Guideline Value for Mahalakhsmi Nagar 9th Street

Mahalakhsmi Nagar 9th Street guideline value

The current guideline value of Mahalakhsmi Nagar 9th Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Madipakkam-1 village, under the Velacheri SRO. The land classification for this area is Residential Class I Type - III.

How the guideline value of Mahalakhsmi Nagar 9th Street has changed

The guideline value for Mahalakhsmi Nagar 9th Street has seen significant changes over the years. The 2017 revision set the value at Rs 1,675 per sq.ft, which was then increased to Rs 2,750 per sq.ft in the 2024 revision, marking a change of +64% over this period. Notably, the register has no figures for the years 2023, 2012, 2007, 2003, and 2002 for this street.

Prior to the 2017 revision, there were no recorded values for Mahalakhsmi Nagar 9th Street in the guideline value register. The current figure of Rs 2,750 per sq.ft aligns with the median value for other streets in Madipakkam-1 under the Velacheri SRO, which ranges from Rs 1,650 to Rs 5,500 per sq.ft.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1823 streets that carry a 2024 guideline value, with the median being Rs 2,750 per sq.ft. Mahalakhsmi Nagar 9th Street's 2024 figure matches this median.

• Mahakavi Bharathi Nagar, Mahalakshmi Nagar 2nd Street: Rs 2,750 per sq.ft (2024)
• Mahalakshi Nagar, Bharathiar Salai: Rs 2,750 per sq.ft (2024)
• Mahakavi Barathi Nagar: Rs 2,200 per sq.ft (2024)
• Mahalakshmi Nagar: Rs 2,750 per sq.ft (2024)
• Mahalakshmi Nagar 1st Street: Rs 2,750 per sq.ft (2024)
• Mahalakshmi Nagar 2nd Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Mahalakhsmi Nagar 9th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total charges to Rs 2,47,500. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Mahalakhsmi Nagar 9th Street?

The Mahalakhsmi Nagar 9th Street falls under the Velacheri Sub Registrar Office. The address is No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

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

The guideline value plays a crucial role during property transactions in Madipakkam-1. It is used to determine the stamp duty and registration fees applicable when buying or selling property in the area. Buyers and sellers should be aware that the guideline value is a critical factor in the registration process.

When registering a property, the guideline value is compared to the sale price, with the higher of the two being used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue based on the property's value.

Frequently asked questions

What is the current guideline value of Mahalakhsmi Nagar 9th Street?

The current guideline value of Mahalakhsmi Nagar 9th Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed since 2017?

Since the 2017 revision, the guideline value has increased from Rs 1,675 per sq.ft to Rs 2,750 per sq.ft, which is a change of +64%.

What is the land classification for Mahalakhsmi Nagar 9th Street?

The land classification for Mahalakhsmi Nagar 9th Street is 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.

How is stamp duty calculated for properties in Mahalakhsmi Nagar 9th Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a 1,000 sq.ft plot at the guideline value of Rs 2,750 per sq.ft would incur a total guideline value of Rs 27,50,000.