Guideline Value for Mahalakshmi Nagar 12th Cross Street

Mahalakshmi Nagar 12th Cross Street guideline value

The current guideline value of Mahalakshmi Nagar 12th Cross Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Velachery village and falls under the Velacheri SRO. The land classification for this area is Residential Class II Type - II.

How the guideline value of Mahalakshmi Nagar 12th Cross Street has changed

The guideline value for Mahalakshmi Nagar 12th Cross Street has seen several revisions over the years. Starting from Rs 235 per sq.ft in 2002, the value increased to Rs 264 per sq.ft in 2003, marking a 12% rise. The subsequent revisions were significant, with the value jumping to Rs 1,800 per sq.ft in 2007, an increase of 582%. By 2012, the value had risen to Rs 4,000 per sq.ft, reflecting a 122% increase. However, it then decreased to Rs 2,680 per sq.ft in 2017, a decline of 33%. The most recent revision in 2024 set the value at Rs 4,400 per sq.ft, which is a 64% increase from 2017.

Notably, the register has no figure for this street in 2023. Overall, from 2002 to 2024, the guideline value has increased by 1772%, showcasing significant changes over the years.

Guideline values in Velachery

In Velachery, there are a total of 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 is Rs 4,400 per sq.ft, which is the same as the current guideline value for Mahalakshmi Nagar 12th Cross Street.

• Mahalakshmi Nagar 11th Street, Brindhavan Nagar: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar 12th Street: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar 11th Street: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar 12th Street, Brindhavan Nagar: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar 11th Cross Street: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar 13th Cross Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Mahalakshmi Nagar 12th 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 amounts to Rs 44,00,000. The stamp duty, charged at 7%, would be Rs 3,08,000, and 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 duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Mahalakshmi Nagar 12th Cross Street?

The Mahalakshmi Nagar 12th Cross Street is covered by the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. For additional assistance, you can find your SRO.

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

The guideline value plays a crucial role during the registration of property transactions in Velachery. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that transactions are recorded accurately and transparently.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory for completing the transaction. Buyers should be aware that these fees are based on the higher of the guideline value or the sale price, ensuring that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Mahalakshmi Nagar 12th Cross Street?

The current guideline value of Mahalakshmi Nagar 12th 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, increasing from Rs 235 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, which represents an overall increase of 1772% over this period.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7% of the guideline value, while the registration fee is 2%. For example, for a property valued at Rs 44,00,000, the total stamp duty and registration fees would amount to Rs 3,96,000.

Which office handles registrations for Mahalakshmi Nagar 12th Cross Street?

The Velacheri Sub Registrar Office handles registrations for Mahalakshmi Nagar 12th Cross Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the land classification for Mahalakshmi Nagar 12th Cross Street?

The land classification for Mahalakshmi Nagar 12th Cross Street is Residential Class II Type - II, indicating its suitability for residential development.