Guideline Value for MAHALAKSHMI AVENUE

Mahalakshmi Avenue guideline value

The current guideline value of Mahalakshmi Avenue is Rs 9,900 per sq.ft, effective from 1 July 2024. This street is located in Thiruvanmiyur village under the Chennai South Joint I SRO, and it falls under the Residential Class I Type - I land classification.

How the guideline value of Mahalakshmi Avenue has changed

The guideline value of Mahalakshmi Avenue has seen significant changes over the years. In 2002, the guideline value was Rs 1,146 per sq.ft, which increased to Rs 1,268 per sq.ft in 2003, marking an 11% rise. The value continued to grow, reaching Rs 2,266 per sq.ft in 2007, which was a notable increase of 79%. By 2012, the value had risen to Rs 9,000 per sq.ft, reflecting a substantial 297% increase from the previous revision. However, it then dropped to Rs 6,030 per sq.ft in 2017, a decrease of 33%.

From 2017 to 2023, the guideline value surged to Rs 9,000 per sq.ft, representing a 49% increase. The most recent revision in 2024 established the current guideline value at Rs 9,900 per sq.ft, a 10% increase from 2023. Overall, from 2002 to 2024, the guideline value has increased by 764%.

Guideline values in Thiruvanmiyur

In Thiruvanmiyur, there are 484 streets under the Chennai South Joint I SRO, with the 2024 guideline values ranging from Rs 3,520 to Rs 12,660 per sq.ft. The median value is Rs 9,900 per sq.ft, which is equal to the guideline value of Mahalakshmi Avenue.

• Mahalakshmi Koil Street: Rs 9,900 per sq.ft (2024)
• Magala Earikkarai Street: Rs 3,520 per sq.ft (2024)
• Madurai Samy Street: Rs 7,150 per sq.ft (2024)
• Mahatma Gandhi Road: Rs 12,660 per sq.ft (2024)
• Malavia Avenue: Rs 12,660 per sq.ft (2024)
• Malavia Avenue 1st Cross Street: Rs 12,660 per sq.ft (2024)

Stamp duty and registration fee for property in Mahalakshmi Avenue

For a 1,000 sq.ft plot at the current rate of Rs 9,900 per sq.ft, the guideline value would be Rs 99,00,000. The stamp duty at 7% would amount to Rs 6,93,000, and the registration fee at 2% would be Rs 1,98,000, bringing the total to Rs 8,91,000. Please 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 information.

Which Sub Registrar Office covers Mahalakshmi Avenue?

The Mahalakshmi Avenue falls under the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for more details.

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

The guideline value is a crucial factor when registering property in Thiruvanmiyur. It determines the minimum value at which a property can be registered, ensuring that all transactions are conducted fairly and transparently. Buyers and sellers must consider this value to calculate the applicable stamp duty and registration fees accurately.

When a property is sold, the guideline value serves as a benchmark for taxation purposes. It is essential for both parties to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Mahalakshmi Avenue?

The current guideline value of Mahalakshmi Avenue is Rs 9,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,146 per sq.ft in 2002 to Rs 9,900 per sq.ft in 2024, reflecting an overall increase of 764%.

What land classification does Mahalakshmi Avenue fall under?

Mahalakshmi Avenue is classified as Residential Class I Type - I under the Chennai South Joint I SRO.

Where can I find the Sub Registrar Office for Mahalakshmi Avenue?

The Sub Registrar Office covering Mahalakshmi Avenue is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

How is the stamp duty calculated for properties in Mahalakshmi Avenue?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 99,00,000, the stamp duty at 7% would be Rs 6,93,000.