Guideline Value for Mahalakshmi Nagar 5th Street

Mahalakshmi Nagar 5th Street guideline value

The current guideline value of Mahalakshmi Nagar 5th Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Velachery village and falls under the Velacheri SRO. The land classification for this area is Residential Class II Type - II.

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

The guideline value for Mahalakshmi Nagar 5th Street has seen several revisions over the years. In 2002, the guideline value was Rs 235 per sq.ft, which increased to Rs 264 per sq.ft in 2003. Following this, there was a significant rise to Rs 1,800 per sq.ft in 2007, and then it further increased to Rs 4,000 per sq.ft in 2012. However, there was a decrease to Rs 2,680 per sq.ft in 2017. The value then rose to Rs 4,000 per sq.ft in 2023, and finally, it reached Rs 4,400 per sq.ft in 2024.

Examining the changes between these revisions, the increase from 2017 to 2023 was 49%, while the decrease from 2012 to 2017 was 33%. The rise from 2007 to 2012 was 122%, and the increase from 2003 to 2007 was a substantial 582%. Overall, from 2002 to 2024, the guideline value has increased by 1772%.

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 2024 figure for Mahalakshmi Nagar 5th Street.

• Mahalakshmi Nagar 5th Street, Brindhavan Nagar: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar 5th Cross Street: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar 6th Cross Street: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar 4th Street, Brindhavan Nagar: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar 6th Street: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar 4th Street: Rs 4,400 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 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, making the total cost 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.

You can use the stamp duty and registration fee calculator for more precise calculations.

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 Velachery

The guideline value is a crucial factor during the registration of property transactions in Velachery. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is in line with the prevailing market conditions.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees. These fees are based on the higher of the guideline value or the actual sale price, ensuring that the government receives appropriate revenue from property transactions.

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 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 235 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, marking an overall increase of 1772% over the years.

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

The land classification for Mahalakshmi Nagar 5th Street is Residential Class II Type - II.

What are the stamp duty and registration fees for a property 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.

Which office handles property registrations in Mahalakshmi Nagar 5th Street?

The Velacheri Sub Registrar Office handles property registrations for Mahalakshmi Nagar 5th Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.