Guideline Value for Mahalakshmi Nagar 13th Street

Mahalakshmi Nagar 13th Street guideline value

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

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

The guideline value for Mahalakshmi Nagar 13th Street has seen several revisions over the years. The 2012 revision set the value at Rs 4,000 per sq.ft, which decreased to Rs 2,680 per sq.ft in the 2017 revision, marking a decline of 33%. However, from 2017 to the 2024 revision, the value increased significantly to Rs 4,400 per sq.ft, reflecting a rise of 64%.

Overall, comparing the 2012 revision to the latest in 2024, there has been a slight increase of 10%. It is important to note that there are no registered figures for this street in the years 2002, 2003, 2007, and 2023.

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 figure for Mahalakshmi Nagar 13th Street.

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

Stamp duty and registration fee for property in Mahalakshmi Nagar 13th 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 fees together 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.

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

Which Sub Registrar Office covers Mahalakshmi Nagar 13th Street?

The Sub Registrar Office that covers Mahalakshmi Nagar 13th Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. For more information, you can find your SRO.

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 to determine the minimum value for which a property can be registered, ensuring that the government receives appropriate revenue from property transactions.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees. Buyers should be aware that these fees are based on the higher of the guideline value or the sale price, which can significantly affect the total cost of the transaction.

Frequently asked questions

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

The current guideline value of Mahalakshmi Nagar 13th 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 from Rs 4,000 per sq.ft in 2012 to Rs 2,680 per sq.ft in 2017, and then increased to Rs 4,400 per sq.ft in 2024. There are no registered figures for this street in the years 2002, 2003, 2007, and 2023.

What is the land classification of Mahalakshmi Nagar 13th Street?

Mahalakshmi Nagar 13th Street is classified as Residential Class II Type - II under the Velacheri SRO.

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

For a property valued at 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, totaling Rs 3,96,000. The duty is charged on the higher of the guideline value or the sale price.

Where is the Sub Registrar Office for Mahalakshmi Nagar 13th Street located?

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