Guideline Value for Mahalakshmi Street

Mahalakshmi Street guideline value

The current guideline value of Mahalakshmi Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Valasaravakkam village, under the Virugambakkam SRO, and is classified as Residential Class II Type - I.

How the guideline value of Mahalakshmi Street has changed

The guideline value for Mahalakshmi Street has seen several changes over the years. In 2002, the value was Rs 450 per sq.ft, which increased to Rs 489 per sq.ft in 2003, representing a 9% rise. This was followed by a modest increase to Rs 500 per sq.ft in 2007, marking a 2% change. The value then surged significantly to Rs 3,500 per sq.ft in 2012, reflecting a 600% increase. However, it dropped to Rs 2,345 per sq.ft in 2017, a decrease of 33% from the previous revision.

The most recent revision in 2024 has set the guideline value at Rs 3,850 per sq.ft, which is a 64% increase from the 2017 figure. Overall, from 2002 to 2024, the guideline value has increased by 756%. It is important to note that the register has no figure for Mahalakshmi Street in 2023.

Guideline values in Valasaravakkam

In Valasaravakkam, there are 774 streets under the Virugambakkam SRO with a 2024 guideline value range from Rs 2,750 to Rs 8,800 per sq.ft. The median value is Rs 3,850 per sq.ft, which is the same as the guideline value for Mahalakshmi Street.

• Majestic Colony 1st Cross Street: Rs 4,950 per sq.ft (2024)
• Majestic Colony (1st Street)- Singaravelan Street: Rs 4,950 per sq.ft (2024)
• Majestic Colony (2nd Street) - Azhagiri Street: Rs 4,950 per sq.ft (2024)
• Majestic Colony (3rd Street) - Jeevanandan Street: Rs 4,950 per sq.ft (2024)
• Majestic Colony (4th Street) - Thirupur Kumaran Street: Rs 4,950 per sq.ft (2024)
• Majestic Colony 5th Street: Rs 4,950 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 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total to Rs 3,46,500. Duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Mahalakshmi Street?

The Mahalakshmi Street is covered by 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 Valasaravakkam

The guideline value is an essential factor in the registration process when buying or selling property in Valasaravakkam. It serves as a benchmark for calculating the stamp duty and registration fees, ensuring that the transaction is recorded accurately in the official records.

When a property is sold, the guideline value helps determine the minimum value at which the property can be registered. Buyers and sellers should be aware of the guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Mahalakshmi Street?

The current guideline value of Mahalakshmi Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 450 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 756% over the years.

What is the stamp duty on property in Mahalakshmi Street?

The stamp duty for a property valued at Rs 38,50,000 is calculated at 7%, which amounts to Rs 2,69,500.

Which office handles the registration for Mahalakshmi Street?

The Virugambakkam Sub Registrar Office handles the registration for Mahalakshmi Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the land classification for Mahalakshmi Street?

Mahalakshmi Street is classified as Residential Class II Type - I, indicating its suitability for residential purposes.