Guideline Value

Corporate

Guideline Value for Mahalakshmi Nagar Extn 1st Cross Street

₹2750/sq.ft.

The guideline value for Mahalakshmi Nagar Extn 1st Cross 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 Extn 1st Cross Street

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Mahalakshmi Nagar Extn 1st Cross Street guideline value

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

How the guideline value of Mahalakshmi Nagar Extn 1st Cross Street has changed

The guideline value for Mahalakshmi Nagar Extn 1st Cross Street has seen several revisions over the years. The 2017 revision set the value at Rs 1,675 per sq.ft, which was a significant increase of 49% from the previous revision in 2023, where the value was Rs 2,500 per sq.ft. The most recent revision in 2024 raised the guideline value to Rs 2,750 per sq.ft, marking a 10% increase from 2023. Overall, from the 2017 revision to the 2024 revision, the increase is 64%.

It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1823 streets under the Velacheri SRO that carry 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 current guideline value for Mahalakshmi Nagar Extn 1st Cross Street.

Stamp duty and registration fee for property in Mahalakshmi Nagar Extn 1st Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, while the registration fee at 2% would be Rs 55,000. Together, the total cost for stamp duty and registration fee would be Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more detailed calculations.

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

The Mahalakshmi Nagar Extn 1st Cross Street falls under the jurisdiction of 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 Madipakkam-1

The guideline value is a crucial factor when it comes to property registration in Madipakkam-1. It serves as a benchmark for determining the minimum value at which a property can be sold or purchased, ensuring that the transaction is recorded at a fair value.

When registering a property, buyers and sellers must be aware that 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 appropriate revenue from property transactions.

Frequently asked questions

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

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

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,675 per sq.ft in 2017 to Rs 2,750 per sq.ft in 2024, marking an overall increase of 64% 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 a 1,000 sq.ft plot, the total fees would amount to Rs 2,47,500.

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

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

What is the land classification for Mahalakshmi Nagar Extn 1st Cross Street?

The land classification for Mahalakshmi Nagar Extn 1st Cross Street is Residential Class I Type - III, indicating its suitability for residential development.