Guideline Value

Corporate

Guideline Value for Mahalakshmi Nagar Main Road

₹4400/sq.ft.

The guideline value for Mahalakshmi Nagar Main Road in Velachery village (Velacheri SRO, Chennai zone) is Rs 4400 per sq.ft, effective 1 July 2024. It was Rs 4000 per sq.ft from 1 April 2023, a 10% change. The land classification is Residential Class Ii Type - Ii. Source: TNReginet guideline value register.

Last updated:

Chennai

Zone

Velachery

Village

Velacheri

SRO

Residential Class II Type - II
History
Period Guideline Value
From 1-7-2024 ₹4400 /sq.ft.
From 1-4-2023 ₹4000 /sq.ft.
From 9-6-2017 To 31-3-2023 N/A
From 1-4-2012 To 8-6-2017 ₹4000 /sq.ft.
From 1-8-2007 To 31-3-2012 ₹1800 /sq.ft.
From 1-4-2003 To 31-7-2007 N/A
From 1-4-2002 To 31-3-2003 ₹235 /sq.ft.
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 Main Road

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Mahalakshmi Nagar Main Road guideline value

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

How the guideline value of Mahalakshmi Nagar Main Road has changed

The guideline value for Mahalakshmi Nagar Main Road has seen significant changes over the years. In 2002, the guideline value was Rs 235 per sq.ft, which increased dramatically to Rs 1,800 per sq.ft in 2007, marking a change of +666%. The value remained unchanged at Rs 4,000 per sq.ft from 2012 until 2023. The 2023 revision brought the value to Rs 4,000 per sq.ft, and then it increased by +10% to Rs 4,400 per sq.ft in the 2024 revision.

There are no figures available for the years 2003 and 2017 in the register for this street. Overall, from 2002 to 2024, the guideline value has increased by +1772%.

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 for these streets is Rs 4,400 per sq.ft, which matches the current guideline value of Mahalakshmi Nagar Main Road.

Stamp duty and registration fee for property in Mahalakshmi Nagar Main Road

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, bringing the total to Rs 3,96,000. Please 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 more details.

Which Sub Registrar Office covers Mahalakshmi Nagar Main Road?

The Mahalakshmi Nagar Main Road 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 information.

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

The guideline value is a crucial factor in property transactions in Velachery. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate stamp duty and registration fees. Buyers and sellers must consider this value when negotiating sale prices.

During the registration process, the higher of the guideline value or the sale price is used to calculate the applicable duties. This ensures that the transaction is recorded at a value that reflects the market conditions, as determined by the guideline values set by the Registration Department.

Frequently asked questions

What is the current guideline value of Mahalakshmi Nagar Main Road?

The current guideline value of Mahalakshmi Nagar Main Road 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 significantly, from Rs 235 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, marking an overall increase of +1772% 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 for Mahalakshmi Nagar Main Road?

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

Are there other streets in Velachery with the same guideline value?

Yes, there are several other streets in Velachery that share the same guideline value of Rs 4,400 per sq.ft, including Mahalakshmi Street and Mahalakshmi Nagar Extn.