Guideline Value for Maheshwari Street

Maheshwari Street guideline value

The current guideline value of Maheshwari Street in Zaminpallavaram village is Rs 2,750 per sq.ft, effective from 1 July 2024. This street falls under the Pallavaram SRO and is classified as Residential Class II Type - I.

How the guideline value of Maheshwari Street has changed

The guideline value for Maheshwari Street has undergone several revisions over the years. In the 2003 revision, the value was Rs 554 per sq.ft, which increased to Rs 1,000 per sq.ft in 2007. Following that, the 2012 revision saw a rise to Rs 2,500 per sq.ft, but this was followed by a decrease to Rs 1,675 per sq.ft in 2017. The value then rose significantly to Rs 2,500 per sq.ft in 2023, and the most recent revision in 2024 set the value at Rs 2,750 per sq.ft. Notably, there is no figure available for the 2002 revision in the register.

From 2003 to 2024, the overall change in the guideline value for Maheshwari Street is an increase of 396%. The changes between the revisions are as follows: from 2003 to 2007, there was an increase of 81%; from 2007 to 2012, the value increased by 150%; however, it decreased by 33% from 2012 to 2017. The value increased by 49% from 2017 to 2023, and finally, there was a 10% increase from 2023 to 2024.

Guideline values in Zaminpallavaram

In Zaminpallavaram, there are 638 streets under the Pallavaram SRO, with guideline values ranging from Rs 2,100 to Rs 11,000 per sq.ft. The median guideline value for these streets is Rs 3,300 per sq.ft, placing Maheshwari Street's 2024 figure below this median.

• Maheswari Street: Rs 3,850 per sq.ft (2024)
• Malai Oram Street (Near Dharka Road): Rs 2,160 per sq.ft (2024)
• Malai Oram Street (Near Subam Nagar): Rs 2,160 per sq.ft (2024)
• Malanganandapuram: Rs 3,300 per sq.ft (2024)
• Malanganandapuram 1st Street: Rs 3,300 per sq.ft (2024)
• Malanganandapuram 2nd Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Maheshwari Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, while the registration fee at 2% would be Rs 55,000, making the total cost for these fees Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Maheshwari Street?

The Sub Registrar Office that covers Maheshwari Street is 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 information.

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

The guideline value plays a crucial role in the registration process of property transactions in Zaminpallavaram. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, ensuring that these amounts are based on the official values set by the Registration Department.

It is essential for buyers and sellers to be aware of the guideline value as it can significantly impact the overall cost of the transaction. The guideline value helps maintain transparency and standardization in property dealings within the region.

Frequently asked questions

What is the current guideline value of Maheshwari Street?

The current guideline value of Maheshwari Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 554 per sq.ft in 2003 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of 396% over this period.

What is the land classification for Maheshwari Street?

Maheshwari Street is classified as Residential Class II Type - I, indicating its suitability for residential development.

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

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

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

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, on a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500 at a rate of 7%.