Guideline Value for Mahalingam Chetty Street

Mahalingam Chetty Street guideline value

The current guideline value of Mahalingam Chetty Street is Rs 10,400 per sq.ft, effective from 1 July 2024. This street is located in Nungambakkam village and falls under the Chennai Central Joint II SRO. The land classification for this area is Commercial Class I Type - I.

How the guideline value of Mahalingam Chetty Street has changed

The guideline value for Mahalingam Chetty Street has seen several revisions over the years. The 2007 revision set the value at Rs 3,000 per sq.ft, which increased significantly to Rs 9,500 per sq.ft in 2012, marking a 217% rise. However, it then decreased to Rs 6,365 per sq.ft in 2017, reflecting a 33% drop. The subsequent revision in 2023 raised it to Rs 9,500 per sq.ft, and the most recent revision in 2024 has brought the value to Rs 10,400 per sq.ft, a 9% increase from the previous year.

There are no figures available for Mahalingam Chetty Street in the 2002 and 2003 revisions. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 247%.

Guideline values in Nungambakkam

In Nungambakkam, there are 270 streets under the Chennai Central Joint II SRO with a 2024 guideline value ranging from Rs 3,300 to Rs 22,000 per sq.ft. The median guideline value is Rs 8,800 per sq.ft, placing Mahalingam Chetty Street's 2024 figure above this median.

• Mahalingam Chetty Road: 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 Street

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, and the registration fee at 2% would be Rs 2,08,000, bringing the total fees to Rs 9,36,000. It is important to note that 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 Street?

The Sub Registrar Office that covers Mahalingam Chetty Street 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 plays a crucial role during property transactions in Nungambakkam. It is used to determine the stamp duty and registration fees that need to be paid when registering a property sale. Buyers and sellers must ensure that the sale price is either equal to or higher than the guideline value to comply with registration requirements.

When a property is sold, the guideline value is assessed to calculate the applicable duties and fees. This ensures that the government receives the correct amount based on the property's value, providing transparency in property transactions.

Frequently asked questions

What is the current guideline value of Mahalingam Chetty Street?

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

How has the guideline value changed over the years?

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

What is the stamp duty rate for properties in Mahalingam Chetty Street?

The stamp duty rate for properties in Mahalingam Chetty Street is 7% of the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Mahalingam Chetty Street?

The Sub Registrar Office for Mahalingam Chetty Street is located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

What other streets have guideline values in Nungambakkam?

Other streets in Nungambakkam include Mahalingam Chetty Road, Mahalingam Colony Layout, Mahalingam Main Road (North Usman Road), Mahalingam Road 1st Cross St, Mahalingam Road 2nd Cross Street, and Makkis Garden 1st Street, each with their respective guideline values.