Guideline Value for Mahalakshmi Nagar 11th Street

Mahalakshmi Nagar 11th Street guideline value

The current guideline value of Mahalakshmi Nagar 11th 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 11th Street has changed

The guideline value for Mahalakshmi Nagar 11th Street has undergone several revisions over the years. In 2002, the value was Rs 235 per sq.ft, which increased to Rs 264 per sq.ft in 2003. The value saw a significant rise to Rs 1,800 per sq.ft in 2007, followed by an increase to Rs 4,000 per sq.ft in 2012. However, it decreased to Rs 2,680 per sq.ft in 2017. The most recent revision in 2024 has set the guideline value at Rs 4,400 per sq.ft.

Between the revisions, the changes are notable. From 2002 to 2024, the overall increase is +1772%. The jump from 2017 to 2024 is +64%, while there was a decrease of -33% from 2012 to 2017. The value soared by +122% from 2007 to 2012 and had an extraordinary increase of +582% from 2003 to 2007. The register has no figure for this street in 2023.

Guideline values in Velachery

In Velachery, there are 2691 streets under the Velacheri SRO with the 2024 guideline values ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value is Rs 4,400 per sq.ft, which is equal to the guideline value of Mahalakshmi Nagar 11th Street.

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

Stamp duty and registration fee for property in Mahalakshmi Nagar 11th 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, 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 or the sale price.

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

Which Sub Registrar Office covers Mahalakshmi Nagar 11th Street?

The Mahalakshmi Nagar 11th Street 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 details.

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

The guideline value is a crucial factor during the registration of property transactions in Velachery. It serves as a benchmark for determining the minimum value at which property can be registered, ensuring that all transactions are fairly assessed.

When buying or selling property, the guideline value helps in calculating the applicable stamp duty and registration fees. It is essential for buyers and sellers to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

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

The current guideline value of Mahalakshmi Nagar 11th 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, with various increases and decreases in between.

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

Mahalakshmi Nagar 11th Street is classified as Residential Class II Type - II.

Where can I find the registration office for Mahalakshmi Nagar 11th Street?

The registration office for Mahalakshmi Nagar 11th Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is stamp duty calculated for properties in Mahalakshmi Nagar 11th Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000 at 7%.