Guideline Value for Mahalingam Road 2nd Cross Street

Mahalingam Road 2nd Cross Street guideline value

The current guideline value of Mahalingam Road 2nd Cross Street 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 2nd Cross Street has changed

The guideline value for Mahalingam Road 2nd Cross 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 8,000 per sq.ft in 2012, marking a rise of 167%. However, in 2017, the value dropped to Rs 5,360 per sq.ft, reflecting a decrease of 33%. The value then rose to Rs 8,000 per sq.ft in 2023, and most recently, it has been revised to Rs 8,800 per sq.ft in 2024, which is an increase of 10% from the previous year.

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

Guideline values in Nungambakkam

In Nungambakkam village, 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 is Rs 8,800 per sq.ft, which is the same as the guideline value for Mahalingam Road 2nd Cross Street.

• Mahalingam Road 1st Cross St: Rs 8,800 per sq.ft (2024)
• Mahalingam Main Road (North Usman Road): Rs 11,500 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 2nd Cross Street

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, bringing the total to 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 further assistance.

Which Sub Registrar Office covers Mahalingam Road 2nd Cross Street?

The Sub Registrar Office that covers Mahalingam Road 2nd Cross 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 details.

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 price at which a property can be registered, ensuring that the transaction reflects a fair value according to government standards.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees. These fees are essential for the legal transfer of property ownership and must be paid based on the higher of the guideline value or the sale price.

Frequently asked questions

What is the current guideline value of Mahalingam Road 2nd Cross Street?

The current guideline value of Mahalingam Road 2nd Cross Street is Rs 8,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 3,000 per sq.ft in 2007 to Rs 8,800 per sq.ft in 2024, marking an overall increase of 193% over the years.

What is the land classification for Mahalingam Road 2nd Cross Street?

The land classification for Mahalingam Road 2nd Cross Street is Residential Special Type - II.

Where can I find the Sub Registrar Office for this street?

The Sub Registrar Office for Mahalingam Road 2nd Cross Street 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 the stamp duty calculated for properties in this area?

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