Guideline Value

Corporate

Guideline Value for Mahalakshmi Nagar 2nd Main Road

₹4400/sq.ft.

The guideline value for Mahalakshmi Nagar 2nd Main Road in Velachery village (Velacheri SRO, Chennai zone) is Rs 4400 per sq.ft, effective 1 July 2024. It was Rs 4000 per sq.ft from 1 April 2023, a 10% change. The land classification is Residential Class Ii Type - Ii. Source: TNReginet guideline value register.

Last updated:

Chennai

Zone

Velachery

Village

Velacheri

SRO

Residential Class II Type - II
History
Period Guideline Value
From 1-7-2024 ₹4400 /sq.ft.
From 1-4-2023 ₹4000 /sq.ft.
From 9-6-2017 To 31-3-2023 ₹2680 /sq.ft.
From 1-4-2012 To 8-6-2017 ₹4000 /sq.ft.
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 2nd Main Road

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Mahalakshmi Nagar 2nd Main Road guideline value

The current guideline value of Mahalakshmi Nagar 2nd Main Road is Rs 4,400 per sq.ft, effective from 1 July 2024. This road is located in Velachery village, under the Velacheri SRO, and is classified as Residential Class II Type - II.

How the guideline value of Mahalakshmi Nagar 2nd Main Road has changed

The guideline value for Mahalakshmi Nagar 2nd Main Road has seen several revisions over the years. The most recent revision in 2024 set the value at Rs 4,400 per sq.ft, an increase from Rs 4,000 per sq.ft in 2023, marking a 10% rise. Prior to that, the value was Rs 2,680 per sq.ft in 2017, which represented a significant increase of 49% from the previous revision in 2012, where the value was Rs 4,000 per sq.ft. It is important to note that the register has no figures for the years 2002, 2003, and 2007.

From 2012 to 2017, the guideline value decreased by 33%. Overall, comparing the figures from 2012 to 2024, there has been a 10% increase, with the current value aligning with the overall trend in the area.

Guideline values in Velachery

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

Stamp duty and registration fee for property in Mahalakshmi Nagar 2nd Main Road

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 to Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Mahalakshmi Nagar 2nd Main Road?

The Mahalakshmi Nagar 2nd Main Road 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 further assistance.

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

The guideline value plays a crucial role in the registration process when buying or selling property 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 and fairly.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Mahalakshmi Nagar 2nd Main Road?

The current guideline value of Mahalakshmi Nagar 2nd Main Road 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 several times, with the most recent increase of 10% from Rs 4,000 per sq.ft in 2023 to Rs 4,400 per sq.ft in 2024. The value was Rs 2,680 per sq.ft in 2017, showing a significant rise over the years.

What is the classification of land on Mahalakshmi Nagar 2nd Main Road?

The land classification for Mahalakshmi Nagar 2nd Main Road is Residential Class II Type - II, indicating its suitability for residential development.

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. These fees are based on the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Mahalakshmi Nagar 2nd Main Road?

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