Guideline Value

Corporate

Guideline Value for Mahalakshmi Nagar Extn 3rd Cross Street

₹2750/sq.ft.

The guideline value for Mahalakshmi Nagar Extn 3rd 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 3rd Cross Street

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Mahalakshmi Nagar Extn 3rd Cross Street guideline value

The current guideline value of Mahalakshmi Nagar Extn 3rd 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 it falls under the Residential Class I Type - III land classification.

How the guideline value of Mahalakshmi Nagar Extn 3rd Cross Street has changed

Over the years, the guideline value for Mahalakshmi Nagar Extn 3rd Cross Street has undergone several revisions. The 2017 revision set the value at Rs 1,675 per sq.ft. This was followed by a significant increase in the 2023 revision, where the value rose to Rs 2,500 per sq.ft, marking a 49% increase from the previous revision. The most recent 2024 revision has further increased the guideline value to Rs 2,750 per sq.ft, reflecting a 10% rise from 2023. Overall, from 2017 to 2024, the guideline value has increased by 64%.

It is important to note that there are no figures available for the revisions in the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 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 guideline value for these streets is Rs 2,750 per sq.ft, which is equal to the current guideline value for Mahalakshmi Nagar Extn 3rd Cross Street.

Stamp duty and registration fee for property in Mahalakshmi Nagar Extn 3rd 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 would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, while the registration fee at 2% would be Rs 55,000, bringing the total charges to 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 the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Mahalakshmi Nagar Extn 3rd Cross Street?

The Sub Registrar Office that covers Mahalakshmi Nagar Extn 3rd Cross Street is 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 plays a crucial role during property transactions in Madipakkam-1. It is used to determine the stamp duty and registration fees that are payable when a property is bought or sold. The guideline value serves as a benchmark for the minimum price at which a property can be registered.

When purchasing property, buyers should be aware that the guideline value is often used to assess the appropriate fees, ensuring that all transactions are compliant with local regulations. This helps maintain transparency and fairness in property dealings.

Frequently asked questions

What is the current guideline value of Mahalakshmi Nagar Extn 3rd Cross Street?

The current guideline value of Mahalakshmi Nagar Extn 3rd 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 seven years.

What is the land classification for Mahalakshmi Nagar Extn 3rd Cross Street?

Mahalakshmi Nagar Extn 3rd Cross Street is classified as Residential Class I Type - III.

What is the stamp duty rate applicable in Mahalakshmi Nagar Extn 3rd Cross Street?

The stamp duty rate applicable in Mahalakshmi Nagar Extn 3rd Cross Street is 7% of the guideline value or the sale price, whichever is higher.

Where is the Velacheri Sub Registrar Office located?

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