Guideline Value for Mahalakshmi Nagar 12th Street

Mahalakshmi Nagar 12th Street guideline value

The current guideline value of Mahalakshmi Nagar 12th 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 12th Street has changed

The guideline value for Mahalakshmi Nagar 12th Street has undergone several revisions over the years. The earliest recorded figure is from 2002, which was Rs 235 per sq.ft. This value saw a significant increase to Rs 264 per sq.ft in 2003, marking a rise of 12%. The following revisions saw even larger increases, with the value jumping to Rs 1,800 per sq.ft in 2007, reflecting a substantial increase of 582%. In 2012, the value adjusted to Rs 4,000 per sq.ft, an increase of 122% from the previous revision. However, between 2017 and 2024, the guideline value rose to Rs 4,400 per sq.ft, which is a 64% increase from Rs 2,680 per sq.ft in 2017. Notably, there is no figure recorded for the year 2023 for this street.

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 is Rs 4,400 per sq.ft, which is the same as the current value for Mahalakshmi Nagar 12th Street.

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

Stamp duty and registration fee for property in Mahalakshmi Nagar 12th 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 fees to Rs 3,96,000. It is important to note that duty is charged on the higher of the guideline value and the sale price.

You can use our stamp duty and registration fee calculator for accurate calculations.

Which Sub Registrar Office covers Mahalakshmi Nagar 12th Street?

The Mahalakshmi Nagar 12th Street falls under the jurisdiction of 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 is essential during property transactions in Velachery, as it determines the minimum price at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations and to avoid potential legal issues during the registration process.

When registering a property, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

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

The current guideline value of Mahalakshmi Nagar 12th 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, reflecting an overall increase of 1772% over this period.

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

Mahalakshmi Nagar 12th Street is classified as Residential Class II Type - II, indicating its suitability for residential development.

What are the stamp duty rates in Velachery?

The stamp duty rate in Velachery is 7%, while the registration fee is 2% of the guideline value or sale price, whichever is higher.

Where is the Velacheri Sub Registrar Office located?

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