Guideline Value

Corporate

Guideline Value for Mahalakshmi Nagar 1st Street

₹2750/sq.ft.

The guideline value for Mahalakshmi Nagar 1st Street in Madipakkam-1 village (Velacheri SRO, Chennai zone) is Rs 2750 per sq.ft, effective 1 July 2024. It was Rs 2500 per sq.ft from 1 April 2023, a 10% change. The land classification is Residential Class I Type - Iii. Source: TNReginet guideline value register.

Last updated:

Chennai

Zone

Madipakkam-1

Village

Velacheri

SRO

Residential Class I Type - III
History
Period Guideline Value
From 1-7-2024 ₹2750 /sq.ft.
From 1-4-2023 ₹2500 /sq.ft.
From 9-6-2017 To 31-3-2023 ₹1675 /sq.ft.
From 1-4-2012 To 8-6-2017 N/A
From 1-8-2007 To 31-3-2012 N/A
From 1-4-2003 To 31-7-2007 N/A
From 1-4-2002 To 31-3-2003 N/A
Guideline Value Timeline
Guideline Value Comparison

SRO (Sub Registrar Office)

No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042
044-22553736
[email protected]

DRO (District Registrar Office)

Integrated Building For Offices Of The Commercial Taxes And Registration Department, Fanepet, Nandhanam, Chennai - 35.
044-22505552
[email protected], [email protected]

DIG (Deputy Inspector General)

Integrated Building For Offices Of The Commercial Taxes And Registration, Department Fanepet, Nandanam, Chennai - 600 035.
044-29510527
[email protected]
Records for a plot on Mahalakshmi Nagar 1st Street

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Mahalakshmi Nagar 1st Street guideline value

The current guideline value of Mahalakshmi Nagar 1st Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Madipakkam-1 village under the Velacheri SRO, classified as Residential Class I Type - III.

How the guideline value of Mahalakshmi Nagar 1st Street has changed

The guideline value for Mahalakshmi Nagar 1st Street has undergone several revisions over the years. The oldest recorded revision is from 2017, where the guideline value was Rs 1,675 per sq.ft. This increased to Rs 2,500 per sq.ft in 2023, representing a 49% rise. The most recent revision in 2024 set the value at Rs 2,750 per sq.ft, marking a 10% increase from the previous year.

There are no recorded figures for Mahalakshmi Nagar 1st Street for the years 2002, 2003, 2007, and 2012. Overall, from 2017 to 2024, the guideline value has increased by 64%.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median value for these streets is Rs 2,750 per sq.ft, which is the same as the 2024 guideline value for Mahalakshmi Nagar 1st Street.

Stamp duty and registration fee for property in Mahalakshmi Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total to Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mahalakshmi Nagar 1st Street?

The Mahalakshmi Nagar 1st 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 details.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a crucial factor during the registration of property transactions in Madipakkam-1. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when buying or selling property.

When a property is registered, the guideline value is used to ensure that the transaction is recorded at a value that reflects the current market conditions, thus providing transparency and fairness in property dealings.

Frequently asked questions

What is the current guideline value of Mahalakshmi Nagar 1st Street?

The current guideline value of Mahalakshmi Nagar 1st Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen significant changes, increasing from Rs 1,675 per sq.ft in 2017 to Rs 2,750 per sq.ft in 2024. This represents an overall increase of 64% over the seven-year period.

What is the stamp duty for properties in Mahalakshmi Nagar 1st Street?

The stamp duty for properties in Mahalakshmi Nagar 1st Street is 7% of the guideline value or sale price, whichever is higher. For example, on a 1,000 sq.ft plot, the stamp duty would be Rs 1,92,500.

Which office handles property registrations for Mahalakshmi Nagar 1st Street?

The Velacheri Sub Registrar Office handles property registrations for Mahalakshmi Nagar 1st Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the land classification for Mahalakshmi Nagar 1st Street?

Mahalakshmi Nagar 1st Street is classified as Residential Class I Type - III, indicating its suitability for residential development.