Guideline Value for Mahalakshmi Nagar 2nd Cross Street

Mahalakshmi Nagar 2nd Cross Street guideline value

The current guideline value of Mahalakshmi Nagar 2nd Cross 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, with a land classification of Residential Class II Type - II.

How the guideline value of Mahalakshmi Nagar 2nd Cross Street has changed

The guideline value for Mahalakshmi Nagar 2nd Cross Street has seen significant changes over the years. In 2002, the guideline value was Rs 235 per sq.ft, which increased dramatically to Rs 4,000 per sq.ft in 2012, marking a rise of 1602%. However, in 2017, the value dropped to Rs 2,680 per sq.ft, a decrease of 33%. The most recent revision in 2024 set the guideline value at Rs 4,400 per sq.ft, reflecting an increase of 64% from the 2017 figure.

It is important to note that there are no figures available for the years 2003, 2007, and 2023 for this street. Overall, from 2002 to 2024, the guideline value has increased by 1772%.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO, with the 2024 guideline values ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value for these streets is Rs 4,400 per sq.ft, which is equal to the current value for Mahalakshmi Nagar 2nd Cross Street.

• Mahalakshmi Nagar 2nd Main Road: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar 1st Street, Brindhavan Nagar: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar 2nd Street: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar 1st Street: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar 2nd Street, Brindhavan Nagar: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar 1st Main Road: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Mahalakshmi Nagar 2nd 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, 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 2nd Cross Street?

The Mahalakshmi Nagar 2nd Cross Street is covered by 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 properties can be registered, ensuring that the state collects appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the value of the property based on current market conditions. It is essential for buyers and sellers to be aware of these values to facilitate fair transactions.

Frequently asked questions

What is the current guideline value of Mahalakshmi Nagar 2nd Cross Street?

The current guideline value of Mahalakshmi Nagar 2nd 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, marking an overall increase of 1772%.

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 Sub Registrar Office covers this street?

The Velacheri Sub Registrar Office covers Mahalakshmi Nagar 2nd Cross Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the land classification for Mahalakshmi Nagar 2nd Cross Street?

The land classification for Mahalakshmi Nagar 2nd Cross Street is Residential Class II Type - II.