Guideline Value for Bharathiyar Nagar/Mahalakshmi Nagar

Bharathiyar Nagar/Mahalakshmi Nagar guideline value

The current guideline value of Bharathiyar Nagar/Mahalakshmi Nagar is Rs 2,750 per sq.ft, effective from 1 July 2024. This area is part of Madipakkam-1 village under the Velacheri SRO and is classified as Residential Class I Type - III.

How the guideline value of Bharathiyar Nagar/Mahalakshmi Nagar has changed

In the 2017 revision, the guideline value was Rs 1,675 per sq.ft. This figure increased to Rs 2,500 per sq.ft in the 2023 revision, marking a significant rise of 49% over six years. The most recent revision in 2024 saw another increase to Rs 2,750 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Madipakkam-1

In Madipakkam-1, there are a total of 1823 streets under the Velacheri SRO, with guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value in this area is Rs 2,750 per sq.ft, which is equal to the current value of Bharathiyar Nagar/Mahalakshmi Nagar.

• Bharathiyar Road: Rs 2,200 per sq.ft (2024)
• Bharathiyar Salai, Mahalakshmi Nagar: Rs 2,750 per sq.ft (2024)
• Bharathiyar Salai, Mahalakshmi Nagar Main Road: Rs 2,750 per sq.ft (2024)
• Bharath Street/Thilagar Avenue: Rs 3,300 per sq.ft (2024)
• Bharat Street: Rs 2,200 per sq.ft (2024)
• Bhuvaneshwari Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Bharathiyar Nagar/Mahalakshmi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty, charged at 7%, would be Rs 1,92,500, while the registration fee at 2% would be Rs 55,000, bringing the total fees to Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Bharathiyar Nagar/Mahalakshmi Nagar?

The Bharathiyar Nagar/Mahalakshmi Nagar area falls under the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find more information about your SRO by visiting find your SRO.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a crucial factor during the registration of property transactions in Madipakkam-1. It serves as the benchmark for determining the stamp duty and registration fees that need to be paid when a property is bought or sold.

When a buyer or seller approaches the registration office, the guideline value is referenced to ensure that the appropriate fees are calculated based on the higher of the guideline value or the sale price. This ensures compliance with the regulations set forth by the Registration Department.

Frequently asked questions

What is the current guideline value of Bharathiyar Nagar/Mahalakshmi Nagar?

The current guideline value of Bharathiyar Nagar/Mahalakshmi Nagar is Rs 2,750 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed recently?

From the 2017 revision to the 2024 revision, the guideline value has increased by 64%. The most recent change was a 10% increase from Rs 2,500 per sq.ft in 2023 to Rs 2,750 per sq.ft in 2024.

What is the land classification for Bharathiyar Nagar/Mahalakshmi Nagar?

Bharathiyar Nagar/Mahalakshmi Nagar is classified as Residential Class I Type - III.

Where can I find the Velacheri Sub Registrar Office?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What are the registration fees based on the guideline value?

The registration fees are calculated based on the guideline value, which for Bharathiyar Nagar/Mahalakshmi Nagar is Rs 2,750 per sq.ft. The fees include a stamp duty of 7% and a registration fee of 2% on the guideline value or the sale price, whichever is higher.