Guideline Value for Mahalakshmi Nagar Extn

Mahalakshmi Nagar Extn guideline value

The current guideline value of Mahalakshmi Nagar Extn is Rs 4,400 per sq.ft, effective from 1 July 2024. This area 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 Extn has changed

Over the years, the guideline value for Mahalakshmi Nagar Extn has seen significant changes. The 2007 revision set the value at Rs 1,800 per sq.ft, which increased to Rs 4,000 per sq.ft in 2012. There was no figure recorded for the years 2002, 2003, and 2017. The value remained at Rs 4,000 per sq.ft from 2012 until the 2023 revision, which also recorded no change.

In 2023, the guideline value was revised to Rs 4,000 per sq.ft, and then increased by 10% to Rs 4,400 per sq.ft in 2024. Overall, from the 2007 revision to the current 2024 value, there has been an increase of 144%.

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 value is Rs 4,400 per sq.ft, which matches the current value for Mahalakshmi Nagar Extn.

• Mahalakshmi Nagar East Extn 2nd Street: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar East Extn 1st Street: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar East Extn: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar Main Road: 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)

Stamp duty and registration fee for property in Mahalakshmi Nagar Extn

For a 1,000 sq.ft plot at the current rate, the guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, totaling Rs 3,96,000. 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 details.

Which Sub Registrar Office covers Mahalakshmi Nagar Extn?

The Mahalakshmi Nagar Extn area 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 more information.

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

The guideline value is a crucial factor when registering property transactions in Velachery. It serves as a benchmark for determining the minimum value at which a property can be sold or transferred. Buyers and sellers must consider this value to ensure compliance with registration regulations.

During the registration process, the guideline value is used to calculate stamp duty and registration fees. These fees are based on the higher of the guideline value or the actual sale price, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Mahalakshmi Nagar Extn?

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

What are the other streets in Velachery with the same guideline value?

Several other streets in Velachery also have a guideline value of Rs 4,400 per sq.ft in 2024, including Mahalakshmi Nagar East Extn 1st Street, Mahalakshmi Nagar East Extn 2nd Street, and Mahalakshmi Nagar Main Road.

What are the stamp duty and registration fees for property in Mahalakshmi Nagar Extn?

The stamp duty is calculated at 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, the total fees would amount to Rs 3,96,000.

Which Sub Registrar Office covers Mahalakshmi Nagar Extn?

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