Guideline Value for Maheshwari Nagar Maheswari Street

Maheshwari Nagar Maheswari Street guideline value

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

How the guideline value of Maheshwari Nagar Maheswari Street has changed

The guideline value for Maheshwari Nagar Maheswari Street has undergone several revisions over the years. The earliest recorded value was Rs 400 per sq.ft in 2007. This increased significantly to Rs 2,700 per sq.ft in 2012, representing a rise of 575%. However, it decreased to Rs 1,809 per sq.ft in 2017, marking a decline of 33%. The value then saw a substantial increase to Rs 2,700 per sq.ft in 2023, followed by another increase to Rs 2,970 per sq.ft in 2024, which is a 10% rise from the previous year.

There are no recorded figures for the years 2002 and 2003 for this street. From 2017 to 2023, the value increased by 49%, leading to the current value of Rs 2,970 per sq.ft, which reflects a total increase of 643% from the 2007 figure.

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, with a median value of Rs 2,970 per sq.ft. The guideline value of Maheshwari Nagar Maheswari Street aligns with this median.

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

Stamp duty and registration fee for property in Maheshwari Nagar Maheswari 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, while the registration fee at 2% would be Rs 59,400. Together, the total cost for stamp duty and registration fee would be 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 the stamp duty and registration fee calculator for precise calculations.

Which Sub Registrar Office covers Maheshwari Nagar Maheswari Street?

The Maheshwari Nagar Maheswari Street falls under 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 in the registration process when buying or selling property in Hastinapuram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that transactions are conducted at a fair price.

When a property is sold, the guideline value helps in calculating the applicable stamp duty and registration fees. Buyers should be aware that these fees are based on the guideline value or the sale price, whichever is higher, ensuring transparency in property transactions.

Frequently asked questions

What is the current guideline value of Maheshwari Nagar Maheswari Street?

The current guideline value of Maheshwari Nagar Maheswari 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 are the stamp duty and registration fees for properties in this area?

For a property valued at 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.

Which office handles property registrations in Maheshwari Nagar Maheswari Street?

The Pallavaram Sub Registrar Office handles property registrations for Maheshwari Nagar Maheswari Street, located at 7th Main Road, New Colony, Chromepet, Chennai-600044.

How is the guideline value determined for properties?

The guideline value is determined by the Registration Department and is based on various factors, including land classification and the prevailing market conditions in the area.