Guideline Value for MAHALAKSHMI NAGAR 1 TO 6 STREETS

Mahalakshmi Nagar 1 To 6 Streets guideline value

The current guideline value for Mahalakshmi Nagar 1 To 6 Streets is Rs 2,530 per sq.ft, effective from 1 July 2024. This area is located in S. Kullathur village under the Pallavaram SRO, classified as Residential Class I Type - II.

How the guideline value of Mahalakshmi Nagar 1 To 6 Streets has changed

The guideline value for Mahalakshmi Nagar 1 To 6 Streets has undergone several revisions over the years. The earliest recorded revision was in 2012, setting the value at Rs 2,300 per sq.ft. This figure decreased to Rs 1,541 per sq.ft in 2017, marking a decline of 33%. The value then increased to Rs 2,000 per sq.ft in 2023, reflecting a rise of 30%. The most recent revision in 2024 has set the value at Rs 2,530 per sq.ft, which is an increase of 27% from the previous year.

There are no recorded figures for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in S. Kullathur

In S. Kullathur, there are 71 streets under the Pallavaram SRO that carry a 2024 guideline value, ranging from Rs 1,320 to Rs 4,400 per sq.ft. The median value for these streets is Rs 2,750 per sq.ft, positioning Mahalakshmi Nagar 1 To 6 Streets below this median.

• Mahalakshmi Nagar: Rs 3,300 per sq.ft (2024)
• LIC Nagar: Rs 2,530 per sq.ft (2024)
• Mangaliamman Nagar 1 To 4 Streets: Rs 2,530 per sq.ft (2024)
• Lakshmi Narayanan Nagar: Rs 2,530 per sq.ft (2024)
• Manimegalai Nagar (Ellaiamman Koil Street): Rs 2,750 per sq.ft (2024)
• Mariamman Koil Street: Rs 2,530 per sq.ft (2024)

Stamp duty and registration fee for property in Mahalakshmi Nagar 1 To 6 Streets

For a 1,000 sq.ft plot at the current guideline value of Rs 2,530 per sq.ft, the total guideline value amounts to Rs 25,30,000. The stamp duty, calculated at 7%, would be Rs 1,77,100, and the registration fee at 2% would be Rs 50,600, totaling Rs 2,27,700. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Mahalakshmi Nagar 1 To 6 Streets?

The Mahalakshmi Nagar 1 To 6 Streets fall 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 more information.

How the guideline value is used when you buy or sell in S. Kullathur

The guideline value plays a crucial role during the registration of property transactions in S. Kullathur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory costs associated with property transactions. Buyers should be aware that these fees are based on the guideline value or the actual sale price, whichever is higher.

Frequently asked questions

What is the current guideline value for Mahalakshmi Nagar 1 To 6 Streets?

The current guideline value for Mahalakshmi Nagar 1 To 6 Streets is Rs 2,530 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,300 per sq.ft in 2012 to Rs 1,541 per sq.ft in 2017, then increased to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,530 per sq.ft in 2024.

What is the land classification for Mahalakshmi Nagar 1 To 6 Streets?

Mahalakshmi Nagar 1 To 6 Streets is classified as Residential Class I Type - II.

What are the stamp duty and registration fees for property transactions?

The stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is 2% of the same. For example, a 1,000 sq.ft plot would incur a total fee of Rs 2,27,700.

Which office handles property registrations in this area?

The Pallavaram Sub Registrar Office is responsible for property registrations in Mahalakshmi Nagar 1 To 6 Streets, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.