Guideline Value

Corporate

Guideline Value for Mahalakshmi Nagar 8th Street

₹2750/sq.ft.

The guideline value for Mahalakshmi Nagar 8th 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 ₹1675 /sq.ft.
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 8th Street

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Mahalakshmi Nagar 8th Street guideline value

The current guideline value of Mahalakshmi Nagar 8th Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in the Madipakkam-1 village under the Velacheri SRO, classified as Residential Class I Type - III.

How the guideline value of Mahalakshmi Nagar 8th Street has changed

In the 2017 revision, the guideline value was Rs 1,675 per sq.ft. This increased significantly to Rs 2,500 per sq.ft in the 2023 revision, marking a change of 49%. The most recent 2024 revision set the value at Rs 2,750 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. The register has no figures for the years 2002, 2003, 2007, 2012.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO with a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median value is Rs 2,750 per sq.ft, which is equal to the guideline value of Mahalakshmi Nagar 8th Street.

Stamp duty and registration fee for property in Mahalakshmi Nagar 8th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, resulting in a total of Rs 2,47,500. Duty is charged on the guideline value or the sale price, whichever is higher.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mahalakshmi Nagar 8th Street?

The Mahalakshmi Nagar 8th 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 details.

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, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with legal requirements during the registration process.

When a property is sold, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Mahalakshmi Nagar 8th Street?

The current guideline value of Mahalakshmi Nagar 8th Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since the 2017 revision, the guideline value has increased from Rs 1,675 per sq.ft to Rs 2,750 per sq.ft in 2024, marking a total increase of 64% over this period.

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, including Mahalakshmi Nagar 7th Street, Mahalakshmi Nagar/Anna Nagar Main Road, and others.

What is the stamp duty rate for properties in Mahalakshmi Nagar 8th Street?

The stamp duty rate for properties in Mahalakshmi Nagar 8th Street is 7% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for Mahalakshmi Nagar 8th Street located?

The Velacheri Sub Registrar Office, which covers Mahalakshmi Nagar 8th Street, is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.