Guideline Value for Mahalakshmi Nagar 7th Cross Street

Mahalakshmi Nagar 7th Cross Street guideline value

The current guideline value for Mahalakshmi Nagar 7th Cross Street is Rs 1,540 per sq.ft, effective from 1 July 2024. This street is located in Thiruverkadu village and falls under the Kunrathur SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Mahalakshmi Nagar 7th Cross Street has changed

The guideline value for Mahalakshmi Nagar 7th Cross Street has undergone several revisions over the years. The earliest recorded revision was in 2012, when the value was Rs 1,400 per sq.ft. This was followed by a decrease to Rs 938 per sq.ft in 2017. In 2023, the value increased to Rs 1,400 per sq.ft, and the most recent revision in 2024 set the value at Rs 1,540 per sq.ft, reflecting a 10% increase from the previous year.

From 2017 to 2023, there was a significant increase of 49%. Overall, from 2012 to 2024, the guideline value has increased by 10%. It is important to note that there are no recorded figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Thiruverkadu

In Thiruverkadu, there are 178 streets under the Kunrathur SRO that carry a 2024 guideline value ranging from Rs 1,430 to Rs 3,520 per sq.ft. The median value for these streets is Rs 1,540 per sq.ft, which is equal to the current guideline value of Mahalakshmi Nagar 7th Cross Street.

• Mahalakshmi Nagar 8th Cross Street: Rs 1,540 per sq.ft (2024)
• Mahalakshmi Nagar 6th Cross Street: Rs 1,540 per sq.ft (2024)
• Mahalakshmi Nagar 9th Cross Street: Rs 1,540 per sq.ft (2024)
• Mahalakshmi Nagar 5th Cross Street: Rs 1,540 per sq.ft (2024)
• Mahalakshmi Nagar 4th Cross Street: Rs 1,540 per sq.ft (2024)
• Mahalakshmi Nagar 3rd Cross Street: Rs 1,540 per sq.ft (2024)

Stamp duty and registration fee for property in Mahalakshmi Nagar 7th Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,540 per sq.ft, the total guideline value amounts to Rs 15,40,000. The stamp duty at 7% would be Rs 1,07,800, and the registration fee at 2% would be Rs 30,800, bringing the total to Rs 1,38,600. 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 detailed calculations.

Which Sub Registrar Office covers Mahalakshmi Nagar 7th Cross Street?

The Mahalakshmi Nagar 7th Cross Street is covered by the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. For more information, you can find your SRO.

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

The guideline value is a crucial factor when registering property transactions in Thiruverkadu. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees.

When buying or selling property, the guideline value helps in assessing the fair value of the property. Buyers and sellers must consider this value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Mahalakshmi Nagar 7th Cross Street?

The current guideline value of Mahalakshmi Nagar 7th Cross Street is Rs 1,540 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,400 per sq.ft in 2023 to Rs 1,540 per sq.ft in 2024, marking a 10% increase. It was Rs 938 per sq.ft in 2017 and Rs 1,400 per sq.ft in 2012.

What is the land classification for Mahalakshmi Nagar 7th Cross Street?

The land classification for Mahalakshmi Nagar 7th Cross Street is Residential Class I Type - I.

What is the stamp duty rate for properties in this area?

The stamp duty rate for properties in Mahalakshmi Nagar 7th Cross Street is 7% of the guideline value or the sale price, whichever is higher.

Where can I find the Kunrathur Sub Registrar Office?

The Kunrathur Sub Registrar Office is located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find more details online.