Guideline Value for Mahalakshmi Nagar 7th Cross Street

Mahalakshmi Nagar 7th Cross Street guideline value

The current guideline value of Mahalakshmi Nagar 7th Cross 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 7th Cross Street has changed

The guideline value for Mahalakshmi Nagar 7th Cross Street has seen several revisions over the years. In 2002, the value was Rs 235 per sq.ft, which increased significantly to Rs 1,250 per sq.ft in 2003, marking a remarkable change of +432%. The trend continued with the value reaching Rs 1,800 per sq.ft in 2007, a rise of +44%. By 2012, the value had increased to Rs 4,000 per sq.ft, showing a substantial jump of +122% from the previous revision. However, from 2012 to 2017, the guideline value decreased to Rs 2,680 per sq.ft, reflecting a decline of -33%. The most recent revision in 2024 has brought the value back up to Rs 4,400 per sq.ft, representing a significant increase of +64% from 2017.

It is important to note that there is no figure available for the year 2023 in the register for this street. Overall, from 2002 to 2024, the guideline value has increased by +1772%, highlighting the changes over the years.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a guideline value for 2024, ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, which is equal to the guideline value of Mahalakshmi Nagar 7th Cross Street.

• Mahalakshmi Nagar 6th Street, Brindhavan Nagar: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar 7th Street: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar 6th Street: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar 7th Street, Brindhavan Nagar: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar 8th Cross Street: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar 6th Cross Street: Rs 4,400 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 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty, charged at 7%, would amount to Rs 3,08,000, while the registration fee at 2% would be Rs 88,000. Together, these fees total 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 our 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 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 plays a crucial role in property transactions within Velachery. It is used to determine the minimum value for registration purposes, ensuring that the property is registered at a fair value. Buyers and sellers must consider this value when negotiating sale prices, as it can influence the overall transaction costs.

When registering a property, the guideline value is essential for calculating the stamp duty and registration fees. These fees are based on the guideline value or the sale price, whichever is higher, ensuring that the government receives appropriate revenue from property transactions.

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 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, reflecting an overall increase of +1772% over the years.

Is there a guideline value for the year 2023?

No, the register does not have a figure for Mahalakshmi Nagar 7th Cross Street for the year 2023.

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

For a 1,000 sq.ft plot at the current guideline value, the total stamp duty would be Rs 3,08,000 and the registration fee would be Rs 88,000, totaling Rs 3,96,000.

Where is the Sub Registrar Office for Mahalakshmi Nagar 7th Cross Street located?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.