Guideline Value for MAHALAKSHMI NAGAR EXTENSION III

Mahalakshmi Nagar Extension III guideline value

The current guideline value of Mahalakshmi Nagar Extension III is Rs 3,190 per sq.ft, effective from 1 July 2024. This area is located in Perumalagaram village under the Chennai South Joint II SRO, classified as Residential Class V Type - I.

How the guideline value of Mahalakshmi Nagar Extension III has changed

The guideline value for Mahalakshmi Nagar Extension III has undergone several revisions over the years. Starting from the 2003 revision, the guideline value was Rs 119 per sq.ft. This figure increased significantly to Rs 1,458 per sq.ft in 2007, marking a rise of 1125%. The value then saw a further increase to Rs 2,900 per sq.ft in 2012, which was a 99% increase from the previous revision. However, it dropped to Rs 1,943 per sq.ft in 2017, reflecting a decrease of 33%.

In 2023, the guideline value rose to Rs 2,900 per sq.ft, and in the latest 2024 revision, it has increased by 10% to Rs 3,190 per sq.ft. Overall, from 2003 to 2024, the guideline value has increased by 2581%. Notably, there is no figure available for the 2002 revision for this street.

Guideline values in Perumalagaram

In Perumalagaram, there are 74 streets under the Chennai South Joint II SRO that carry a 2024 guideline value, ranging from Rs 825 to Rs 7,920 per sq.ft. The median value is Rs 3,190 per sq.ft, which is equal to the current guideline value for Mahalakshmi Nagar Extension III.

• Mahalakshmi Nagar Extension II: Rs 3,190 per sq.ft (2024)
• Mahalakshmi Nagar Extension IV: Rs 3,190 per sq.ft (2024)
• Mahalakshmi Nagar Extension I: Rs 3,190 per sq.ft (2024)
• Mahalakshmi Nagar Extension V: Rs 3,190 per sq.ft (2024)
• Mahalakshmi Nagar Extension VI: Rs 3,190 per sq.ft (2024)
• Mahalakshmi Street: Rs 3,190 per sq.ft (2024)

Stamp duty and registration fee for property in Mahalakshmi Nagar Extension III

For a 1,000 sq.ft plot at the current guideline value of Rs 3,190 per sq.ft, the total guideline value amounts to Rs 31,90,000. The stamp duty, charged at 7%, would be Rs 2,23,300, while the registration fee at 2% would be Rs 63,800. Together, the total cost for these fees would be Rs 2,87,100. 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 precise calculations.

Which Sub Registrar Office covers Mahalakshmi Nagar Extension III?

The Sub Registrar Office covering Mahalakshmi Nagar Extension III 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. To find your specific SRO, you can visit find your SRO.

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

The guideline value is a crucial factor when registering a property in Perumalagaram. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value serves as a reference point for both buyers and sellers. It helps in assessing the fair value of the property and ensures compliance with the legal requirements during the registration process.

Frequently asked questions

What is the current guideline value for Mahalakshmi Nagar Extension III?

The current guideline value for Mahalakshmi Nagar Extension III is Rs 3,190 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 119 per sq.ft in 2003 to Rs 3,190 per sq.ft in 2024, reflecting an overall increase of 2581% over the years.

What is the registration fee for properties in this area?

The registration fee is calculated at 2% of the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 31,90,000, the registration fee would be Rs 63,800.

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

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

What other streets have the same guideline value in Perumalagaram?

Other streets in Perumalagaram that have the same guideline value of Rs 3,190 per sq.ft include Mahalakshmi Nagar Extension I, II, IV, V, VI, and Mahalakshmi Street.