Guideline Value for Mahaveer Nagar 1st Street

Mahaveer Nagar 1st Street guideline value

The current guideline value of Mahaveer Nagar 1st Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Velachery village, under the Velacheri SRO, and is classified as Residential Class II Type - III.

How the guideline value of Mahaveer Nagar 1st Street has changed

The guideline value for Mahaveer Nagar 1st Street has undergone several revisions over the years. The most recent revision in 2024 set the value at Rs 3,850 per sq.ft, which is an increase of 10% from the 2023 revision of Rs 3,500 per sq.ft. Prior to that, the 2012 revision also recorded the value at Rs 3,500 per sq.ft, indicating no change from 2012 to 2023. The register has no figures for the years 2002, 2003, 2007, and 2017.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%. The consistent value of Rs 3,500 per sq.ft from 2012 to 2023 suggests stability in this period, while the recent increase reflects adjustments in the current valuation.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO with a 2024 guideline value range from Rs 3,300 to Rs 13,200 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, positioning Mahaveer Nagar 1st Street's 2024 figure below that median.

• Mahaveer Nagar: Rs 3,850 per sq.ft (2024)
• Mahatma Gandhi Street, Annai Indira Nagar: Rs 4,400 per sq.ft (2024)
• Maheswari Nagar: Rs 3,850 per sq.ft (2024)
• Mahathma Gandhi Street: Rs 3,850 per sq.ft (2024)
• Majit Colony 10th Street: Rs 4,400 per sq.ft (2024)
• Majit Colony 10th Street, Maduvankarai: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Mahaveer Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total cost for these fees to Rs 3,46,500. It is important to note that duty is charged on the higher of the guideline value and the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mahaveer Nagar 1st Street?

The Sub Registrar Office that covers Mahaveer Nagar 1st Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Velachery, as it determines the minimum value at which properties can be registered. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, ensuring that these costs are based on a standardized valuation.

During the registration process, the guideline value helps in establishing the official value of the property, which is essential for legal documentation. Buyers and sellers must be aware of the current guideline value to ensure compliance with local regulations and to accurately calculate their financial obligations.

Frequently asked questions

What is the current guideline value of Mahaveer Nagar 1st Street?

The current guideline value of Mahaveer Nagar 1st Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 3,500 per sq.ft in 2023 to Rs 3,850 per sq.ft in 2024, marking a 10% increase. There was no change from 2012 to 2023, where the value remained at Rs 3,500 per sq.ft.

What is the land classification of Mahaveer Nagar 1st Street?

Mahaveer Nagar 1st Street is classified as Residential Class II Type - III, indicating its designation for residential purposes within the locality.

Where can I find the registration office for Mahaveer Nagar 1st Street?

The registration office for Mahaveer Nagar 1st Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is stamp duty calculated for properties in Mahaveer Nagar 1st Street?

Stamp duty for properties is calculated based on the guideline value or the sale price, whichever is higher. For instance, for a property valued at Rs 38,50,000, the stamp duty would be Rs 2,69,500 at a rate of 7%.