Guideline Value for Mahalakshmi Nagar 16th Street

Mahalakshmi Nagar 16th Street guideline value

The current guideline value of Mahalakshmi Nagar 16th 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 16th Street has changed

The guideline value register does not contain figures for Mahalakshmi Nagar 16th Street for the years 2002, 2003, 2007, 2012, 2017, and 2023. The only available figure is from the 2024 revision, which is Rs 4,400 per sq.ft.

As there have been no changes between the revisions, the 2024 figure remains the only reference 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 value is Rs 4,400 per sq.ft, which is equal to the 2024 figure for Mahalakshmi Nagar 16th Street.

• Mahalakshmi Nagar 16th Cross Street: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar 16th Street, Brindhavan Nagar: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar 15th Street, Brindhavan Nagar: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar 15th Street: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar 15th Cross Street: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar 1st Cross Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Mahalakshmi Nagar 16th Street

For a 1,000 sq.ft plot at the current rate of Rs 4,400 per sq.ft, the 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. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Mahalakshmi Nagar 16th Street?

The Mahalakshmi Nagar 16th Street is covered by the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042, in the Chennai registration zone. You can find your SRO for further assistance.

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

The guideline value is an essential factor in property transactions in Velachery, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating the sale price to ensure compliance with registration regulations.

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 appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Mahalakshmi Nagar 16th Street?

The current guideline value of Mahalakshmi Nagar 16th Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

What land classification does Mahalakshmi Nagar 16th Street fall under?

Mahalakshmi Nagar 16th Street is classified as Residential Class II Type - II.

Are there any previous guideline values for this street?

The guideline value register does not contain figures for Mahalakshmi Nagar 16th Street for the years 2002, 2003, 2007, 2012, 2017, and 2023. The only available figure is from the 2024 revision.

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

For a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000 and the registration fee would be Rs 88,000, totaling Rs 3,96,000.

Which office handles registrations for Mahalakshmi Nagar 16th Street?

The Velacheri Sub Registrar Office handles registrations for Mahalakshmi Nagar 16th Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.