Guideline Value

Corporate

Guideline Value for Mahalakshmi (Sri) Nagar Extension

₹2750/sq.ft.

The guideline value for Mahalakshmi (sri) Nagar Extension in Madipakkam-1 village (Velacheri SRO, Chennai zone) is Rs 2750 per sq.ft, effective 1 July 2024. It was Rs 2500 per sq.ft from 1 April 2023, a 10% change. The land classification is Residential Class I Type - Iii. Source: TNReginet guideline value register.

Last updated:

Chennai

Zone

Madipakkam-1

Village

Velacheri

SRO

Residential Class I Type - III
History
Period Guideline Value
From 1-7-2024 ₹2750 /sq.ft.
From 1-4-2023 ₹2500 /sq.ft.
From 9-6-2017 To 31-3-2023 ₹1675 /sq.ft.
From 1-4-2012 To 8-6-2017 N/A
From 1-8-2007 To 31-3-2012 N/A
From 1-4-2003 To 31-7-2007 N/A
From 1-4-2002 To 31-3-2003 N/A
Guideline Value Timeline
Guideline Value Comparison

SRO (Sub Registrar Office)

No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042
044-22553736
[email protected]

DRO (District Registrar Office)

Integrated Building For Offices Of The Commercial Taxes And Registration Department, Fanepet, Nandhanam, Chennai - 35.
044-22505552
[email protected], [email protected]

DIG (Deputy Inspector General)

Integrated Building For Offices Of The Commercial Taxes And Registration, Department Fanepet, Nandanam, Chennai - 600 035.
044-29510527
[email protected]
Records for a plot on Mahalakshmi (sri) Nagar Extension

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Mahalakshmi (Sri) Nagar Extension guideline value

The current guideline value for Mahalakshmi (Sri) Nagar Extension is Rs 2,750 per sq.ft, effective from 1 July 2024. This area is located in Madipakkam-1 village, under the Velacheri SRO, and falls under the Residential Class I Type - III land classification.

How the guideline value of Mahalakshmi (Sri) Nagar Extension has changed

The guideline value for Mahalakshmi (Sri) Nagar Extension has seen significant changes over the years. The 2017 revision set the value at Rs 1,675 per sq.ft, which increased to Rs 2,500 per sq.ft in the 2023 revision. The current 2024 revision has further raised the guideline value to Rs 2,750 per sq.ft, marking a 10% increase from the previous year. Overall, from 2017 to 2024, the value has risen by 64%.

It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2012 for this street. The increase from 2017 to 2023 was 49%, reflecting a substantial rise in the guideline value over this six-year period.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO that carry a 2024 guideline value, ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median value for these streets is Rs 2,750 per sq.ft, which aligns with the current guideline value for Mahalakshmi (Sri) Nagar Extension.

Stamp duty and registration fee for property in Mahalakshmi (Sri) Nagar Extension

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be 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 essential to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mahalakshmi (Sri) Nagar Extension?

The Mahalakshmi (Sri) Nagar Extension falls under the Velacheri Sub Registrar Office, located at 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 is a crucial factor when buying or selling property in Madipakkam-1, as it determines the stamp duty and registration fees applicable during the transaction. Buyers and sellers must refer to the current guideline value to ensure compliance with legal requirements and to accurately calculate the associated costs.

When registering a property, it is essential to use the guideline value set by the Registration Department, as this value influences the financial obligations of both parties involved in the sale. Understanding the guideline value helps in making informed decisions during property transactions.

Frequently asked questions

What is the current guideline value for Mahalakshmi (Sri) Nagar Extension?

The current guideline value for Mahalakshmi (Sri) Nagar Extension is Rs 2,750 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed since 2017?

Since 2017, the guideline value has increased by 64%, rising from Rs 1,675 per sq.ft to the current rate of Rs 2,750 per sq.ft in 2024.

What were the guideline values for Mahalakshmi (Sri) Nagar Extension in previous years?

The guideline values for Mahalakshmi (Sri) Nagar Extension were Rs 1,675 per sq.ft in 2017, Rs 2,500 per sq.ft in 2023, and the current value is Rs 2,750 per sq.ft in 2024.

What is the registration office for Mahalakshmi (Sri) Nagar Extension?

The registration office for Mahalakshmi (Sri) Nagar Extension is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is the stamp duty calculated for property in Mahalakshmi (Sri) Nagar Extension?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a plot valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500.