Guideline Value for Mahalakshmi Nagar (100 Ft. Road)

Mahalakshmi Nagar (100 Ft. Road) guideline value

The current guideline value of Mahalakshmi Nagar (100 Ft. Road) is Rs 13,200 per sq.ft, effective from 1 July 2024. This area is located in Velachery village and falls under the Velacheri SRO. The land classification for this street is Commercial Class I Type - I.

How the guideline value of Mahalakshmi Nagar (100 Ft. Road) has changed

The guideline value for Mahalakshmi Nagar (100 Ft. Road) has seen significant changes over the years. In 2007, the guideline value was Rs 1,800 per sq.ft. This increased dramatically to Rs 12,000 per sq.ft in 2012, marking an increase of 567%. However, the value decreased to Rs 8,040 per sq.ft in 2017, representing a decline of 33%. The most recent revision in 2024 set the guideline value at Rs 13,200 per sq.ft, reflecting a substantial increase of 64% from 2017.

There are no recorded figures for the years 2023, 2003, and 2002 for this street. Overall, from 2007 to 2024, the guideline value has increased by 633%.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value for these streets is Rs 4,400 per sq.ft, placing Mahalakshmi Nagar (100 Ft. Road) above this median.

• Mahalakshmi Nagar 10th Cross Street: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar 10th Street: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar 10th Street, Brindhavan Nagar: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar 11th Cross Street: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar 11th Street: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar 11th Street, Brindhavan Nagar: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Mahalakshmi Nagar (100 Ft. Road)

For a 1,000 sq.ft plot at the current guideline value of Rs 13,200 per sq.ft, the total guideline value amounts to Rs 1,32,00,000. The stamp duty at 7% would be Rs 9,24,000, and the registration fee at 2% would be Rs 2,64,000, bringing the total fees together to Rs 11,88,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mahalakshmi Nagar (100 Ft. Road)?

The Mahalakshmi Nagar (100 Ft. Road) area is covered by 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 Velachery

The guideline value is a crucial reference point when buying or selling property in Velachery. It helps determine the stamp duty and registration fees that need to be paid during the registration process. Buyers and sellers must consider this value to ensure compliance with local regulations.

When a property is registered, the guideline value is used to calculate the applicable duties and fees, ensuring that the transaction adheres to the legal framework set by the Registration Department. This process helps maintain transparency and fairness in property transactions.

Frequently asked questions

What is the current guideline value of Mahalakshmi Nagar (100 Ft. Road)?

The current guideline value of Mahalakshmi Nagar (100 Ft. Road) is Rs 13,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 1,800 per sq.ft in 2007 to Rs 13,200 per sq.ft in 2024, marking an overall increase of 633% over the years.

What are the stamp duty and registration fees for property in this area?

The stamp duty is charged at 7% of the guideline value, while the registration fee is 2%. For a property valued at Rs 1,32,00,000, the total fees would amount to Rs 11,88,000.

Which Sub Registrar Office covers Mahalakshmi Nagar?

The Velacheri Sub Registrar Office covers Mahalakshmi Nagar, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the land classification for Mahalakshmi Nagar (100 Ft. Road)?

The land classification for Mahalakshmi Nagar (100 Ft. Road) is Commercial Class I Type - I, indicating its commercial usage potential.