Guideline Value for MAHA LAKSHMI NAGAR

Maha Lakshmi Nagar guideline value

The current guideline value of Maha Lakshmi Nagar, located in Thundalkazhani village under the Padappai SRO, is Rs 830 per sq.ft, effective from 1 July 2024. This area is classified as Residential Special Type - III.

How the guideline value of Maha Lakshmi Nagar has changed

The guideline value for Maha Lakshmi Nagar has seen significant changes over the years. The 2017 revision set the value at Rs 500 per sq.ft, which increased to Rs 750 per sq.ft in the 2023 revision, marking a 50% rise. The latest revision in 2024 has further increased the guideline value to Rs 830 per sq.ft, reflecting an 11% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has risen by 66%. It is important to note that the register has no figures for the revisions in 2002, 2003, 2007, and 2012 for this street.

Guideline values in Thundalkazhani

In Thundalkazhani, there are 10 streets under the Padappai SRO that carry a 2024 guideline value ranging from Rs 440 to Rs 2,500 per sq.ft. The median value for these streets is Rs 770 per sq.ft, and Maha Lakshmi Nagar's 2024 figure of Rs 830 per sq.ft is above this median.

• Manimangalam Road: Rs 770 per sq.ft (2024)
• M.R.T.Nagar: Rs 660 per sq.ft (2024)
• Kanniammal Koil Street: Rs 770 per sq.ft (2024)
• Ramaiah Nagar: Rs 550 per sq.ft (2024)
• Ramaiah Nagar Extension: Rs 2,500 per sq.ft (2024)
• Sri Moogambigai Nagar: Rs 440 per sq.ft (2024)

Stamp duty and registration fee for property in Maha Lakshmi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 830 per sq.ft, the total guideline value amounts to Rs 8,30,000. The stamp duty at 7% would be Rs 58,100, and the registration fee at 2% would be Rs 16,600, bringing the total to Rs 74,700. 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 more details.

Which Sub Registrar Office covers Maha Lakshmi Nagar?

The Maha Lakshmi Nagar area falls under the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. To find your specific SRO, you can visit find your SRO.

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

The guideline value plays a crucial role in the registration of property transactions in Thundalkazhani. It serves as a benchmark for determining the stamp duty and registration fees that must be paid when buying or selling property in the area.

When a property is sold, the registration office uses the guideline value to calculate the applicable charges, ensuring that both buyers and sellers are aware of the financial implications of their transactions. This standardization helps maintain transparency in property dealings.

Frequently asked questions

What is the current guideline value of Maha Lakshmi Nagar?

The current guideline value of Maha Lakshmi Nagar is Rs 830 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 500 per sq.ft in 2017 to Rs 750 per sq.ft in 2023, and now to Rs 830 per sq.ft in 2024. This reflects an overall increase of 66% from 2017 to 2024.

What are the guideline values of other streets in Thundalkazhani?

Other streets in Thundalkazhani have varying guideline values, ranging from Rs 440 to Rs 2,500 per sq.ft. The median value for these streets is Rs 770 per sq.ft.

How is stamp duty calculated for properties in Maha Lakshmi Nagar?

Stamp duty for properties in Maha Lakshmi Nagar is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at Rs 830 per sq.ft incurs a total guideline value of Rs 8,30,000.

Where is the Padappai Sub Registrar Office located?

The Padappai Sub Registrar Office is located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. This office handles the registration of properties in Maha Lakshmi Nagar.