Guideline Value for Mahalakshmi Street

Mahalakshmi Street guideline value

The current guideline value of Mahalakshmi Street in Irumpuliyur village is Rs 2,530 per sq.ft, effective from 1 July 2024. This street falls under the Tambaram Joint 1 SRO and is classified as Residential Special Type - I.

How the guideline value of Mahalakshmi Street has changed

The guideline value for Mahalakshmi Street has undergone several revisions over the years. In 2007, the guideline value was set at Rs 600 per sq.ft. This figure increased significantly to Rs 2,300 per sq.ft in 2012, marking a 283% rise. However, in 2017, it saw a decrease to Rs 1,541 per sq.ft, which was a reduction of 33%. The value then increased to Rs 2,300 per sq.ft in 2023, followed by a further increase to the current rate of Rs 2,530 per sq.ft in 2024, representing a 10% rise.

From 2017 to 2023, the guideline value rose by 49%. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 322%. It is important to note that the register has no figures for Mahalakshmi Street for the years 2002 and 2003.

Guideline values in Irumpuliyur

In Irumpuliyur, there are 218 streets under the Tambaram Joint 1 SRO that carry a 2024 guideline value ranging from Rs 880 to Rs 6,600 per sq.ft, with a median value of Rs 2,200 per sq.ft. The guideline value of Mahalakshmi Street is above this median.

• Madras Chritian College: Rs 3,850 per sq.ft (2024)
• Mallika nagar: Rs 3,850 per sq.ft (2024)
• Mangalapuram 1-st St: Rs 1,650 per sq.ft (2024)
• Mangalapuram 2-nd St: Rs 3,850 per sq.ft (2024)
• Mangalapuram 3-rd St: Rs 1,650 per sq.ft (2024)
• Mangalapuram Main Road: Rs 3,850 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 2,530 per sq.ft, the total guideline value amounts to Rs 25,30,000. The stamp duty at 7% would be Rs 1,77,100, and the registration fee at 2% would be Rs 50,600, bringing the total cost to Rs 2,27,700. It is important to 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 further calculations.

Which Sub Registrar Office covers Mahalakshmi Street?

The Sub Registrar Office that covers Mahalakshmi Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, mes Road, East Tambaram, Chennai-600059, 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 Irumpuliyur

The guideline value is a crucial factor when buying or selling property in Irumpuliyur. It serves as a benchmark for determining the minimum value at which a property can be registered. This ensures that the property is not undervalued during the registration process.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees. Buyers and sellers must be aware of the current guideline value to ensure compliance with registration requirements and to avoid any unexpected costs during the transaction.

Frequently asked questions

What is the current guideline value of Mahalakshmi Street?

The current guideline value of Mahalakshmi Street is Rs 2,530 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 2,530 per sq.ft in 2024, reflecting an overall increase of 322% over this period.

What are the stamp duty and registration fees for properties on Mahalakshmi Street?

For a property valued at Rs 25,30,000, the stamp duty would be Rs 1,77,100 and the registration fee would be Rs 50,600, totaling Rs 2,27,700.

Which Sub Registrar Office covers Mahalakshmi Street?

The Tambaram Joint 1 Sub Registrar Office covers Mahalakshmi Street, located at No.26, mes Road, East Tambaram, Chennai-600059.

What is the land classification of Mahalakshmi Street?

Mahalakshmi Street is classified as Residential Special Type - I under the Tambaram Joint 1 SRO.