Guideline Value for Mahalingam Road 1st Cross St

Mahalingam Road 1st Cross St guideline value

The current guideline value for Mahalingam Road 1st Cross St is Rs 8,800 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 Residential Special Type - II.

How the guideline value of Mahalingam Road 1st Cross St has changed

Over the years, the guideline value for Mahalingam Road 1st Cross St has seen several revisions. The earliest recorded revision was in 2007, with a guideline value of Rs 3,000 per sq.ft. This value increased significantly to Rs 8,000 per sq.ft in 2012, marking a 167% rise. However, it then decreased to Rs 5,360 per sq.ft in 2017, a drop of 33%. The value continued to rise, reaching Rs 8,000 per sq.ft in 2023, followed by a further increase to Rs 8,800 per sq.ft in 2024, which is a 10% increase from the previous year.

For the years 2002 and 2003, the register has no figure for this street. Overall, from 2007 to 2024, the guideline value has increased by 193%.

Guideline values in Nungambakkam

Nungambakkam has a total of 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 guideline value for these streets is Rs 8,800 per sq.ft, which is the same as the current figure for Mahalingam Road 1st Cross St.

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

For a 1,000 sq.ft plot at the current guideline value of Rs 8,800 per sq.ft, the total guideline value amounts to Rs 88,00,000. The stamp duty at 7% would be Rs 6,16,000, and the registration fee at 2% would be Rs 1,76,000, totaling Rs 7,92,000. 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 Road 1st Cross St?

The Sub Registrar Office that covers Mahalingam Road 1st Cross St 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 registering property transactions in Nungambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction reflects a fair valuation in accordance with government regulations.

When a property is bought or sold, the guideline value helps in calculating the stamp duty and registration fees. Buyers and sellers should be aware that these fees are based on the higher of the guideline value or the actual sale price of the property.

Frequently asked questions

What is the current guideline value of Mahalingam Road 1st Cross St?

The current guideline value of Mahalingam Road 1st Cross St is Rs 8,800 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 3,000 per sq.ft to Rs 8,800 per sq.ft in 2024, marking an overall increase of 193%.

What is the land classification for Mahalingam Road 1st Cross St?

The land classification for Mahalingam Road 1st Cross St is Residential Special Type - II.

Where can I find the Sub Registrar Office for Mahalingam Road 1st Cross St?

The Sub Registrar Office for Mahalingam Road 1st Cross St is the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

How is stamp duty calculated for properties in Nungambakkam?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 88,00,000, the stamp duty would be Rs 6,16,000 at a rate of 7%.