Guideline Value for Mahalakshmi Nagar East Extn 1st Street

Mahalakshmi Nagar East Extn 1st Street guideline value

The current guideline value of Mahalakshmi Nagar East Extn 1st 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 East Extn 1st Street has changed

Over the years, the guideline value of Mahalakshmi Nagar East Extn 1st Street has seen several revisions. The earliest recorded value was Rs 1,800 per sq.ft in 2007, which increased significantly to Rs 4,000 per sq.ft in 2012, marking a rise of 122%. However, this figure decreased to Rs 2,680 per sq.ft in 2017, reflecting a decline of 33%. The value then rose sharply to Rs 4,000 per sq.ft in 2023, and most recently to Rs 4,400 per sq.ft in 2024, indicating a 10% increase.

From 2017 to 2023, the guideline value increased by 49%. The overall change from the 2007 figure to the current 2024 figure shows a substantial increase of 144%. It is important to note that there are no recorded figures for this street in the years 2002 and 2003.

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 current value of Mahalakshmi Nagar East Extn 1st Street.

• Mahalakshmi Nagar East Extn: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar East Extn 2nd Street: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar 9th Street, Brindhavan Nagar: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar 9th Street: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar 9th Cross Street: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar Extn: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Mahalakshmi Nagar East Extn 1st 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 important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Mahalakshmi Nagar East Extn 1st Street?

The Mahalakshmi Nagar East Extn 1st Street falls under the jurisdiction of the Velacheri Sub Registrar Office. The office is 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 Velachery

The guideline value is a crucial factor during the registration of property transactions in Velachery. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue from stamp duty and registration fees.

When buying or selling a property, the guideline value helps in calculating the applicable stamp duty and registration fees, which are based on the higher of the guideline value or the actual sale price. This ensures transparency and fairness in property transactions.

Frequently asked questions

What is the current guideline value of Mahalakshmi Nagar East Extn 1st Street?

The current guideline value of Mahalakshmi Nagar East Extn 1st 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 1,800 per sq.ft in 2007 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 144% over the years.

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

The stamp duty is charged at 7%, and the registration fee is 2% of the guideline value or sale price, whichever is higher. For example, for a property valued at Rs 44,00,000, the total fees would amount to Rs 3,96,000.

Which office handles registrations for Mahalakshmi Nagar East Extn 1st Street?

The Velacheri Sub Registrar Office handles registrations for Mahalakshmi Nagar East Extn 1st Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the land classification of Mahalakshmi Nagar East Extn 1st Street?

The land classification for Mahalakshmi Nagar East Extn 1st Street is Residential Class II Type - II, which indicates its suitability for residential purposes.