Guideline Value for Mahalingam Chetty Road

Mahalingam Chetty Road guideline value

The current guideline value of Mahalingam Chetty Road is Rs 10,400 per sq.ft, effective from 1 July 2024. This road is located in Nungambakkam village, under the Chennai Central Joint II SRO, and is classified as Commercial Class I Type - I.

How the guideline value of Mahalingam Chetty Road has changed

Over the years, the guideline value for Mahalingam Chetty Road has seen significant changes. The 2007 revision set the value at Rs 3,000 per sq.ft, which then increased to Rs 9,500 per sq.ft in 2012, marking a rise of 217%. However, the value dropped to Rs 6,365 per sq.ft in 2017, a decrease of 33%. The subsequent revision in 2023 saw the value rise again to Rs 9,500 per sq.ft, and the most recent revision in 2024 has set it at Rs 10,400 per sq.ft, reflecting a 9% increase from the previous year.

From 2017 to 2023, the guideline value increased by 49%. Overall, from 2007 to 2024, the guideline value has risen by 247%. It is important to note that the register has no figures for the years 2002 and 2003 for this street.

Guideline values in Nungambakkam

Nungambakkam village has a total of 270 streets under the Chennai Central Joint II SRO, with guideline values ranging from Rs 3,300 to Rs 22,000 per sq.ft. The median guideline value for these streets is Rs 8,800 per sq.ft, placing Mahalingam Chetty Road's 2024 figure above that median.

• Mahalingam Chetty Street: Rs 10,400 per sq.ft (2024)
• Mahalingam Colony Layout: Rs 7,700 per sq.ft (2024)
• Mahalingam Main Road (North Usman Road): Rs 11,500 per sq.ft (2024)
• Mahalingam Road 1st Cross St: Rs 8,800 per sq.ft (2024)
• Mahalingam Road 2nd Cross Street: Rs 8,800 per sq.ft (2024)
• Makkis Garden 1st Street: Rs 9,900 per sq.ft (2024)

Stamp duty and registration fee for property in Mahalingam Chetty Road

For a 1,000 sq.ft plot at the current guideline value of Rs 10,400 per sq.ft, the total guideline value would be Rs 1,04,00,000. The stamp duty at 7% would amount to Rs 7,28,000, while the registration fee at 2% would be Rs 2,08,000, bringing the total fees together to Rs 9,36,000. 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 more details.

Which Sub Registrar Office covers Mahalingam Chetty Road?

The Sub Registrar Office covering Mahalingam Chetty Road is the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Nungambakkam, as it determines the minimum value at which a property can be registered. This value is used to calculate the stamp duty and registration fees that must be paid during the property transaction.

When a property is sold, the guideline value ensures that the sale price is not undervalued for tax purposes. Buyers and sellers must be aware of the current guideline value to ensure compliance with the registration process and to avoid any legal complications.

Frequently asked questions

What is the current guideline value of Mahalingam Chetty Road?

The current guideline value of Mahalingam Chetty Road is Rs 10,400 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since 2007, the guideline value has increased from Rs 3,000 per sq.ft to Rs 10,400 per sq.ft in 2024, marking an overall increase of 247%.

What are the stamp duty and registration fees for properties on this road?

For a 1,000 sq.ft plot, the total guideline value is Rs 1,04,00,000, with stamp duty at Rs 7,28,000 and registration fees at Rs 2,08,000, totaling Rs 9,36,000.

Which Sub Registrar Office should I visit for transactions on Mahalingam Chetty Road?

The Chennai Central Joint II Sub Registrar Office covers Mahalingam Chetty Road, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

Where can I find more information about guideline values in Nungambakkam?

You can find detailed information about guideline values in Nungambakkam by visiting the respective links for each street listed under the Chennai Central Joint II SRO.