Guideline Value for Mahalakshmi Nagar 10th Street

Mahalakshmi Nagar 10th Street guideline value

The current guideline value of Mahalakshmi Nagar 10th Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Velachery village, under the Velacheri SRO, and is classified as Residential Class II Type - II.

How the guideline value of Mahalakshmi Nagar 10th Street has changed

The guideline value for Mahalakshmi Nagar 10th Street has seen significant changes over the years. In 2002, the value was Rs 235 per sq.ft, which increased to Rs 264 per sq.ft in 2003, marking a rise of 12%. The value then surged dramatically to Rs 1,800 per sq.ft in 2007, reflecting a substantial increase of 582%. Following this, the 2017 revision set the value at Rs 2,680 per sq.ft, a rise of 49% from the previous figure. The most recent revision in 2024 has brought the guideline value to Rs 4,400 per sq.ft, representing a significant increase of 64% from 2017.

It is important to note that there are no figures available for the years 2012 and 2023 for this street. Overall, from 2002 to 2024, the guideline value has increased by 1,772%.

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 value among these streets is Rs 4,400 per sq.ft, which is equal to the current guideline value of Mahalakshmi Nagar 10th Street.

• Mahalakshmi Nagar 10th Cross 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 (100 Ft. Road): Rs 13,200 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 10th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Mahalakshmi Nagar 10th Street?

The Mahalakshmi Nagar 10th Street falls under the jurisdiction of 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 details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Velachery. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two amounts is 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 Mahalakshmi Nagar 10th Street?

The current guideline value of Mahalakshmi Nagar 10th Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since 2002, the guideline value has increased significantly from Rs 235 per sq.ft to Rs 4,400 per sq.ft in 2024, representing an overall increase of 1,772%.

What are the other streets with the same guideline value in Velachery?

Other streets in Velachery with the same guideline value of Rs 4,400 per sq.ft include Mahalakshmi Nagar 10th Cross Street, Mahalakshmi Nagar 10th Street, Brindhavan Nagar, Mahalakshmi Nagar 11th Cross Street, Mahalakshmi Nagar 11th Street, and Mahalakshmi Nagar 11th Street, Brindhavan Nagar.

What are the stamp duty and registration fees for buying property in Mahalakshmi Nagar 10th Street?

The stamp duty is calculated at 7% of the guideline value, while the registration fee is 2%. For a 1,000 sq.ft plot, the total fees would amount to Rs 3,96,000.

Which office do I need to visit for registration in Mahalakshmi Nagar 10th Street?

The Velacheri Sub Registrar Office is responsible for registrations in Mahalakshmi Nagar 10th Street. The office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.