Guideline Value

Corporate

Guideline Value for Mahalakshmi Nagar 7th Street

₹2750/sq.ft.

The guideline value for Mahalakshmi Nagar 7th Street in Madipakkam-1 village (Velacheri SRO, Chennai zone) is Rs 2750 per sq.ft, effective 1 July 2024. It was Rs 2500 per sq.ft from 1 April 2023, a 10% change. The land classification is Residential Class I Type - Iii. Source: TNReginet guideline value register.

Last updated:

Chennai

Zone

Madipakkam-1

Village

Velacheri

SRO

Residential Class I Type - III
History
Period Guideline Value
From 1-7-2024 ₹2750 /sq.ft.
From 1-4-2023 ₹2500 /sq.ft.
From 9-6-2017 To 31-3-2023 N/A
From 1-4-2012 To 8-6-2017 N/A
From 1-8-2007 To 31-3-2012 N/A
From 1-4-2003 To 31-7-2007 N/A
From 1-4-2002 To 31-3-2003 N/A
Guideline Value Timeline
Guideline Value Comparison

SRO (Sub Registrar Office)

No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042
044-22553736
[email protected]

DRO (District Registrar Office)

Integrated Building For Offices Of The Commercial Taxes And Registration Department, Fanepet, Nandhanam, Chennai - 35.
044-22505552
[email protected], [email protected]

DIG (Deputy Inspector General)

Integrated Building For Offices Of The Commercial Taxes And Registration, Department Fanepet, Nandanam, Chennai - 600 035.
044-29510527
[email protected]
Records for a plot on Mahalakshmi Nagar 7th Street

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Mahalakshmi Nagar 7th Street guideline value

The current guideline value of Mahalakshmi Nagar 7th Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Madipakkam-1 village, under the Velacheri SRO. The land classification for this area is Residential Class I Type - III.

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

The guideline value for Mahalakshmi Nagar 7th Street has seen several revisions over the years. The register has no figure for this street for the years 2002, 2003, 2007, 2012, and 2017. In the 2023 revision, the guideline value was Rs 2,500 per sq.ft, which increased to Rs 2,750 per sq.ft in the 2024 revision, marking a change of +10%.

Prior to the 2023 revision, the register does not provide any figures for the years mentioned. The most recent figure reflects the current market conditions and aligns with the median guideline value for the area.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value for this area is Rs 2,750 per sq.ft, which is equal to the guideline value of Mahalakshmi Nagar 7th Street.

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

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty is charged at 7%, totaling Rs 1,92,500, and the registration fee is 2%, amounting to Rs 55,000. Therefore, the total cost for stamp duty and registration fees together is Rs 2,47,500. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Mahalakshmi Nagar 7th Street?

The Mahalakshmi Nagar 7th Street 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 further assistance.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a crucial factor in property transactions in Madipakkam-1. It serves as a benchmark for determining the minimum price at which properties can be registered. Buyers and sellers should be aware that the guideline value impacts the stamp duty and registration fees applicable during the transaction.

When registering a property, the guideline value is used to calculate the stamp duty, which is charged at a percentage of the guideline value or the sale price, whichever is higher. This ensures that the registration process is aligned with the official valuation of properties in the area.

Frequently asked questions

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

The current guideline value of Mahalakshmi Nagar 7th Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Mahalakshmi Nagar 7th Street has changed from Rs 2,500 per sq.ft in 2023 to Rs 2,750 per sq.ft in 2024, reflecting a +10% increase. The register has no figure for this street for the years 2002, 2003, 2007, 2012, and 2017.

What are the guideline values for other streets in Madipakkam-1?

Other streets in Madipakkam-1 also have a guideline value of Rs 2,750 per sq.ft for the year 2024. This includes streets such as Mahalakshmi Nagar 6th Street, 8th Street, and others.

What are the stamp duty and registration fees for properties in this area?

The stamp duty for properties in Mahalakshmi Nagar 7th Street is charged at 7% of the guideline value, while the registration fee is 2%. For a 1,000 sq.ft plot at the current guideline value, the total fees would be Rs 2,47,500.

Which office handles the registration for Mahalakshmi Nagar 7th Street?

The Velacheri Sub Registrar Office handles the registration for Mahalakshmi Nagar 7th Street. It is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.