Guideline Value for Mahalakshmi Street

Mahalakshmi Street guideline value

The current guideline value of Mahalakshmi Street, located in Madipakkam-1 village under the Velacheri SRO, is Rs 2,750 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class I Type - III land classification.

How the guideline value of Mahalakshmi Street has changed

The guideline value for Mahalakshmi Street has undergone significant changes over the years. In the 2017 revision, the value was set at Rs 1,675 per sq.ft. With the latest revision in 2024, the guideline value increased to Rs 2,750 per sq.ft, marking a substantial increase of 64% from the previous figure.

It is important to note that there are no figures available for Mahalakshmi Street in the revisions for the years 2023, 2012, 2007, 2003, and 2002. Thus, the only revisions that provide a guideline value are from 2017 and 2024.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO that carry a guideline value for 2024, ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value for these streets is Rs 2,750 per sq.ft, which is equal to the current value of Mahalakshmi Street.

• Mahalakshmi (Sri) Nagar Extension 4th Street: Rs 2,750 per sq.ft (2024)
• Mahalakshmi (Sri) Nagar Extension: Rs 2,750 per sq.ft (2024)
• Mahalakshmi Nagar Main Road, Bharathiyar Salai: Rs 2,750 per sq.ft (2024)
• Mahalakshmi Nagar Main Road: Rs 2,750 per sq.ft (2024)
• Mahalakshmi Nagar Madipakkam 2nd Street: Rs 2,750 per sq.ft (2024)
• Mahalakshmi Nagar Extn 8th street: Rs 2,750 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 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total to Rs 2,47,500. It is essential to note that duty is charged on the higher of the guideline value or the sale price.

For more information, 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 Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more details.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value plays a crucial role in the registration process when buying or selling property in Madipakkam-1. It is used to determine the stamp duty and registration fees that need to be paid to the government during the registration of the property.

When a property is sold, the guideline value is considered to ensure that the transaction is registered at a fair value, preventing undervaluation. This ensures compliance with the legal requirements for property transactions in the area.

Frequently asked questions

What is the current guideline value of Mahalakshmi Street?

The current guideline value of Mahalakshmi Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value increased from Rs 1,675 per sq.ft in 2017 to Rs 2,750 per sq.ft in 2024, which is a change of 64%.

Are there any revisions without figures for Mahalakshmi Street?

Yes, there are no figures available for Mahalakshmi Street in the revisions for the years 2023, 2012, 2007, 2003, and 2002.

What is the median guideline value for streets in Madipakkam-1?

The median guideline value for streets in Madipakkam-1 is Rs 2,750 per sq.ft, which is the same as the current value for Mahalakshmi Street.

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

The Velacheri Sub Registrar Office covers Mahalakshmi Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.