Guideline Value for Mahalakshmi Nagar 3rd Cross Street

Mahalakshmi Nagar 3rd Cross Street guideline value

The current guideline value of Mahalakshmi Nagar 3rd Cross Street is Rs 1,540 per sq.ft, effective from 1 July 2024. This street is located in Thiruverkadu village and falls under the Kunrathur SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Mahalakshmi Nagar 3rd Cross Street has changed

The guideline value for Mahalakshmi Nagar 3rd Cross Street has seen several revisions over the years. The earliest recorded revision was in 2012, where the guideline value was Rs 1,400 per sq.ft. This was followed by a decrease in 2017 to Rs 938 per sq.ft, marking a decline of 33%. However, from 2017 to 2023, the value increased significantly to Rs 1,400 per sq.ft, representing a rise of 49%. The most recent revision in 2024 set the guideline value at Rs 1,540 per sq.ft, reflecting a 10% increase from the previous year.

It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street. Overall, comparing the values from 2012 to 2024, there has been a 10% increase, bringing the current guideline value in line with the median value for the village.

Guideline values in Thiruverkadu

In Thiruverkadu, there are 178 streets under the Kunrathur SRO, with guideline values ranging from Rs 1,430 to Rs 3,520 per sq.ft. The median guideline value is Rs 1,540 per sq.ft, which is the same as the current value for Mahalakshmi Nagar 3rd Cross Street.

• Mahalakshmi Nagar 2nd Cross Street: Rs 1,540 per sq.ft (2024)
• Mahalakshmi Nagar 4th Cross Street: Rs 1,540 per sq.ft (2024)
• Mahalakshmi Nagar 1st Cross Street: Rs 1,540 per sq.ft (2024)
• Mahalakshmi Nagar 5th Cross Street: Rs 1,540 per sq.ft (2024)
• Mahalakshmi Nagar 6th Cross Street: Rs 1,540 per sq.ft (2024)
• Mahalakshmi Nagar 7th Cross Street: Rs 1,540 per sq.ft (2024)

Stamp duty and registration fee for property in Mahalakshmi Nagar 3rd Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,540 per sq.ft, the total guideline value amounts to Rs 15,40,000. The stamp duty at 7% would be Rs 1,07,800, and the registration fee at 2% would be Rs 30,800, making the total cost for these fees Rs 1,38,600. It is essential to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Mahalakshmi Nagar 3rd Cross Street?

The Mahalakshmi Nagar 3rd Cross Street is covered by the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more information.

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

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

When a property is sold, the guideline value helps ensure that the transaction is recorded accurately, reflecting the legal value of the property. This process helps maintain transparency and consistency in property transactions within the region.

Frequently asked questions

What is the current guideline value of Mahalakshmi Nagar 3rd Cross Street?

The current guideline value of Mahalakshmi Nagar 3rd Cross Street is Rs 1,540 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, with the 2024 revision at Rs 1,540 per sq.ft, up from Rs 1,400 per sq.ft in 2023. The value was Rs 938 per sq.ft in 2017 and Rs 1,400 per sq.ft in 2012.

What is the land classification for Mahalakshmi Nagar 3rd Cross Street?

The land classification for Mahalakshmi Nagar 3rd Cross Street is Residential Class I Type - I, indicating its suitability for residential development.

What are the other streets in Thiruverkadu with the same guideline value?

Several other streets in Thiruverkadu have the same guideline value of Rs 1,540 per sq.ft, including Mahalakshmi Nagar 1st, 2nd, 4th, 5th, 6th, and 7th Cross Streets.

How is stamp duty calculated for properties in this area?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property with a guideline value of Rs 15,40,000 would incur a stamp duty of Rs 1,07,800 at 7%.