Guideline Value for Mahalakshmi Nagar 9th Street

Mahalakshmi Nagar 9th Street guideline value

The current guideline value of Mahalakshmi Nagar 9th 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 9th Street has changed

The guideline value for Mahalakshmi Nagar 9th Street has undergone several revisions over the years. Starting from the 2002 revision, the value was 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 in 2007, which was an increase of 582%. In the 2012 revision, the value changed to Rs 4,000 per sq.ft, reflecting a 122% increase. However, in the 2017 revision, it dropped to Rs 2,680 per sq.ft, a decrease of 33%. The most recent revision in 2024 set the guideline value at Rs 4,400 per sq.ft, an increase of 64% from 2017.

It is important to note that there is no figure for Mahalakshmi Nagar 9th Street in the 2023 revision.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO, with guideline values 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 9th Street.

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

Stamp duty and registration fee for property in Mahalakshmi Nagar 9th 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, and the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. It is essential to 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 9th Street?

The Mahalakshmi Nagar 9th 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 is a crucial reference point when buying or selling property in Velachery. It is used to determine the stamp duty and registration fees that need to be paid during the registration process. Buyers should be aware that the guideline value may differ from the actual sale price of the property.

When registering a property, the authorities will assess the higher value between the guideline value and the sale price to calculate the applicable duties and fees. This ensures that the transaction is recorded accurately and in compliance with local regulations.

Frequently asked questions

What is the current guideline value of Mahalakshmi Nagar 9th Street?

The current guideline value of Mahalakshmi Nagar 9th 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 seen several changes, starting from Rs 235 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024. The most significant increase occurred from 2003 to 2007, where it rose by 582%.

Where can I find the Velacheri Sub Registrar Office?

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

What is the stamp duty rate for property transactions in Mahalakshmi Nagar 9th Street?

The stamp duty rate for property transactions in Mahalakshmi Nagar 9th Street is 7%, which is calculated based on the higher of the guideline value or the sale price.

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

Yes, there are several other streets in Velachery with the same guideline value of Rs 4,400 per sq.ft in 2024, including Mahalakshmi Nagar 9th Cross Street and Mahalakshmi Nagar 8th Street.