Guideline Value for Mahalakshmi Street

Mahalakshmi Street guideline value

The current guideline value of Mahalakshmi Street is Rs 2,001 per sq.ft, effective from 1 July 2024. This street is located in Gooduvancheri village and falls under the Gooduvancheri SRO. The land classification for this area is Residential Special Type - II.

How the guideline value of Mahalakshmi Street has changed

The guideline value for Mahalakshmi Street has seen several revisions over the years. The earliest recorded revision was in 2017, where the guideline value was Rs 1,340 per sq.ft. This figure remained until the 2023 revision, which increased it to Rs 2,000 per sq.ft. The most recent revision in 2024 has set the guideline value at Rs 2,001 per sq.ft, reflecting no change from the previous year.

Between the 2017 and 2023 revisions, there was a significant increase of 49%. Overall, from 2017 to 2024, the guideline value has also increased by 49%. The register does not have figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Gooduvancheri

In Gooduvancheri, there are 129 streets under the Gooduvancheri SRO that carry a 2024 guideline value ranging from Rs 1,000 to Rs 3,500 per sq.ft. The median guideline value for these streets is Rs 1,500 per sq.ft, making Mahalakshmi Street's 2024 figure above that median.

• Maharaja Nagar: Rs 1,500 per sq.ft (2024)
• Mangal Nagar: Rs 2,001 per sq.ft (2024)
• Lal Bagadur Sastri Street: Rs 2,001 per sq.ft (2024)
• Manimegalai Street: Rs 2,001 per sq.ft (2024)
• Kupuswamy Pillai Street: Rs 1,200 per sq.ft (2024)
• Kupuswamy Nayakar Street: Rs 2,001 per sq.ft (2024)

Stamp duty and registration fee for property in Mahalakshmi Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,001 per sq.ft, the total guideline value would be Rs 20,01,000. The stamp duty at 7% would amount to Rs 1,40,070, while the registration fee at 2% would be Rs 40,020. Together, the total cost for these fees would be Rs 1,80,090. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mahalakshmi Street?

The Sub Registrar Office that covers Mahalakshmi Street is the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Gooduvancheri. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately in the official register.

When a property is sold, the buyer is required to pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Mahalakshmi Street?

The current guideline value of Mahalakshmi Street is Rs 2,001 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,340 per sq.ft in 2017 to Rs 2,001 per sq.ft in 2024, reflecting a 49% increase overall during this period.

What are the other streets in Gooduvancheri with their guideline values?

Other streets in Gooduvancheri include Maharaja Nagar at Rs 1,500 per sq.ft, Mangal Nagar at Rs 2,001 per sq.ft, Lal Bagadur Sastri Street at Rs 2,001 per sq.ft, Manimegalai Street at Rs 2,001 per sq.ft, Kupuswamy Pillai Street at Rs 1,200 per sq.ft, and Kupuswamy Nayakar Street at Rs 2,001 per sq.ft.

What is the registration fee for property in Mahalakshmi Street?

The registration fee for property in Mahalakshmi Street is calculated based on the guideline value. For example, for a property valued at Rs 20,01,000, the registration fee would be Rs 40,020 at 2%.

Where is the Sub Registrar Office for Mahalakshmi Street located?

The Sub Registrar Office for Mahalakshmi Street is the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone.