Guideline Value

Corporate

Guideline Value for Mahalakshmi Nagar 2nd Street

₹4400/sq.ft.

The guideline value for Mahalakshmi Nagar 2nd Street 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 ₹235 /sq.ft.
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 Street

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Mahalakshmi Nagar 2nd Street guideline value

The current guideline value for Mahalakshmi Nagar 2nd Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street 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 Street has changed

The guideline value for Mahalakshmi Nagar 2nd Street has undergone several revisions over the years. In 2002, the guideline value was Rs 235 per sq.ft, which saw a significant increase of 1,602% to Rs 4,000 per sq.ft in 2012. However, from 2012 to 2017, the value decreased by 33% to Rs 2,680 per sq.ft. The 2023 revision set the value at Rs 4,000 per sq.ft, which then increased by 10% to reach the current guideline value of Rs 4,400 per sq.ft in 2024.

There are no figures available for the years 2003 and 2007 for this street. Overall, from 2002 to 2024, the guideline value has increased by 1,772%.

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 guideline value is Rs 4,400 per sq.ft, which is equal to the current value for Mahalakshmi Nagar 2nd Street.

Stamp duty and registration fee for property in Mahalakshmi Nagar 2nd 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 cost for these fees to Rs 3,96,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Mahalakshmi Nagar 2nd Street?

The Sub Registrar Office that covers Mahalakshmi Nagar 2nd Street is 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 Velachery

When buying or selling property in Velachery, the guideline value plays a crucial role in determining the registration fees and stamp duty. The guideline value is the minimum value set by the government for property transactions, and it is used to calculate the applicable fees during the registration process.

It is essential for buyers and sellers to be aware of the guideline value as it directly impacts the overall cost of the transaction. Ensuring that the transaction adheres to the guideline value helps in maintaining transparency and compliance with legal requirements.

Frequently asked questions

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

The current guideline value of Mahalakshmi Nagar 2nd Street 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 seen several changes, starting from Rs 235 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 1,772% over the years.

What is the land classification of Mahalakshmi Nagar 2nd Street?

Mahalakshmi Nagar 2nd Street is classified as Residential Class II Type - II.

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

For a 1,000 sq.ft property at the current guideline value, the total stamp duty and registration fees would amount to Rs 3,96,000, calculated based on the guideline value.

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

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