Guideline Value for Maheshwari Nagar 2nd Street

Maheshwari Nagar 2nd Street guideline value

The current guideline value of Maheshwari Nagar 2nd 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 is classified as Residential Class I Type - I.

How the guideline value of Maheshwari Nagar 2nd Street has changed

Over the years, the guideline value of Maheshwari Nagar 2nd Street has seen significant changes. In the 2007 revision, the value was Rs 400 per sq.ft, which increased dramatically to Rs 2,700 per sq.ft in 2012, marking a rise of 575%. However, the value then decreased to Rs 1,809 per sq.ft in 2017, a decline of 33%. The subsequent revision in 2023 brought the value up to Rs 2,700 per sq.ft, followed by a further increase to Rs 2,970 per sq.ft in 2024, which is a 10% rise from the previous year.

From 2017 to 2023, there was a notable increase of 49%. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 643%. It is important to note that the register has no figures for the years 2002 and 2003 for this street.

Guideline values in Hastinapuram

In Hastinapuram, there are 277 streets under the Pallavaram SRO with a 2024 guideline value range from Rs 1,650 to Rs 4,400 per sq.ft. The median value is Rs 2,970 per sq.ft, which is the same as the 2024 figure for Maheshwari Nagar 2nd Street.

• Maheshwari Nagar 1st 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 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,970 per sq.ft, the total guideline value would be Rs 29,70,000. The stamp duty at 7% would amount to Rs 2,07,900, and the registration fee at 2% would be Rs 59,400, bringing the total fees together to Rs 2,67,300. 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 information.

Which Sub Registrar Office covers Maheshwari Nagar 2nd Street?

The Sub Registrar Office that covers Maheshwari Nagar 2nd Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for further assistance.

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

The guideline value is a crucial factor when buying or selling property in Hastinapuram. It serves as a benchmark for determining the minimum price at which a property can be registered. This value is used by the registration authorities to calculate the stamp duty and registration fees applicable to the transaction.

When a property is sold, the actual sale price cannot be lower than the guideline value. Therefore, buyers and sellers must consider this value to ensure compliance with local regulations during the registration process.

Frequently asked questions

What is the current guideline value of Maheshwari Nagar 2nd Street?

The current guideline value of Maheshwari Nagar 2nd 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 significantly 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 2nd Street?

Maheshwari Nagar 2nd Street is classified as Residential Class I Type - I.

What are the stamp duty and registration fees for this property?

For a property with a guideline value of Rs 29,70,000, the stamp duty would be Rs 2,07,900 and the registration fee would be Rs 59,400, totaling Rs 2,67,300.

Where is the Sub Registrar Office for Maheshwari Nagar 2nd Street located?

The Sub Registrar Office is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone.