Guideline Value for MAHA LAKSHMI NAGAR

Maha Lakshmi Nagar guideline value

The current guideline value of Maha Lakshmi Nagar is Rs 500 per sq.ft, as per the 2023 revision. This area falls under Sevvapet village and is classified as Residential Class I Type - III. The relevant registration office is the Tiruvallur Joint 1 SRO.

How the guideline value of Maha Lakshmi Nagar has changed

The guideline value for Maha Lakshmi Nagar has undergone several revisions over the years. In the 2012 revision, the guideline value was set at Rs 500 per sq.ft. This remained unchanged in the subsequent 2017 revision, where it decreased to Rs 335 per sq.ft, marking a decline of 33%. However, the 2023 revision saw a significant increase of 49%, bringing the current guideline value back up to Rs 500 per sq.ft.

Overall, from the 2012 revision to the 2023 revision, the guideline value has not changed, remaining at Rs 500 per sq.ft. Notably, there are no figures available for the revisions in 2002, 2003, 2007, and 2024 for this street.

Guideline values in Sevvapet

Currently, there are no specific village figures available for Sevvapet. However, Maha Lakshmi Nagar is part of the Sevvapet area under the Tiruvallur Joint 1 SRO. There are no other streets in Sevvapet listed with guideline values.

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 500 per sq.ft, the total guideline value amounts to Rs 5,00,000. The stamp duty at 7% would be Rs 35,000, and the registration fee at 2% would be Rs 10,000, leading to a total cost of Rs 45,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Maha Lakshmi Nagar?

The Maha Lakshmi Nagar area is covered by the Tiruvallur Joint 1 Sub Registrar Office, located at No.201, J.n.road, Taluk Office Compound, Thiruvallur-602001, Chennai registration zone. You can find your SRO for more information.

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

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

When a property is registered, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the government receives the appropriate revenue based on the property's assessed value.

Frequently asked questions

What is the current guideline value of Maha Lakshmi Nagar?

The current guideline value of Maha Lakshmi Nagar is Rs 500 per sq.ft, as per the 2023 revision.

How has the guideline value changed over the years?

The guideline value has changed from Rs 500 per sq.ft in 2012 to Rs 335 per sq.ft in 2017, and then back to Rs 500 per sq.ft in 2023. Overall, from 2012 to 2023, the value has remained the same.

What is the stamp duty rate for properties in Maha Lakshmi Nagar?

The stamp duty rate for properties in Maha Lakshmi Nagar is 7% of the guideline value or sale price, whichever is higher.

What are the registration fees for properties in this area?

The registration fee for properties in Maha Lakshmi Nagar is 2% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Maha Lakshmi Nagar?

The Tiruvallur Joint 1 Sub Registrar Office covers Maha Lakshmi Nagar, located at No.201, J.n.road, Taluk Office Compound, Thiruvallur-602001, Chennai registration zone.