Guideline Value for Mahalakshmi Avenue

Mahalakshmi Avenue guideline value

The current guideline value of Mahalakshmi Avenue is Rs 3,050 per sq.ft, effective from 1 July 2024. This street is located in Maduravoyal village under the Virugambakkam SRO and falls under the Residential Class III Type - I land classification.

How the guideline value of Mahalakshmi Avenue has changed

The guideline value for Mahalakshmi Avenue has seen several revisions over the years. The earliest recorded figure is from 2002, with a value of Rs 329 per sq.ft. This increased to Rs 360 per sq.ft in 2003, followed by a rise to Rs 500 per sq.ft in 2007. The value then surged significantly to Rs 2,750 per sq.ft in 2012, before dropping to Rs 1,842 per sq.ft in 2017. In 2023, the guideline value was Rs 2,750 per sq.ft, and it has now increased to Rs 3,050 per sq.ft in 2024, marking an 11% rise from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 827%. The changes between the revisions include a 450% increase from 2007 to 2012, a 39% increase from 2003 to 2007, a 33% decrease from 2012 to 2017, and a 49% increase from 2017 to 2023. The register has no figures for the years not mentioned in this summary.

Guideline values in Maduravoyal

In Maduravoyal, there are 636 streets under the Virugambakkam SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 6,050 per sq.ft. The median value for these streets is Rs 3,050 per sq.ft, which is equal to the current guideline value of Mahalakshmi Avenue.

• Madurai Naicken Road 1st Cross Street: Rs 2,750 per sq.ft (2024)
• Mahalakshmi Street: Rs 3,050 per sq.ft (2024)
• Madhurai Naicken Street: Rs 2,750 per sq.ft (2024)
• Madha Avenue: Rs 2,750 per sq.ft (2024)
• Mangala Nagar: Rs 3,600 per sq.ft (2024)
• LAKSHMI NAGAR - Venugopala Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Mahalakshmi Avenue

For a 1,000 sq.ft plot at the current guideline value, the total guideline value is Rs 30,50,000. The stamp duty at 7% amounts to Rs 2,13,500, and the registration fee at 2% is Rs 61,000, resulting in a total of Rs 2,74,500. It is important to 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 accurate calculations.

Which Sub Registrar Office covers Mahalakshmi Avenue?

The Sub Registrar Office that covers Mahalakshmi Avenue is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Maduravoyal. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling a property, the guideline value will be referenced to calculate the applicable stamp duty and registration fees. Buyers should be aware that the duty is charged on the higher of the guideline value or the sale price, which can affect the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Mahalakshmi Avenue?

The current guideline value of Mahalakshmi Avenue is Rs 3,050 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 329 per sq.ft in 2002 to Rs 3,050 per sq.ft in 2024, reflecting an overall increase of 827% over this period.

What is the land classification for Mahalakshmi Avenue?

Mahalakshmi Avenue is classified as Residential Class III Type - I, indicating its suitability for residential development.

Where can I find the Virugambakkam Sub Registrar Office?

The Virugambakkam Sub Registrar Office is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value results in a total of Rs 2,74,500 for fees.