Guideline Value for Mahalakshmi Nagar 8th Street

Mahalakshmi Nagar 8th Street guideline value

The current guideline value of Mahalakshmi Nagar 8th 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 8th Street has changed

The guideline value for Mahalakshmi Nagar 8th Street has undergone several revisions over the years. The earliest recorded figure is from 2002, at Rs 235 per sq.ft. This increased to Rs 264 per sq.ft in 2003, marking a rise of 12%. The value saw a significant jump to Rs 1,800 per sq.ft by 2007, which is an increase of 582%. In 2012, the guideline value reached Rs 4,000 per sq.ft, reflecting a 122% increase from the previous revision. However, this was followed by a decrease to Rs 2,680 per sq.ft in 2017, which was a drop of 33%.

The most recent revision in 2024 set the guideline value at Rs 4,400 per sq.ft, which is an increase of 64% from the 2017 figure. Overall, from the 2002 figure to the 2024 figure, there has been a substantial increase of 1772%. It is important to note that the register has no figure for this street for the year 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 for these streets is Rs 4,400 per sq.ft, which is the same as that of Mahalakshmi Nagar 8th Street.

• Mahalakshmi Nagar 8th Street, Brindhavan Nagar: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar 8th Cross Street: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar 9th Cross Street: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar 7th Street, Brindhavan Nagar: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar 9th Street: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar 7th Street: Rs 4,400 per sq.ft (2024)

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 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, while 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 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 further assistance.

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

The guideline value plays a crucial role during the registration of property transactions in Velachery. It is the minimum value set by the government for properties in a specific area and is used to calculate the stamp duty and registration fees that buyers must pay at the time of registration.

When buying or selling property, the guideline value ensures that the transaction is recorded at a value that reflects the prevailing market conditions, thus preventing undervaluation. This helps maintain transparency and fairness in 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 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.

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

For a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000 and the registration fee would be Rs 88,000, totaling Rs 3,96,000.

Which office handles registrations for Mahalakshmi Nagar 8th Street?

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

Are there other streets in Velachery with the same guideline value?

Yes, there are several other streets in Velachery with the same guideline value of Rs 4,400 per sq.ft, including Mahalakshmi Nagar 8th Cross Street and Mahalakshmi Nagar 9th Cross Street.