Guideline Value for Mahalakshmi Nagar 5th Street

Mahalakshmi Nagar 5th Street guideline value

The current guideline value of Mahalakshmi Nagar 5th Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Madipakkam-1 village under the Velacheri SRO, and it falls under the Residential Class I Type - III land classification.

How the guideline value of Mahalakshmi Nagar 5th Street has changed

The guideline value for Mahalakshmi Nagar 5th Street has undergone several revisions over the years. The register does not have figures for the years 2002, 2003, 2007, 2012, and 2017. In the 2023 revision, the guideline value was Rs 2,500 per sq.ft, and it increased by 10% to reach Rs 2,750 per sq.ft in the 2024 revision.

This increase reflects a change from the previous year's figure, marking a notable adjustment in the guideline value. The 2024 figure aligns with the median guideline value for Madipakkam-1, which ranges from Rs 1,650 to Rs 5,500 per sq.ft.

Guideline values in Madipakkam-1

In Madipakkam-1, there are a total of 1823 streets under the Velacheri SRO carrying a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft, with a median of Rs 2,750 per sq.ft. Mahalakshmi Nagar 5th Street's current guideline value matches this median.

• Mahalakshmi Nagar 4th Street/Annai Velankanni Nagar: Rs 2,750 per sq.ft (2024)
• Mahalakshmi Nagar 6th Street: Rs 2,750 per sq.ft (2024)
• Mahalakshmi Nagar 4th street: Rs 2,750 per sq.ft (2024)
• Mahalakshmi Nagar 7th Street: Rs 2,750 per sq.ft (2024)
• Mahalakshmi Nagar 3rd Street: Rs 2,750 per sq.ft (2024)
• Mahalakshmi Nagar 8th Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Mahalakshmi Nagar 5th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total cost together to Rs 2,47,500. It is important 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 5th Street?

The Sub Registrar Office that covers Mahalakshmi Nagar 5th 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 information.

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

When buying or selling property in Madipakkam-1, the guideline value plays a crucial role in determining the stamp duty and registration fees. The guideline value is set by the state government and is used as a benchmark for property transactions, ensuring that the appropriate taxes are collected during the registration process.

It is essential to be aware of the guideline value, as it can impact the overall cost of purchasing property in the area. Buyers and sellers should ensure that the sale price is aligned with or exceeds the guideline value to avoid any discrepancies during registration.

Frequently asked questions

What is the current guideline value of Mahalakshmi Nagar 5th Street?

The current guideline value of Mahalakshmi Nagar 5th Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2023 to Rs 2,750 per sq.ft in 2024, reflecting a 10% increase. The register does not have figures for the years 2002, 2003, 2007, 2012, and 2017.

What is the land classification for Mahalakshmi Nagar 5th Street?

Mahalakshmi Nagar 5th Street falls under the Residential Class I Type - III land classification. This classification is important for understanding the potential uses of the property.

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

The stamp duty is calculated at 7% of the guideline value, while the registration fee is 2% of the guideline value. For example, a property with a guideline value of Rs 27,50,000 would incur a total of Rs 2,47,500 in fees.

Where can I find the Sub Registrar Office for Mahalakshmi Nagar 5th Street?

The Velacheri Sub Registrar Office covers Mahalakshmi Nagar 5th Street and is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. This office handles all registration processes for properties in the area.