Guideline Value for Mahalakshmi Nagar 3rd Street

Mahalakshmi Nagar 3rd Street guideline value

The current guideline value of Mahalakshmi Nagar 3rd Street is Rs 2,750 per sq.ft. 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 3rd Street has changed

The guideline value for Mahalakshmi Nagar 3rd Street has undergone several revisions over the years. The register has no figure for this street in 2002, 2003, 2007, 2012, and 2017. In 2023, the guideline value was set at Rs 2,500 per sq.ft, which increased to Rs 2,750 per sq.ft in the 2024 revision, marking a change of +10%.

With the 2024 revision, Mahalakshmi Nagar 3rd Street's guideline value aligns with the median value of Rs 2,750 per sq.ft for the 1823 streets in Madipakkam-1 under the Velacheri SRO. The 2023 value of Rs 2,500 per sq.ft reflects a significant increase in the current valuation.

Guideline values in Madipakkam-1

In Madipakkam-1, the guideline values range from Rs 1,650 to Rs 5,500 per sq.ft, with a median of Rs 2,750 per sq.ft. Mahalakshmi Nagar 3rd Street's 2024 figure is equal to this median value.

• Mahalakshmi Nagar 2nd Street/Mahakavi Bharathi Street: Rs 2,750 per sq.ft (2024)
• Mahalakshmi Nagar 4th street: Rs 2,750 per sq.ft (2024)
• Mahalakshmi Nagar 4th Street/Annai Velankanni Nagar: Rs 2,750 per sq.ft (2024)
• Mahalakshmi Nagar 2nd Street: Rs 2,750 per sq.ft (2024)
• Mahalakshmi Nagar 5th Street: Rs 2,750 per sq.ft (2024)
• Mahalakshmi Nagar 1st Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Mahalakshmi Nagar 3rd 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, totaling Rs 2,47,500. Duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Mahalakshmi Nagar 3rd Street?

The Mahalakshmi Nagar 3rd 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 information.

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

The guideline value is an essential factor in the registration process when buying or selling property in Madipakkam-1. It serves as a reference point for calculating stamp duty and registration fees, ensuring that the transaction is recorded accurately in accordance with government regulations.

When a property is sold, the guideline value helps determine the minimum value at which the property can be registered. This ensures transparency in property transactions and helps prevent undervaluation, protecting the interests of both buyers and sellers.

Frequently asked questions

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

The current guideline value of Mahalakshmi Nagar 3rd Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed recently?

In the 2024 revision, the guideline value increased from Rs 2,500 per sq.ft in 2023 to Rs 2,750 per sq.ft, reflecting a change of +10%.

What are the other streets with the same guideline value in Madipakkam-1?

Other streets in Madipakkam-1, such as Mahalakshmi Nagar 2nd Street, 4th Street, and 5th Street, also have a guideline value of Rs 2,750 per sq.ft in 2024.

Where can I find the Velacheri Sub Registrar Office?

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

How is stamp duty calculated for properties in Mahalakshmi Nagar 3rd Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 27,50,000 would incur a stamp duty of Rs 1,92,500 at 7%.