Guideline Value for Mahalingam Main Road (North Usman Road)

Mahalingam Main Road (North Usman Road) guideline value

The current guideline value of Mahalingam Main Road (North Usman Road) is Rs 11,500 per sq.ft, effective from 1 July 2024. This street is located in Nungambakkam village and falls under the Chennai Central Joint II SRO with a land classification of Commercial Special Type - V.

How the guideline value of Mahalingam Main Road (North Usman Road) has changed

Since the 2007 revision, the guideline value has seen significant changes. In 2007, the value was Rs 4,700 per sq.ft, which increased to Rs 10,500 per sq.ft in 2012, reflecting a growth of 123%. However, it decreased to Rs 7,035 per sq.ft in 2017, a reduction of 33%. The value then rose sharply to Rs 10,500 per sq.ft in the 2023 revision, marking a 49% increase, and further increased to Rs 11,500 per sq.ft in the 2024 revision, a rise of 10%. The register has no figure for this street for the years 2002 and 2003.

Overall, from 2007 to 2024, the guideline value has increased by 145%, showcasing a substantial rise in the value of properties along this road over the years.

Guideline values in Nungambakkam

In Nungambakkam, there are 270 streets under the Chennai Central Joint II SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 22,000 per sq.ft. The median value for these streets is Rs 8,800 per sq.ft, placing Mahalingam Main Road (North Usman Road) above this median.

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

Stamp duty and registration fee for property in Mahalingam Main Road (North Usman Road)

For a 1,000 sq.ft plot at the current guideline value of Rs 11,500 per sq.ft, the total guideline value would be Rs 1,15,00,000. The stamp duty at 7% would amount to Rs 8,05,000, while the registration fee at 2% would be Rs 2,30,000, bringing the total cost for these fees to Rs 10,35,000. 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 further calculations.

Which Sub Registrar Office covers Mahalingam Main Road (North Usman Road)?

The Mahalingam Main Road (North Usman Road) falls under the Chennai Central Joint II Sub Registrar Office located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, crescent Street Alwarpet, Chennai -600018. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in property transactions in Nungambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the state collects the appropriate stamp duty and registration fees based on this value.

When buying or selling property, it is essential to be aware of the guideline value as it influences the overall cost of the transaction. Buyers should ensure that the sale price meets or exceeds the guideline value to avoid any issues during the registration process.

Frequently asked questions

What is the current guideline value of Mahalingam Main Road?

The current guideline value of Mahalingam Main Road (North Usman Road) is Rs 11,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2007, the guideline value has increased from Rs 4,700 per sq.ft to Rs 11,500 per sq.ft in 2024, marking an overall increase of 145%.

What are the other streets in Nungambakkam with their guideline values?

Other streets in Nungambakkam include Mahalingam Colony Layout at Rs 7,700 per sq.ft, Mahalingam Road 1st Cross St at Rs 8,800 per sq.ft, and Mahalingam Chetty Street at Rs 10,400 per sq.ft, among others.

Where is the Sub Registrar Office for Mahalingam Main Road located?

The Sub Registrar Office covering Mahalingam Main Road is located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, crescent Street Alwarpet, Chennai -600018.

How is the stamp duty calculated for properties in Nungambakkam?

The stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. Additional registration fees are also applicable at 2% of the guideline value.