Guideline Value for MAHALAKHSMI STREET

Mahalakhsmi Street guideline value

The current guideline value of Mahalakhsmi Street is Rs 17,600 per sq.ft, effective from 1 July 2024. This street is located in Tnagar village, under the Thiyagaraya nagar SRO, and is classified as Commercial Special Type - III.

How the guideline value of Mahalakhsmi Street has changed

The guideline value for Mahalakhsmi Street has seen significant changes over the years. In the 2007 revision, the guideline value was Rs 4,000 per sq.ft. It increased to Rs 16,000 per sq.ft in the 2012 revision, followed by a decrease to Rs 10,720 per sq.ft in 2017. The 2023 revision set the value at Rs 16,000 per sq.ft, and the most recent 2024 revision raised it to Rs 17,600 per sq.ft. Notably, there are no figures available for the years 2002 and 2003.

From 2007 to 2012, the guideline value increased by 300%. However, from 2012 to 2017, it decreased by 33%. The value then rose by 49% from 2017 to 2023. The most recent change from 2023 to 2024 reflects a 10% increase, leading to an overall increase of 340% from 2007 to 2024.

Guideline values in Tnagar

In Tnagar, there are 262 streets under the Thiyagaraya nagar SRO that carry a 2024 guideline value ranging from Rs 4,400 to Rs 27,500 per sq.ft, with a median value of Rs 11,000 per sq.ft. Mahalakhsmi Street's 2024 guideline value is above this median.

• Magali Pillai Thottam: Rs 5,500 per sq.ft (2024)
• Madurai Veeran Koil Street: Rs 6,600 per sq.ft (2024)
• Madley Road: Rs 17,600 per sq.ft (2024)
• Madley Ist Street: Rs 8,800 per sq.ft (2024)
• Madley 3rd Street: Rs 8,800 per sq.ft (2024)
• Madley 2nd Street: Rs 8,800 per sq.ft (2024)

Stamp duty and registration fee for property in Mahalakhsmi Street

For a 1,000 sq.ft plot at the current guideline value of Rs 17,600 per sq.ft, the total guideline value amounts to Rs 1,76,00,000. The stamp duty at 7% would be Rs 12,32,000, and the registration fee at 2% would be Rs 3,52,000, totaling Rs 15,84,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Mahalakhsmi Street?

The Sub Registrar Office that covers Mahalakhsmi Street is the Thiyagaraya nagar Sub Registrar Office, located at 27/14, Vetnari Hospital Road, Panpet Nandhanam, Chennai-35. You can find your SRO for more information.

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

The guideline value plays a crucial role during property transactions in Tnagar. It is used to determine the stamp duty and registration fees that need to be paid at the time of registration. Buyers and sellers must be aware of the current guideline value to ensure compliance with legal requirements.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Mahalakhsmi Street?

The current guideline value of Mahalakhsmi Street is Rs 17,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 4,000 per sq.ft in 2007 to Rs 17,600 per sq.ft in 2024, reflecting an overall increase of 340%.

What is the land classification of Mahalakhsmi Street?

Mahalakhsmi Street is classified as Commercial Special Type - III under the current guidelines.

Where can I find the Sub Registrar Office for Mahalakhsmi Street?

The Sub Registrar Office for Mahalakhsmi Street is the Thiyagaraya nagar Sub Registrar Office, located at 27/14, Vetnari Hospital Road, Panpet Nandhanam, Chennai-35.

How is the stamp duty calculated for properties in Tnagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 1,76,00,000, the stamp duty would be calculated at 7% of this amount.