Guideline Value for Mahalakshmi Nagar 7th Street

Mahalakshmi Nagar 7th Street guideline value

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

The guideline value for Mahalakshmi Nagar 7th Street has seen several revisions over the years. Starting from the 2002 revision, the guideline value was Rs 235 per sq.ft. In 2003, it increased to Rs 350 per sq.ft, marking a 49% rise. The value then surged significantly to Rs 1,800 per sq.ft in 2007, which was a 414% increase. In 2012, the value dropped to Rs 4,000 per sq.ft, reflecting a decrease of 33%. The 2017 revision saw the value rise again to Rs 2,680 per sq.ft. Finally, the 2024 revision established the current value at Rs 4,400 per sq.ft, indicating a substantial increase of 64% from the previous revision.

The register has no figure for this street in 2023.

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 2024 figure for Mahalakshmi Nagar 7th Street.

• Mahalakshmi Nagar 7th Street, Brindhavan Nagar: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar 7th Cross Street: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar 8th Cross Street: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar 6th Street, Brindhavan Nagar: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar 6th Street: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar 8th Street: Rs 4,400 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current rate of Rs 4,400 per sq.ft, the 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 to Rs 3,96,000. Please note that the 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 details.

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 more information.

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

The guideline value is a crucial factor in property transactions in Velachery. It is used to determine the stamp duty and registration fees payable when buying or selling property. Buyers and sellers must be aware of the guideline value as it directly impacts the overall cost of the transaction.

When registering a property, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the transaction reflects the current market conditions as determined by the official guideline values.

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 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. There have been various increases and decreases in the intervening years, with the most notable rise occurring from 2003 to 2007.

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

Mahalakshmi Nagar 7th Street is classified as Residential Class II Type - II. This classification affects the guideline value and potential land use.

Where is the Velacheri Sub Registrar Office located?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. This office handles the registration of properties in the area.

How is the stamp duty calculated for properties in Mahalakshmi Nagar 7th Street?

Stamp duty for properties in Mahalakshmi Nagar 7th Street is calculated based on the higher of the guideline value or the sale price. For example, a property with a guideline value of Rs 44,00,000 would incur a stamp duty of Rs 3,08,000 at 7%.