Guideline Value for MAHALAKSHMI STREET

Mahalakshmi Street guideline value

The current guideline value of Mahalakshmi Street in Perumalagaram village is Rs 3,190 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint II SRO and is classified as Residential Class V Type - I.

How the guideline value of Mahalakshmi Street has changed

The guideline value of Mahalakshmi Street has experienced several revisions over the years. In 2012, the value was Rs 2,900 per sq.ft, which decreased to Rs 1,943 per sq.ft in 2017, marking a decline of 33%. Following this, the guideline value saw a significant increase to Rs 2,900 per sq.ft in 2023, and further rose to Rs 3,190 per sq.ft in 2024, reflecting a 10% increase from the previous year.

From 2017 to 2023, the guideline value increased by 49%. Overall, from 2012 to 2024, there has been a 10% increase in the guideline value. The register does not contain figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Perumalagaram

In Perumalagaram, there are 74 streets under the Chennai South Joint II SRO that carry a 2024 guideline value, ranging from Rs 825 to Rs 7,920 per sq.ft. The median value for these streets is Rs 3,190 per sq.ft, which is equal to the guideline value of Mahalakshmi Street.

• Mahalakshmi Nagar Extension VI: Rs 3,190 per sq.ft (2024)
• Mahalakshmi Nagar Extension V: Rs 3,190 per sq.ft (2024)
• Mahalakshmi Nagar Extension IV: Rs 3,190 per sq.ft (2024)
• Mahalakshmi Nagar Extension III: Rs 3,190 per sq.ft (2024)
• Mahalakshmi Nagar Extension II: Rs 3,190 per sq.ft (2024)
• Mahalakshmi Nagar Extension I: Rs 3,190 per sq.ft (2024)

Stamp duty and registration fee for property in Mahalakshmi Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,190 per sq.ft, the total guideline value would be Rs 31,90,000. The stamp duty at 7% would amount to Rs 2,23,300, while the registration fee at 2% would be Rs 63,800. Together, the total cost for stamp duty and registration fee would be Rs 2,87,100. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Mahalakshmi Street?

The Sub Registrar Office that covers Mahalakshmi Street is the Chennai South Joint II 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 information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Perumalagaram. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring transparency in property transactions.

When a property is sold, 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 appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Mahalakshmi Street?

The current guideline value of Mahalakshmi Street is Rs 3,190 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,900 per sq.ft in 2012 to Rs 1,943 per sq.ft in 2017, then increased to Rs 2,900 per sq.ft in 2023, and finally to Rs 3,190 per sq.ft in 2024.

What is the land classification for Mahalakshmi Street?

Mahalakshmi Street is classified as Residential Class V Type - I.

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

The Sub Registrar Office for Mahalakshmi Street is the Chennai South Joint II Sub Registrar Office, 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 property in Mahalakshmi Street?

The stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot, the total guideline value would be Rs 31,90,000, leading to a stamp duty of Rs 2,23,300.