Guideline Value for Mahalakshmi Street

Mahalakshmi Street guideline value

The current guideline value of Mahalakshmi Street is Rs 3,750 per sq.ft, effective from 1 July 2024. This street is located in Selaiyur village, under the Selaiyur SRO, and is classified as Residential Special Type - III.

How the guideline value of Mahalakshmi Street has changed

The guideline value for Mahalakshmi Street has seen several revisions over the years. In 2007, the value was Rs 600 per sq.ft, which increased significantly to Rs 3,500 per sq.ft in 2012, marking a substantial rise of 483%. However, from 2012 to 2017, the value decreased to Rs 2,345 per sq.ft, a drop of 33%. The value then rose again to Rs 3,500 per sq.ft in 2023, reflecting an increase of 49%.

As of the 2024 revision, the guideline value stands at Rs 3,750 per sq.ft, showing a 7% increase from the previous year. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Selaiyur

In Selaiyur village, there are 478 streets under the Selaiyur SRO that carry a 2024 guideline value, ranging from Rs 850 to Rs 6,500 per sq.ft. The median value is Rs 2,200 per sq.ft, placing Mahalakshmi Street's 2024 figure above this median.

• Mahadevan Nagar: Rs 850 per sq.ft (2024)
• Madura Kavi Street: Rs 2,400 per sq.ft (2024)
• Madras Christian College: Rs 850 per sq.ft (2024)
• Madha Koil Street: Rs 1,600 per sq.ft (2024)
• Malavika Avenue: Rs 2,400 per sq.ft (2024)
• Malavika Avenue Extention: Rs 2,400 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 3,750 per sq.ft, the total guideline value would be Rs 37,50,000. The stamp duty at 7% would amount to Rs 2,62,500, and the registration fee at 2% would be Rs 75,000, leading to a total of Rs 3,37,500. It is important to note that 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 Street?

The Sub Registrar Office that covers Mahalakshmi Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp to Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for additional information.

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

The guideline value is a crucial factor when registering property transactions in Selaiyur. It serves as the basis for calculating stamp duty and registration fees, which are mandatory for property transfers.

When buying or selling property, the guideline value ensures that the transaction is recorded at a fair value, helping to maintain transparency in the real estate market. Buyers and sellers should be aware of the current guideline value to understand their financial obligations during the registration process.

Frequently asked questions

What is the current guideline value of Mahalakshmi Street?

The current guideline value of Mahalakshmi Street is Rs 3,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 600 per sq.ft in 2007 to Rs 3,750 per sq.ft in 2024, showing an overall increase of 525% over the years.

What is the land classification for Mahalakshmi Street?

Mahalakshmi Street is classified as Residential Special Type - III.

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

For a property valued at Rs 37,50,000, the stamp duty would be Rs 2,62,500 and the registration fee would be Rs 75,000, totaling Rs 3,37,500.

Where is the Sub Registrar Office for Mahalakshmi Street located?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp to Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.