Guideline Value for Mahalakshmi Street

Mahalakshmi Street guideline value

The current guideline value of Mahalakshmi Street in Oragadam village, under the Ambattur SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. The land classification for this street 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. In 2012, the value was set at Rs 2,000 per sq.ft, which decreased to Rs 1,340 per sq.ft in 2017. This was a decline of 33%. However, from 2017 to 2023, the value increased significantly to Rs 2,000 per sq.ft, marking a 49% rise. The most recent revision in 2024 saw the guideline value increase to Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for this street. Overall, the guideline value has increased by 10% from 2012 to 2024.

Guideline values in Oragadam

In Oragadam, there are 596 streets under the Ambattur SRO that carry a guideline value for 2024, ranging from Rs 1,100 to Rs 3,500 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, which is the same as the current guideline value for Mahalakshmi Street.

• Mahalalakshmi Street(banu nagar west): Rs 2,200 per sq.ft (2024)
• Maharaja Avenue (V.L.Puram): Rs 2,400 per sq.ft (2024)
• Mahesh Street: Rs 1,600 per sq.ft (2024)
• Madurai veeran Street: Rs 1,800 per sq.ft (2024)
• Mani Cross Street: Rs 2,400 per sq.ft (2024)
• Manimekalai Street: Rs 1,600 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 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total cost to Rs 1,98,000. 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 more detailed calculations.

Which Sub Registrar Office covers Mahalakshmi Street?

The Sub Registrar Office that covers Mahalakshmi Street is the Ambattur Sub Registrar Office, located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur-600 053, Chennai registration zone. You can find your SRO for more information.

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

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

When a property is registered, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Mahalakshmi Street?

The current guideline value of Mahalakshmi Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then increased to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What is the land classification for Mahalakshmi Street?

The land classification for Mahalakshmi Street is Residential Special Type - II.

Where can I find the Sub Registrar Office for Mahalakshmi Street?

The Sub Registrar Office for Mahalakshmi Street is the Ambattur Sub Registrar Office, located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur-600 053, Chennai registration zone.

How is the stamp duty calculated for properties in Mahalakshmi Street?

The stamp duty for properties in Mahalakshmi Street is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 22,00,000, the stamp duty at 7% would be Rs 1,54,000.