Guideline Value for Mahalakshmi Street

Mahalakshmi Street guideline value

The current guideline value of Mahalakshmi Street is Rs 2,800 per sq.ft, effective from 1 July 2024. This street is located in Nanganallur village, under the Alandur SRO, and is classified as Residential Class II Type - I.

How the guideline value of Mahalakshmi Street has changed

The guideline value for Mahalakshmi Street has seen several revisions over the years. Starting from the year 2002, the guideline value was Rs 251 per sq.ft. In 2003, it increased to Rs 285 per sq.ft, marking a 14% rise. The value continued to rise, reaching Rs 700 per sq.ft in 2007, which was a significant increase of 146% from the previous year. The 2012 revision saw the value remain at Rs 2,500 per sq.ft, which was a decrease of 33% from the 2007 figure. By 2017, the guideline value rose to Rs 1,675 per sq.ft, reflecting a 49% increase. The most recent revisions include Rs 2,500 per sq.ft in 2023 and the current value of Rs 2,800 per sq.ft in 2024, which is a 12% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1016%. There are no figures available for the revisions in years other than those listed above.

Guideline values in Nanganallur

Nanganallur has a total of 155 streets under the Alandur SRO, with guideline values in 2024 ranging from Rs 2,800 to Rs 6,600 per sq.ft. The median guideline value for these streets is Rs 3,900 per sq.ft, placing Mahalakshmi Street's current value below this median.

• Manjula Street: Rs 4,400 per sq.ft (2024)
• Kuppusamy Street LAYOUT: Rs 4,400 per sq.ft (2024)
• Kulakkarai Street: Rs 3,300 per sq.ft (2024)
• Kulakkarai Lane: Rs 3,900 per sq.ft (2024)
• Kulakkarai 2nd Street: Rs 3,900 per sq.ft (2024)
• Kulakkarai 2nd Lane: Rs 3,900 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, the guideline value amounts to Rs 28,00,000. The stamp duty, charged at 7%, would be Rs 1,96,000, while the registration fee at 2% would be Rs 56,000. Together, the total cost for these fees would be Rs 2,52,000. 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 Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Nanganallur. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is registered, the guideline value is used to calculate the applicable fees, ensuring that both buyers and sellers are aware of the financial obligations involved in the transfer of property ownership.

Frequently asked questions

What is the current guideline value of Mahalakshmi Street?

The current guideline value of Mahalakshmi Street is Rs 2,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 251 per sq.ft in 2002 to Rs 2,800 per sq.ft in 2024, reflecting an overall increase of 1016% over the years.

What is the median guideline value for streets in Nanganallur?

The median guideline value for streets in Nanganallur is Rs 3,900 per sq.ft, with Mahalakshmi Street's value being below this median.

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

For a property valued at Rs 28,00,000, the stamp duty would be Rs 1,96,000 and the registration fee would be Rs 56,000, totaling Rs 2,52,000.

Which office handles property registrations for Mahalakshmi Street?

The Alandur Sub Registrar Office handles property registrations for Mahalakshmi Street, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.