Guideline Value for Mahavishnu Street

Mahavishnu Street guideline value

The current guideline value of Mahavishnu Street in Ramapuram village is Rs 3,100 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint II SRO and is classified as Residential Class II Type - I.

How the guideline value of Mahavishnu Street has changed

Over the years, the guideline value of Mahavishnu Street has seen several revisions. The 2012 revision set the value at Rs 2,800 per sq.ft, which was then decreased to Rs 1,876 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 2,800 per sq.ft in the 2023 revision, and finally, it rose to Rs 3,100 per sq.ft in the 2024 revision, marking an 11% increase from the previous year.

From the 2017 revision to the 2023 revision, there was a notable increase of 49%. However, the value decreased by 33% from the 2012 revision to the 2017 revision. Overall, comparing the 2012 revision to the 2024 revision, there has been an increase of 11%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Ramapuram

In Ramapuram, there are 394 streets under the Chennai South Joint II SRO that carry a 2024 guideline value, ranging from Rs 1,950 to Rs 6,600 per sq.ft. The median guideline value is Rs 3,100 per sq.ft, which is equal to the current value of Mahavishnu Street.

• Maha Vishnu Salai: Rs 3,100 per sq.ft (2024)
• Mahaver Garden: Rs 3,550 per sq.ft (2024)
• Maharaja Garden: Rs 3,550 per sq.ft (2024)
• M.A.Koil 3rd Street: Rs 1,950 per sq.ft (2024)
• Mahalakshmi Nagar Main Road: Rs 3,100 per sq.ft (2024)
• Mahalakshmi Nagar Annexe: Rs 3,100 per sq.ft (2024)

Stamp duty and registration fee for property in Mahavishnu Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,100 per sq.ft, the total guideline value would be Rs 31,00,000. The stamp duty at 7% would be Rs 2,17,000, and the registration fee at 2% would be Rs 62,000, bringing the total to Rs 2,79,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Mahavishnu Street?

The Sub Registrar Office that covers Mahavishnu Street is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more details.

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

The guideline value is a crucial factor during property registration in Ramapuram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the property is not undervalued during the transaction.

When buying or selling a property, the guideline value is used to calculate the stamp duty and registration fees. This ensures transparency in property transactions and helps maintain a standard valuation across the region.

Frequently asked questions

What is the current guideline value of Mahavishnu Street?

The current guideline value of Mahavishnu Street is Rs 3,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,800 per sq.ft in 2012 to Rs 1,876 per sq.ft in 2017, then to Rs 2,800 per sq.ft in 2023, and finally to Rs 3,100 per sq.ft in 2024.

What is the land classification for Mahavishnu Street?

Mahavishnu Street is classified as Residential Class II Type - I.

Where can I find the Sub Registrar Office for Mahavishnu Street?

The Sub Registrar Office for Mahavishnu Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

How is the stamp duty calculated for properties in Mahavishnu Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 31,00,000, the stamp duty would be Rs 2,17,000 at 7%.