Guideline Value for Mahalakshmi Street

Mahalakshmi Street guideline value

The current guideline value of Mahalakshmi Street, located in Velachery village under the Velacheri SRO, is Rs 4,400 per sq.ft. This value is effective from 1 July 2024 and falls under the Residential Class II Type - II land classification.

How the guideline value of Mahalakshmi Street has changed

The guideline value for Mahalakshmi Street has seen significant changes over the years. In 2002, the guideline value was Rs 262 per sq.ft, which increased to Rs 1,800 per sq.ft in 2007, marking a substantial rise of 587%. Following this, the value jumped to Rs 4,000 per sq.ft in 2023, reflecting a remarkable increase of 122% from the 2007 revision. The most recent revision in 2024 set the value at Rs 4,400 per sq.ft, which is a 10% increase from the previous year.

It is important to note that there are no figures available for Mahalakshmi Street in the revisions for 2003, 2012, and 2017. Overall, from 2002 to 2024, the guideline value has increased by an impressive 1579%.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO, with 2024 guideline values ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value is Rs 4,400 per sq.ft, which is exactly the same as the current value for Mahalakshmi Street.

• Mahalakshmi Street, Gandhi Salai: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar Main Road: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar Extn: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar East Extn 2nd Street: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar East Extn 1st Street: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Nagar East Extn: Rs 4,400 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 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, while the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. It's important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use our stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mahalakshmi Street?

The Mahalakshmi Street is covered by 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 information.

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

The guideline value plays a crucial role during the registration of property transactions in Velachery. It is used to determine the stamp duty and registration fees that must be paid when a property is bought or sold. Buyers and sellers should be aware of the guideline value to ensure compliance with the legal requirements during the transaction process.

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

Frequently asked questions

What is the current guideline value of Mahalakshmi Street?

The current guideline value of Mahalakshmi Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 262 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, which is a total increase of 1579% over the years.

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

For a 1,000 sq.ft property at the current guideline value, the total stamp duty would be Rs 3,08,000 and the registration fee would be Rs 88,000, totaling Rs 3,96,000.

Which Sub Registrar Office covers Mahalakshmi Street?

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

Are there any years without guideline values for Mahalakshmi Street?

Yes, there are no figures available for Mahalakshmi Street in the revisions for the years 2003, 2012, and 2017.