Guideline Value for Mahalakshmi Street

Mahalakshmi Street guideline value

The current guideline value of Mahalakshmi Street in Mudichur village, under the Padappai SRO, is Rs 1,760 per sq.ft, effective from 1 July 2024. The land classification for this street is Residential Class I Type - I.

How the guideline value of Mahalakshmi Street has changed

The guideline value for Mahalakshmi Street has seen several revisions over the years. The 2012 revision set the value at Rs 1,600 per sq.ft, which was followed by a decrease to Rs 1,072 per sq.ft in the 2017 revision, marking a decline of 33%. However, the value surged to Rs 1,600 per sq.ft in the 2023 revision, and further increased by 10% to Rs 1,760 per sq.ft in the 2024 revision.

In summary, from the 2017 revision of Rs 1,072 per sq.ft to the 2024 revision of Rs 1,760 per sq.ft, the value has increased by 49%. Overall, comparing the 2012 revision to the 2024 revision, there has been a 10% increase.

Guideline values in Mudichur

Mahalakshmi Street's guideline value is below the median of Rs 2,200 per sq.ft for the 135 streets in Mudichur under the Padappai SRO, which range from Rs 880 to Rs 4,000 per sq.ft. Here are some other streets in Mudichur:

• Mahalakshmi Nagar: Rs 1,760 per sq.ft (2024)
• M.A.M Nagar: Rs 3,630 per sq.ft (2024)
• Madhanapuram: Rs 2,200 per sq.ft (2024)
• Lingam Nagar: Rs 2,200 per sq.ft (2024)
• Lal Bahadur Sasthiri Street: Rs 3,630 per sq.ft (2024)
• Maruthi Nagar: Rs 2,200 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 1,760 per sq.ft, the total guideline value amounts to Rs 17,60,000. The stamp duty at 7% would be Rs 1,23,200, and the registration fee at 2% would be Rs 35,200, bringing the total fees to Rs 1,58,400. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use our stamp duty and registration fee calculator for further assistance.

Which Sub Registrar Office covers Mahalakshmi Street?

The Sub Registrar Office that covers Mahalakshmi Street is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role during property transactions in Mudichur. It is used to determine the stamp duty and registration fees applicable when buying or selling property. Buyers must consider the guideline value to ensure compliance with local regulations and avoid any legal issues.

When a property is registered, the guideline value is compared with the sale price, and the higher amount 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 for Mahalakshmi Street?

The current guideline value for Mahalakshmi Street is Rs 1,760 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,600 per sq.ft in 2012 to Rs 1,072 per sq.ft in 2017, then back to Rs 1,600 per sq.ft in 2023, and finally to Rs 1,760 per sq.ft in 2024.

What is the land classification for Mahalakshmi Street?

The land classification for Mahalakshmi Street is Residential Class I Type - I.

Where is the Sub Registrar Office for Mahalakshmi Street located?

The Padappai Sub Registrar Office is located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.

How is the 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 17,60,000 would incur a stamp duty of Rs 1,23,200 at 7%.