Guideline Value for MAHALAKSHMI STREET

Mahalakshmi Street guideline value

The current guideline value of Mahalakshmi Street is Rs 2,700 per sq.ft, effective from 1 July 2024. This street is located in Perambur village under the Purasaivakkam SRO, classified as Residential Class III Type - II.

How the guideline value of Mahalakshmi Street has changed

Over the years, the guideline value of Mahalakshmi Street has seen significant changes. The earliest recorded figure is from 2002, with a guideline value of Rs 420 per sq.ft. This increased to Rs 461 per sq.ft in 2003, marking a 10% rise. Following this, the value rose to Rs 550 per sq.ft in 2007, reflecting a 19% increase. A substantial jump occurred in 2012, where the value remained at Rs 2,500 per sq.ft, showing a remarkable 355% increase from the previous revision. The 2023 revision also recorded Rs 2,500 per sq.ft, indicating no change from 2012. The most recent revision in 2024 set the guideline value at Rs 2,700 per sq.ft, which is an 8% increase from the previous year.

Guideline values in Perambur

In Perambur, there are 1,114 streets under the Purasaivakkam SRO with a 2024 guideline value ranging from Rs 1,600 to Rs 7,100 per sq.ft. Mahalakshmi Street's 2024 guideline value of Rs 2,700 per sq.ft is equal to the median value of this range.

• Magazinepuram All Streets: Rs 1,600 per sq.ft (2024)
• Magazinepuram 6th Street: Rs 1,600 per sq.ft (2024)
• Magazinepuram 5th Street: Rs 1,600 per sq.ft (2024)
• Magazinepuram 4th Street: Rs 1,600 per sq.ft (2024)
• Magazinepuram 3rd Street: Rs 1,600 per sq.ft (2024)
• Magazinepuram 2nd Street: Rs 1,600 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 2,700 per sq.ft, the total guideline value amounts to Rs 27,00,000. The stamp duty at 7% would be Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, leading to a total cost of Rs 2,43,000. It is important to note that the duty is charged on the higher of the guideline value or 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 Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Perambur. When a property is bought or sold, the guideline value is used as a basis for calculating the stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property transactions.

It is essential for buyers and sellers to be aware of the current guideline value, as it directly affects the costs involved in the registration process. This value is regularly updated to reflect changes in the real estate market, ensuring that property transactions are conducted fairly and transparently.

Frequently asked questions

What is the current guideline value of Mahalakshmi Street?

The current guideline value of Mahalakshmi Street is Rs 2,700 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 420 per sq.ft in 2002 to Rs 2,700 per sq.ft in 2024, reflecting an overall increase of 543% over the years.

What are the other streets in Perambur with their guideline values?

Other streets in Perambur include Magazinepuram All Streets, Magazinepuram 6th Street, Magazinepuram 5th Street, Magazinepuram 4th Street, Magazinepuram 3rd Street, and Magazinepuram 2nd Street, all with a guideline value of Rs 1,600 per sq.ft in 2024.

What are the stamp duty and registration fees for properties in Mahalakshmi Street?

For a 1,000 sq.ft plot at the current guideline value, the total stamp duty and registration fees would amount to Rs 2,43,000, based on the guideline value of Rs 2,700 per sq.ft.

Which office should I approach for property registration in Mahalakshmi Street?

The Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012, is the office responsible for property registration in Mahalakshmi Street.