Guideline Value for Maheshwari Nagar 1st Street

Maheshwari Nagar 1st Street guideline value

The current guideline value of Maheshwari Nagar 1st Street is Rs 2,970 per sq.ft, effective from 1 July 2024. This street is located in Hastinapuram village under the Pallavaram SRO, and it falls under Residential Class I Type - I land classification.

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

The guideline value for Maheshwari Nagar 1st Street has seen several revisions over the years. The earliest recorded figure is from 2007, where the guideline value was Rs 400 per sq.ft. This figure increased significantly to Rs 2,700 per sq.ft in 2012, reflecting a rise of 575%. However, between 2012 and 2017, the value decreased to Rs 1,809 per sq.ft, marking a decline of 33%. The subsequent revisions saw an increase to Rs 2,700 per sq.ft in 2023, followed by the current value of Rs 2,970 per sq.ft in 2024, which is a 10% increase from the previous year.

Overall, from 2007 to 2024, the guideline value has increased by 643%. Notably, there are no figures available for the years 2002 and 2003 in the register for this street.

Guideline values in Hastinapuram

In Hastinapuram, there are 277 streets under the Pallavaram SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 4,400 per sq.ft. The median value among these streets is Rs 2,970 per sq.ft, which is equal to the guideline value of Maheshwari Nagar 1st Street.

• Maheshwari Nagar 2nd Street: Rs 2,970 per sq.ft (2024)
• Maheshwari Nagar 3rd Street: Rs 2,970 per sq.ft (2024)
• Maheshwari Nagar 4th Street: Rs 2,970 per sq.ft (2024)
• Maheshwari Nagar Maheswari Street: Rs 2,970 per sq.ft (2024)
• Maheswari Nagar (1 To 4 Cross Streets): Rs 2,970 per sq.ft (2024)
• Maheswari Nagar 5th Street: Rs 2,970 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 2,970 per sq.ft, the total guideline value amounts to Rs 29,70,000. The stamp duty at 7% would be Rs 2,07,900, and the registration fee at 2% would be Rs 59,400, bringing the total fees to Rs 2,67,300. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can calculate your fees using the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Maheshwari Nagar 1st Street?

The Maheshwari Nagar 1st Street falls under the Pallavaram Sub Registrar Office located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor during property transactions in Hastinapuram. It is used to determine the stamp duty and registration fees applicable when a property is bought or sold. Buyers and sellers must refer to the current guideline value to ensure compliance with the legal requirements during registration.

When registering a property, the guideline value serves as a benchmark for the minimum price at which the property can be sold. This ensures that the transaction is recorded accurately and that the appropriate taxes are collected by the government.

Frequently asked questions

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

The current guideline value of Maheshwari Nagar 1st Street is Rs 2,970 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 400 per sq.ft in 2007 to Rs 2,970 per sq.ft in 2024, reflecting an overall increase of 643% over the years.

What is the land classification for Maheshwari Nagar 1st Street?

Maheshwari Nagar 1st Street is classified under Residential Class I Type - I land classification.

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

The registration office for Maheshwari Nagar 1st Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

How is the stamp duty calculated for properties in Maheshwari Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For instance, for a property valued at Rs 29,70,000, the stamp duty would be Rs 2,07,900 at a rate of 7%.