing a decline of 33%. The value then increased to Rs 3,500 per sq.ft in 2023, a rise of 49%, before reaching the current figure of Rs 3,800 per sq.ft in 2024, which is an increase of 9% from the previous year. The register has no figures for this street in 2002 and 2003.

Guideline values in Arumbakkam

In Arumbakkam, there are 391 streets under the Kodambakkam SRO with a 2024 guideline value range from Rs 3,300 to Rs 16,500 per sq.ft. The median guideline value for these streets is Rs 6,000 per sq.ft, placing Quide Millath I St Street's 2024 figure below that median.

• Quide Millath II Nd Street: Rs 3,300 per sq.ft (2024)
• Quide Millath III Rd Street: Rs 3,300 per sq.ft (2024)
• Raghavan Street: Rs 5,500 per sq.ft (2024)
• Raghuraman Street: Rs 6,000 per sq.ft (2024)
• Raghuram Street: Rs 6,000 per sq.ft (2024)
• Pulavar Pugazhendhi Nagar Main Road: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Quide Millath I St Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,800 per sq.ft, the total guideline value amounts to Rs 38,00,000. The stamp duty at 7% would be Rs 2,66,000, and the registration fee at 2% would be Rs 76,000, bringing the total to Rs 3,42,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Quide Millath I St Street?

The Sub Registrar Office that covers Quide Millath I St Street is the Kodambakkam Sub Registrar Office, located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Arumbakkam. It is used to determine the stamp duty and registration fees that are applicable when a property is bought or sold. The guideline value is set by the government and is intended to reflect the market conditions in the area.

When registering a property, buyers must pay stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions, contributing to local development and infrastructure.

Frequently asked questions

What is the current guideline value for Quide Millath I St Street?

The current guideline value for Quide Millath I St Street is Rs 3,800 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 850 per sq.ft in 2007 to Rs 3,800 per sq.ft in 2024, marking an overall increase of 347% over the years.

What are the stamp duty and registration fees for property transactions?

For a property valued at Rs 38,00,000, the stamp duty would be Rs 2,66,000 and the registration fee would be Rs 76,000, totaling Rs 3,42,000.

Which Sub Registrar Office handles properties in this area?

The Kodambakkam Sub Registrar Office handles properties in Quide Millath I St Street, located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026.

What is the land classification for Quide Millath I St Street?

Quide Millath I St Street is classified under Residential Class IV Type - III, indicating its designation for residential use.