Guideline Value for Mahalakshmi Nagar

Mahalakshmi Nagar guideline value

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

How the guideline value of Mahalakshmi Nagar has changed

The guideline value of Mahalakshmi Nagar has seen several revisions over the years. The oldest recorded revision is from 2012, where the guideline value was Rs 4,000 per sq.ft. This was followed by a decrease to Rs 2,680 per sq.ft in the 2017 revision. However, the 2024 revision shows a significant increase to Rs 4,400 per sq.ft, marking a 64% rise from the 2017 figure. Overall, from 2012 to 2024, the guideline value has increased by 10%.

It is important to note that there are no figures available for the revisions in 2023, 2007, 2003, and 2002 for this street. The changes between the revisions highlight a fluctuating trend, with the most notable increase occurring between 2017 and 2024.

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

• Mahalakshmi Nagar (100 Ft. Road): Rs 13,200 per sq.ft (2024)
• Mahalakshmi Nagar 10th Cross Street: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar 10th Street: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar 10th Street, Brindhavan Nagar: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar 11th Cross Street: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar 11th Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Mahalakshmi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty, charged at 7%, would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000. Together, the total cost for these fees would be Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For accurate calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mahalakshmi Nagar?

The Mahalakshmi Nagar 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

When buying or selling property in Velachery, the guideline value is a crucial factor used during the registration process. It helps determine the stamp duty and registration fees that must be paid, ensuring that the transaction complies with local regulations.

The guideline value serves as a benchmark for property transactions, and it is essential for buyers and sellers to be aware of these values to avoid any discrepancies during registration. Accurate knowledge of the guideline value can facilitate smoother property transactions in the area.

Frequently asked questions

What is the current guideline value of Mahalakshmi Nagar?

The current guideline value of Mahalakshmi Nagar 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 from Rs 4,000 per sq.ft in 2012 to Rs 2,680 per sq.ft in 2017, and then increased to Rs 4,400 per sq.ft in 2024.

What is the land classification of Mahalakshmi Nagar?

Mahalakshmi Nagar is classified as Residential Class II Type - II.

Where can I find the Velacheri Sub Registrar Office?

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

How is stamp duty calculated in Mahalakshmi Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 44,00,000 would incur a stamp duty of Rs 3,08,000 at 7%.