Guideline Value for Mahalakshmi Street

Mahalakshmi Street guideline value

The current guideline value of Mahalakshmi Street in Hastinapuram village is Rs 1,650 per sq.ft, effective from 1 July 2024. This street falls under the Pallavaram SRO and is classified as Residential Class III Type - I.

How the guideline value of Mahalakshmi Street has changed

Over the years, the guideline value of Mahalakshmi Street has seen significant changes. In the 2007 revision, the value was Rs 400 per sq.ft, which increased to Rs 1,500 per sq.ft in the 2012 revision, marking a rise of 275%. However, the value decreased to Rs 1,005 per sq.ft in the 2017 revision, reflecting a drop of 33%. The 2023 revision set the value at Rs 1,500 per sq.ft, and the latest 2024 revision has increased it to Rs 1,650 per sq.ft, a 10% increase from the previous year.

The revisions for the years 2002 and 2003 do not have any figures listed for Mahalakshmi Street in the register. Overall, from 2007 to 2024, the guideline value has increased by 313%.

Guideline values in Hastinapuram

In Hastinapuram, there are 277 streets under the Pallavaram SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 4,400 per sq.ft, with a median value of Rs 2,970 per sq.ft. Mahalakshmi Street's 2024 figure is below this median.

• Maheshwari Nagar 1st Street: Rs 2,970 per sq.ft (2024)
• Maheshwari Nagar 2nd Street: Rs 2,970 per sq.ft (2024)
• Maheshwari Nagar 3rd Street: Rs 2,970 per sq.ft (2024)
• Maheshwari Nagar 4th Street: Rs 2,970 per sq.ft (2024)
• Maheshwari Nagar Maheswari Street: Rs 2,970 per sq.ft (2024)
• Maheswari Nagar (1 To 4 Cross Streets): Rs 2,970 per sq.ft (2024)

Stamp duty and registration fee for property in Mahalakshmi Street

For a 1,000 sq.ft plot at the current rate of Rs 1,650 per sq.ft, the guideline value amounts to Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, while the registration fee at 2% would be Rs 33,000, bringing the total to Rs 1,48,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, 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 Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor in property transactions in Hastinapuram, as it determines the minimum value at which a property can be registered. When a buyer and seller agree on a sale price, the registration office will charge stamp duty based on the higher of the guideline value or the agreed sale price.

This ensures that the government receives appropriate revenue from property transactions. Buyers should be aware of the guideline value to understand the potential costs involved in the registration process.

Frequently asked questions

What is the current guideline value of Mahalakshmi Street?

The current guideline value of Mahalakshmi Street is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 400 per sq.ft in 2007 to Rs 1,650 per sq.ft in 2024, reflecting an overall increase of 313% over the years.

What is the land classification of Mahalakshmi Street?

Mahalakshmi Street is classified as Residential Class III Type - I.

Which office handles property registration for Mahalakshmi Street?

The Pallavaram Sub Registrar Office handles property registration for Mahalakshmi Street, located in Chennai.

How is stamp duty calculated for properties in Mahalakshmi Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a property with a guideline value of Rs 16,50,000 would incur a stamp duty of Rs 1,15,500 at 7%.