Guideline Value for Mahaveer Nagar

Mahaveer Nagar guideline value

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

How the guideline value of Mahaveer Nagar has changed

The guideline value for Mahaveer Nagar has seen significant changes over the years. In 2002, the value was Rs 118 per sq.ft, which increased dramatically to Rs 3,500 per sq.ft in 2012, marking a change of +2866%. The value remained unchanged at Rs 3,500 per sq.ft until the 2023 revision, when it increased to Rs 3,850 per sq.ft, reflecting a +10% rise. The current value of Rs 3,850 per sq.ft will be effective from 1 July 2024.

There are no figures available for the years 2003, 2007, and 2017 for this street. Overall, from 2002 to 2024, the guideline value has increased by +3163%.

Guideline values in Velachery

In Velachery, there are a total of 2691 streets under the Velacheri SRO, with guideline values ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, placing Mahaveer Nagar's 2024 figure below this median.

• Mahaveer Nagar 1st Street: Rs 3,850 per sq.ft (2024)
• Mahatma Gandhi Street, Annai Indira Nagar: Rs 4,400 per sq.ft (2024)
• Mahathma Gandhi Street: Rs 3,850 per sq.ft (2024)
• Maheswari Nagar: 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

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value amounts to Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, while 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 the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Mahaveer Nagar?

The Sub Registrar Office covering Mahaveer Nagar 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 the registration process when buying or selling property in Velachery. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

Frequently asked questions

What is the current guideline value of Mahaveer Nagar?

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

How much has the guideline value changed over the years?

Since 2002, the guideline value has increased from Rs 118 per sq.ft to Rs 3,850 per sq.ft in 2024, reflecting a total increase of +3163% over the years.

What are the stamp duty and registration fees for a property in Mahaveer Nagar?

For a 1,000 sq.ft plot, the total guideline value is Rs 38,50,000. The stamp duty at 7% is Rs 2,69,500, and the registration fee at 2% is Rs 77,000, totaling Rs 3,46,500 for these fees.

Which Sub Registrar Office covers Mahaveer Nagar?

The Velacheri Sub Registrar Office covers Mahaveer Nagar, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

Where can I find more information about guideline values in Velachery?

For more information about guideline values in Velachery, you can refer to the official guideline value register provided by the Registration Department.