Guideline Value for Mahalakshmi Nagar East Extn

Mahalakshmi Nagar East Extn guideline value

The current guideline value of Mahalakshmi Nagar East Extn is Rs 4,400 per sq.ft, effective from 1 July 2024. This area is located in Velachery village and falls under the Velacheri SRO. The land classification for this street is Residential Class II Type - II.

How the guideline value of Mahalakshmi Nagar East Extn has changed

The guideline value for Mahalakshmi Nagar East Extn has undergone several revisions over the years. In 2007, the guideline value was Rs 1,800 per sq.ft, which increased to Rs 4,000 per sq.ft in 2012, marking a significant rise of 122%. However, in 2017, the value decreased to Rs 2,680 per sq.ft, a drop of 33%. The value then increased substantially to Rs 4,000 per sq.ft in 2023, followed by a further increase to Rs 4,400 per sq.ft in 2024, reflecting a 10% rise.

From 2017 to 2023, the value increased by 49%. Overall, from 2007 to 2024, the guideline value has risen by 144%. It is important to note that the register has no figures for the years 2002 and 2003 for this street.

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.

• Mahalakshmi Nagar East Extn 1st Street: 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 8th Street, Brindhavan Nagar: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Mahalakshmi Nagar East Extn

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. Together, the total cost for duty and registration would be Rs 3,96,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Mahalakshmi Nagar East Extn?

The Mahalakshmi Nagar East Extn area 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 details.

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

The guideline value is an essential factor in the registration process when buying or selling property in Velachery. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately in the official records.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions, and it is crucial for both buyers and sellers to be aware of the current guideline value in their area.

Frequently asked questions

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

The current guideline value of Mahalakshmi Nagar East Extn 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 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?

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 property registrations in this area?

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

What is the land classification for Mahalakshmi Nagar East Extn?

The land classification for Mahalakshmi Nagar East Extn is Residential Class II Type - II, indicating its suitability for residential development.