Guideline Value for Mahalakshmi Nagar 6th Street, Brindhavan Nagar

Mahalakshmi Nagar 6th Street, Brindhavan Nagar guideline value

The current guideline value for Mahalakshmi Nagar 6th Street, Brindhavan Nagar 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, classified as Residential Class II Type - II.

How the guideline value of Mahalakshmi Nagar 6th Street, Brindhavan Nagar has changed

The guideline value for Mahalakshmi Nagar 6th Street has seen several revisions over the years. In 2012, the value was set at Rs 4,000 per sq.ft, which decreased to Rs 2,680 per sq.ft in 2017. Following this, the guideline value increased significantly to Rs 4,000 per sq.ft in 2023, and further rose to Rs 4,400 per sq.ft in 2024, marking a 10% increase from the previous year. The register has no figure for this street for the years 2002, 2003, and 2007.

From 2012 to 2017, there was a decrease of 33%, but from 2017 to 2023, the value increased by 49%. Overall, from 2012 to 2024, the guideline value has increased by 10%. The current rate of Rs 4,400 per sq.ft aligns with the median guideline value for other streets in Velachery.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO with a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value is Rs 4,400 per sq.ft, which is the same as the guideline value for Mahalakshmi Nagar 6th Street. Below are other streets in Velachery with their respective guideline values:

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

Stamp duty and registration fee for property in Mahalakshmi Nagar 6th Street, Brindhavan Nagar

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, making the total cost for these fees 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. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mahalakshmi Nagar 6th Street, Brindhavan Nagar?

The Mahalakshmi Nagar 6th Street, Brindhavan Nagar 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 details.

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

The guideline value is a critical factor when registering property transactions in Velachery. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations during the sale process.

When a property is sold, the registration office uses the guideline value to calculate stamp duty and registration fees. This means that the higher of the guideline value or the sale price is used for these calculations, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

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

The current guideline value for Mahalakshmi Nagar 6th 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 from Rs 4,000 per sq.ft in 2012 to Rs 2,680 per sq.ft in 2017, then increased to Rs 4,000 per sq.ft in 2023, and finally to Rs 4,400 per sq.ft in 2024.

What are the stamp duty rates for property in this area?

The stamp duty for property transactions in Mahalakshmi Nagar 6th Street is 7% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for this property?

The Sub Registrar Office covering Mahalakshmi Nagar 6th Street is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the median guideline value for streets in Velachery?

The median guideline value for streets in Velachery is Rs 4,400 per sq.ft, which is the same as the guideline value for Mahalakshmi Nagar 6th Street.