Guideline Value for MAHALAKSHMI NAGAR ANNEXE

Mahalakshmi Nagar Annexe guideline value

The current guideline value of Mahalakshmi Nagar Annexe is Rs 3,100 per sq.ft, effective from 1 July 2024. This area is located in Ramapuram village and falls under the Chennai South Joint II SRO, classified as Residential Class II Type - I.

How the guideline value of Mahalakshmi Nagar Annexe has changed

The guideline value for Mahalakshmi Nagar Annexe has seen several revisions over the years. In 2002, the value was Rs 370 per sq.ft, which increased to Rs 518 per sq.ft in 2003, marking a 40% rise. The value continued to rise significantly, reaching Rs 1,100 per sq.ft in 2007, an increase of 112%. By 2012, the value had jumped to Rs 2,800 per sq.ft, reflecting a 155% increase from the previous revision. However, from 2012 to 2017, the value decreased by 33% to Rs 1,876 per sq.ft. The following revisions saw a substantial increase; it rose to Rs 2,800 per sq.ft in 2023, and then to Rs 3,100 per sq.ft in 2024, which is an 11% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 738%. The register has no figure for the years not mentioned in the list provided.

Guideline values in Ramapuram

In Ramapuram, there are 394 streets under the Chennai South Joint II SRO that carry a 2024 guideline value ranging from Rs 1,950 to Rs 6,600 per sq.ft, with the median being Rs 3,100 per sq.ft. The guideline value for Mahalakshmi Nagar Annexe is equal to this median.

• Mahalakshmi Nagar Main Road: Rs 3,100 per sq.ft (2024)
• Mahalakshmi Nagar 3rd Street: Rs 3,100 per sq.ft (2024)
• Mahalakshmi Nagar 2nd Cross Street: Rs 3,100 per sq.ft (2024)
• Mahalakshmi Nagar 1st Main Road: Rs 3,100 per sq.ft (2024)
• Mahalakshmi Nagar 1st Cross Street: Rs 3,100 per sq.ft (2024)
• Maharaja Garden: Rs 3,550 per sq.ft (2024)

Stamp duty and registration fee for property in Mahalakshmi Nagar Annexe

For a 1,000 sq.ft plot at the current guideline value of Rs 3,100 per sq.ft, the total guideline value amounts to Rs 31,00,000. The stamp duty is charged at 7%, amounting to Rs 2,17,000, while the registration fee is 2%, which is Rs 62,000. Together, the total cost for stamp duty and registration fee would be Rs 2,79,000. It is important to note that 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 Mahalakshmi Nagar Annexe?

The Sub Registrar Office that covers Mahalakshmi Nagar Annexe is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Ramapuram. It serves as a benchmark for assessing the value of the property being bought or sold, ensuring that the transaction is recorded at a fair value as per the government regulations.

When you register a property, the guideline value will determine the stamp duty and registration fees applicable. This means that both buyers and sellers should be aware of the current guideline value to ensure compliance with legal requirements during the registration process.

Frequently asked questions

What is the current guideline value of Mahalakshmi Nagar Annexe?

The current guideline value of Mahalakshmi Nagar Annexe is Rs 3,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen significant changes, rising from Rs 370 per sq.ft in 2002 to Rs 3,100 per sq.ft in 2024, representing an overall increase of 738%.

What is the land classification of Mahalakshmi Nagar Annexe?

Mahalakshmi Nagar Annexe is classified as Residential Class II Type - I.

Where can I find the Sub Registrar Office for Mahalakshmi Nagar Annexe?

The Sub Registrar Office for Mahalakshmi Nagar Annexe is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

How is the stamp duty calculated for properties in Mahalakshmi Nagar Annexe?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 31,00,000, the stamp duty would be Rs 2,17,000 at a rate of 7%.