Guideline Value for Mahalakshmi Nagar 13th Cross Street

Mahalakshmi Nagar 13th Cross Street guideline value

The current guideline value of Mahalakshmi Nagar 13th 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 is classified as Residential Class II Type - II.

How the guideline value of Mahalakshmi Nagar 13th Cross Street has changed

The guideline value for Mahalakshmi Nagar 13th Cross Street has seen significant changes over the years. In 2002, the value was Rs 235 per sq.ft. This increased to Rs 400 per sq.ft in 2003, marking a 70% rise. The value then surged to Rs 1,800 per sq.ft in 2007, reflecting a substantial increase of 350%. Following this, the value rose to Rs 4,000 per sq.ft in 2012, a jump of 122%. However, there was a decline to Rs 2,680 per sq.ft in 2017, which represented a decrease of 33%. The current guideline value of Rs 4,400 per sq.ft in 2024 shows a significant increase of 64% from the 2017 figure.

It is important to note that there is no figure available for the year 2023 in the register 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 guideline value is Rs 4,400 per sq.ft, which is the same as the current value for Mahalakshmi Nagar 13th Cross Street.

• Mahalakshmi Nagar 12th Street, Brindhavan Nagar: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar 13th Street: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar 12th Street: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar 13th Street, Brindhavan Nagar: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar 12th Cross Street: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar 14th Cross Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Mahalakshmi Nagar 13th 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, and the registration fee at 2% would be Rs 88,000, bringing the total cost 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 13th Cross Street?

The Sub Registrar Office that covers Mahalakshmi Nagar 13th Cross Street is 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 plays a crucial role during the registration process when buying or selling property in Velachery. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the transaction is recorded accurately in the official register.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Mahalakshmi Nagar 13th Cross Street?

The current guideline value of Mahalakshmi Nagar 13th Cross Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How much 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 1,772% over the years.

What is the land classification for Mahalakshmi Nagar 13th Cross Street?

Mahalakshmi Nagar 13th Cross Street is classified as Residential Class II Type - II.

Where can I find the registration office for Mahalakshmi Nagar 13th Cross Street?

The Velacheri Sub Registrar Office covers Mahalakshmi Nagar 13th Cross Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is stamp duty calculated for properties in Mahalakshmi Nagar 13th Cross Street?

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