Guideline Value

Corporate

Guideline Value for Mahalakshmi Nagar Extn 7th street

₹2750/sq.ft.

The guideline value for Mahalakshmi Nagar Extn 7th 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 N/A
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 7th Street

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Mahalakshmi Nagar Extn 7th street guideline value

The current guideline value of Mahalakshmi Nagar Extn 7th 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, classified as Residential Class I Type - III.

How the guideline value of Mahalakshmi Nagar Extn 7th street has changed

The guideline value for Mahalakshmi Nagar Extn 7th street has seen several revisions over the years. The register does not have figures for the years 2002, 2003, 2007, 2012, and 2017. The 2023 revision set the guideline value at Rs 2,500 per sq.ft, which was then increased by 10% to Rs 2,750 per sq.ft in the 2024 revision.

Prior to the 2023 revision, there were no recorded figures for this street in the register. The most recent increase reflects the current valuation trends within the area.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO with 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 the same as the 2024 figure for Mahalakshmi Nagar Extn 7th street.

Stamp duty and registration fee for property in Mahalakshmi Nagar Extn 7th 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, and the registration fee at 2% would be Rs 55,000, bringing the total 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 our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Mahalakshmi Nagar Extn 7th street?

The Mahalakshmi Nagar Extn 7th street falls under the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for further assistance.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a crucial factor in property transactions in Madipakkam-1. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the transaction is documented accurately for legal purposes.

When buying or selling property, the guideline value influences the calculation of stamp duty and registration fees, which are mandatory costs associated with the transaction. Buyers should be aware of these values to ensure compliance with local regulations.

Frequently asked questions

What is the current guideline value of Mahalakshmi Nagar Extn 7th street?

The current guideline value of Mahalakshmi Nagar Extn 7th 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 for this street was Rs 2,500 per sq.ft in 2023 and increased by 10% to Rs 2,750 per sq.ft in 2024. There are no recorded figures for the years 2002, 2003, 2007, 2012, and 2017.

What is the classification of land in Mahalakshmi Nagar Extn 7th street?

The land classification for Mahalakshmi Nagar Extn 7th street is Residential Class I Type - III, indicating its suitability for residential development.

What are the stamp duty rates applicable in this area?

The stamp duty rate for property transactions in this area is 7%, while the registration fee is 2% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for this street?

The Velacheri Sub Registrar Office, which covers Mahalakshmi Nagar Extn 7th street, is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.