Guideline Value for Mahalakshmi Nagar 14th Cross Street

Mahalakshmi Nagar 14th Cross Street guideline value

The current guideline value of Mahalakshmi Nagar 14th 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, classified as Residential Class II Type - II.

How the guideline value of Mahalakshmi Nagar 14th Cross Street has changed

The guideline value for Mahalakshmi Nagar 14th Cross Street has seen several revisions over the years. Starting from Rs 262 per sq.ft in 2002, it increased to Rs 294 per sq.ft in 2003, marking a 12% rise. The value then experienced a significant jump to Rs 4,000 per sq.ft in 2012, which was a 1261% increase. However, it decreased to Rs 2,680 per sq.ft in 2017, reflecting a 33% drop. The most recent revision in 2024 set the guideline value at Rs 4,400 per sq.ft, which is a 64% increase from the 2017 figure.

It is important to note that there are no figures available for the years 2007 and 2023 for this street. Overall, from 2002 to 2024, the guideline value has increased by 1579%.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a guideline value for 2024, 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 2024 figure for Mahalakshmi Nagar 14th Cross Street.

• Mahalakshmi Nagar 13th Street, Brindhavan Nagar: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar 14th Street: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar 13th Street: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar 14th Street, Brindhavan Nagar: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar 13th Cross Street: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar 15th Cross Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Mahalakshmi Nagar 14th 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 at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, totaling 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 details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mahalakshmi Nagar 14th Cross Street?

The Mahalakshmi Nagar 14th Cross 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 information.

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

The guideline value is a crucial factor when registering property transactions in Velachery. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately within the legal framework.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees, which are based on this value or the sale price, whichever is higher. This ensures transparency and compliance with the regulations set forth by the Registration Department.

Frequently asked questions

What is the current guideline value for Mahalakshmi Nagar 14th Cross Street?

The current guideline value for Mahalakshmi Nagar 14th 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 262 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, marking an overall increase of 1579% over this period.

What is the land classification for Mahalakshmi Nagar 14th Cross Street?

Mahalakshmi Nagar 14th Cross Street is classified as Residential Class II Type - II, indicating its suitability for residential purposes.

Where can I find the registration office for Mahalakshmi Nagar 14th Cross Street?

The registration office for Mahalakshmi Nagar 14th Cross 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 14th Cross Street?

Stamp duty is calculated based on the guideline value or the sale price of the property, whichever is higher. For example, for a 1,000 sq.ft plot at the current rate, the total stamp duty would be Rs 3,08,000 at a rate of 7%.