Guideline Value for MAHALAKSHMI ENCLAVE

Mahalakshmi Enclave guideline value

The current guideline value of Mahalakshmi Enclave, located in Ninna Karai village, is Rs 990 per sq.ft, effective from 1 July 2024. This property falls under the Chengleput Joint II SRO and is classified as Residential Class I Type - II.

How the guideline value of Mahalakshmi Enclave has changed

The guideline value for Mahalakshmi Enclave has seen several revisions over the years. The 2012 revision set the value at Rs 900 per sq.ft, which remained unchanged until the 2017 revision, where it decreased to Rs 603 per sq.ft. However, from 2017 to 2023, the value increased significantly to Rs 900 per sq.ft, marking a 49% rise. The most recent revision in 2024 has further increased the value to Rs 990 per sq.ft, a 10% increase from the previous year.

Notably, there are no figures available for the revisions in 2002, 2003, and 2007 for Mahalakshmi Enclave. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Ninna Karai

In Ninna Karai, there are 449 streets under the Chengleput Joint II SRO with a 2024 guideline value ranging from Rs 440 to Rs 3,500 per sq.ft. The median value for these streets is Rs 1,100 per sq.ft, placing Mahalakshmi Enclave's 2024 figure below this median.

• Maha Ngar Phase -1,2,3 (Pa): Rs 660 per sq.ft (2024)
• Madha Koil Street (Ward -18): Rs 660 per sq.ft (2024)
• Main Street (Ward -8): Rs 1,321 per sq.ft (2024)
• Malar Avenue (N): Rs 660 per sq.ft (2024)
• Mamarathu Gate Union Road (Per): Rs 990 per sq.ft (2024)
• Lakshmi Nagar (Pa): Rs 440 per sq.ft (2024)

Stamp duty and registration fee for property in Mahalakshmi Enclave

For a 1,000 sq.ft plot at the current guideline value of Rs 990 per sq.ft, the total guideline value amounts to Rs 9,90,000. The stamp duty, charged at 7%, would be Rs 69,300, while the registration fee at 2% would be Rs 19,800, bringing the total cost for these fees to Rs 89,100. It is important to note that duty is charged on the higher of the guideline value and the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mahalakshmi Enclave?

The Mahalakshmi Enclave falls under the Chengleput Joint II Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, in the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value plays a crucial role during property transactions in Ninna Karai. It is used to determine the stamp duty and registration fees that need to be paid when a property is bought or sold. This value ensures that the transaction is recorded accurately in the official registry.

When registering a property, buyers must pay the stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This process helps maintain transparency and standardization in property transactions.

Frequently asked questions

What is the current guideline value of Mahalakshmi Enclave?

The current guideline value of Mahalakshmi Enclave is Rs 990 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 900 per sq.ft in 2012 to Rs 603 per sq.ft in 2017, then increased to Rs 900 per sq.ft in 2023, and finally to Rs 990 per sq.ft in 2024.

What is the land classification of Mahalakshmi Enclave?

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

What are the stamp duty rates for properties in Mahalakshmi Enclave?

The stamp duty for properties in Mahalakshmi Enclave is charged at 7% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Mahalakshmi Enclave?

The Sub Registrar Office covering Mahalakshmi Enclave is the Chengleput Joint II Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002.