Guideline Value for Mahalakshmi Street

Mahalakshmi Street guideline value

The current guideline value of Mahalakshmi Street in Maduravoyal village, under the Virugambakkam SRO, is Rs 3,050 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class III Type - I land classification.

How the guideline value of Mahalakshmi Street has changed

The guideline value for Mahalakshmi Street has seen several revisions over the years. In 2002, the value was Rs 321 per sq.ft, which increased to Rs 352 per sq.ft in 2003, marking a 10% rise. By 2007, the value surged to Rs 500 per sq.ft, reflecting a significant increase of 42%. The 2012 revision saw the value rise to Rs 2,750 per sq.ft, a remarkable increase of 450%. However, in 2017, the value dropped to Rs 1,842 per sq.ft, a decrease of 33%. The 2023 revision brought the value back up to Rs 2,750 per sq.ft, before reaching the current value of Rs 3,050 per sq.ft in 2024, which is an 11% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 850%. The register has no figures for the years not mentioned in the provided revisions.

Guideline values in Maduravoyal

In Maduravoyal, there are 636 streets under the Virugambakkam SRO, with guideline values ranging from Rs 2,200 to Rs 6,050 per sq.ft. The median guideline value is Rs 3,050 per sq.ft, which is equal to the current value of Mahalakshmi Street.

• Mahalakshmi Avenue: Rs 3,050 per sq.ft (2024)
• Madurai Naicken Road 1st Cross Street: Rs 2,750 per sq.ft (2024)
• Mangala Nagar: Rs 3,600 per sq.ft (2024)
• Madhurai Naicken Street: Rs 2,750 per sq.ft (2024)
• Madha Avenue: Rs 2,750 per sq.ft (2024)
• LAKSHMI NAGAR - Venugopala Street: 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 rate of Rs 3,050 per sq.ft, the guideline value amounts to Rs 30,50,000. The stamp duty at 7% would be Rs 2,13,500, and the registration fee at 2% would be Rs 61,000, totaling Rs 2,74,500. 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 further calculations.

Which Sub Registrar Office covers Mahalakshmi Street?

The Sub Registrar Office that covers Mahalakshmi Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property in Maduravoyal. It determines the minimum value at which the property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value acts as a benchmark for both parties. Buyers should be aware that the stamp duty is charged on the higher of the guideline value or the sale price, which can affect the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Mahalakshmi Street?

The current guideline value of Mahalakshmi Street is Rs 3,050 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 321 per sq.ft in 2002 to Rs 3,050 per sq.ft in 2024, reflecting an overall increase of 850% over this period.

What is the land classification for Mahalakshmi Street?

Mahalakshmi Street is classified as Residential Class III Type - I, which indicates its zoning for residential purposes.

Where can I find the Virugambakkam Sub Registrar Office?

The Virugambakkam Sub Registrar Office is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

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

Stamp duty for properties in Mahalakshmi Street is calculated at 7% of the guideline value or the sale price, whichever is higher. Additionally, a registration fee of 2% is applied.