Guideline Value for Mahalakshmi Nagar 6th Cross Street

Mahalakshmi Nagar 6th Cross Street guideline value

The current guideline value of Mahalakshmi Nagar 6th Cross 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 6th Cross Street has changed

The guideline value for Mahalakshmi Nagar 6th Cross Street has seen significant changes over the years. In 2002, the value was Rs 235 per sq.ft, which increased to Rs 264 per sq.ft in 2003. The value continued to rise sharply to Rs 1,800 per sq.ft in 2007, followed by a substantial increase 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 again to Rs 4,000 per sq.ft in 2023, before reaching the current value of Rs 4,400 per sq.ft in 2024, marking a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1,772%. The register has no figure for the years not listed in this summary.

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 of Mahalakshmi Nagar 6th Cross Street.

• Mahalakshmi Nagar 5th Street, Brindhavan Nagar: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar 5th Street: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar 6th Street: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar 6th Street, Brindhavan Nagar: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar 5th Cross Street: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar 7th Cross Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Mahalakshmi Nagar 6th Cross 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 fees to Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Mahalakshmi Nagar 6th Cross Street?

The Mahalakshmi Nagar 6th Cross Street is covered by the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. To find your SRO, you can visit find your SRO.

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

The guideline value is an important factor in property transactions in Velachery. It serves as a reference point for determining the minimum value at which a property can be registered. This ensures that the government receives appropriate revenue from property transactions.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory for the legal transfer of property ownership. Buyers should be aware of the guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Mahalakshmi Nagar 6th Cross Street?

The current guideline value of Mahalakshmi Nagar 6th Cross 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, starting from Rs 235 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024. The value has seen both increases and decreases across various revisions.

What is the land classification of Mahalakshmi Nagar 6th Cross Street?

The land classification for Mahalakshmi Nagar 6th Cross Street is Residential Class II Type - II.

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 6th Cross Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current rate, the total stamp duty would be Rs 3,08,000.