Guideline Value for Mahalakshmi Nagar 11th Cross Street

Mahalakshmi Nagar 11th Cross Street guideline value

The current guideline value of Mahalakshmi Nagar 11th Cross 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 it falls under the Residential Class II Type - II land classification.

How the guideline value of Mahalakshmi Nagar 11th Cross Street has changed

The guideline value for Mahalakshmi Nagar 11th Cross Street has seen several revisions over the years. In 2002, the guideline value was Rs 235 per sq.ft, which increased to Rs 264 per sq.ft in 2003, marking a change of +12%. The value then surged significantly to Rs 1,800 per sq.ft in 2007, reflecting a remarkable increase of +582%. Following this, the value rose to Rs 4,000 per sq.ft in 2012, showing an increase of +122%. However, from 2012 to 2017, the value decreased to Rs 2,680 per sq.ft, a drop of -33%. The most recent revision in 2024 set the value at Rs 4,400 per sq.ft, representing an increase of +64% from 2017.

It is important to note that there is no figure available for the year 2023 for this street in the register.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a guideline value for 2024, ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value is Rs 4,400 per sq.ft, which is the same as the current value for Mahalakshmi Nagar 11th Cross Street.

• Mahalakshmi Nagar 10th Street, Brindhavan Nagar: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar 11th Street: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar 10th Street: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar 11th Street, Brindhavan Nagar: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar 10th Cross Street: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar 12th Cross Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Mahalakshmi Nagar 11th Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, while the registration fee at 2% would be Rs 88,000. Together, the total cost for stamp duty and registration would be 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. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Mahalakshmi Nagar 11th Cross Street?

The Sub Registrar Office that covers Mahalakshmi Nagar 11th Cross Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. To find your SRO, you can visit find your SRO.

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

The guideline value plays a crucial role in property transactions in Velachery. When buying or selling property, the guideline value is used to determine the stamp duty and registration fees payable at the time of registration. It serves as a benchmark for assessing the value of the property being transacted.

During the registration process, the authorities will refer to the guideline value to ensure that the appropriate fees are collected. This helps maintain transparency and consistency in property transactions across the region.

Frequently asked questions

What is the current guideline value of Mahalakshmi Nagar 11th Cross Street?

The current guideline value of Mahalakshmi Nagar 11th Cross Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 235 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, representing an overall increase of +1772% over the years.

What is the land classification for Mahalakshmi Nagar 11th Cross Street?

The land classification for Mahalakshmi Nagar 11th Cross Street is Residential Class II Type - II.

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

For a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000 and the registration fee would be Rs 88,000, totaling Rs 3,96,000.

Where is the Sub Registrar Office for Mahalakshmi Nagar 11th Cross Street located?

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