Guideline Value for MAHALAKSHMI NAGAR EXTENSION II

Mahalakshmi Nagar Extension II guideline value

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

How the guideline value of Mahalakshmi Nagar Extension II has changed

The guideline value for Mahalakshmi Nagar Extension II has seen several revisions over the years. Starting with the 2003 revision, the value was Rs 119 per sq.ft. This figure increased significantly to Rs 1,458 per sq.ft in 2007, marking an increase of 1125%. The 2012 revision saw the value at Rs 2,900 per sq.ft, which was a 99% increase from the previous revision. However, in 2017, the value dropped to Rs 1,943 per sq.ft, reflecting a decrease of 33%. The 2023 revision brought the value up to Rs 2,900 per sq.ft, a 49% increase from 2017. Most recently, the 2024 revision set the value at Rs 3,190 per sq.ft, which is a 10% increase from the previous year.

It is important to note that there is no figure available for the year 2002 in the register 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 guideline value is Rs 3,190 per sq.ft, which is also the current value for Mahalakshmi Nagar Extension II.

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

For a 1,000 sq.ft plot at the current guideline value, 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, bringing the total to 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 also use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Mahalakshmi Nagar Extension II?

The Sub Registrar Office that covers Mahalakshmi Nagar Extension II 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 details.

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

The guideline value is a crucial factor when buying or selling property in Perumalagaram, as it determines the amount of stamp duty and registration fees payable during the registration process. Buyers and sellers must be aware of the current guideline value to ensure compliance with local regulations and to avoid any unexpected costs during the transaction.

When registering a property, the guideline value is used to assess the transaction's worth, and it plays a significant role in calculating the applicable fees. Therefore, understanding the guideline value is essential for anyone involved in real estate transactions in this area.

Frequently asked questions

What is the current guideline value of Mahalakshmi Nagar Extension II?

The current guideline value of Mahalakshmi Nagar Extension II 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 several times, starting from Rs 119 per sq.ft in 2003 to Rs 3,190 per sq.ft in 2024, reflecting various increases and decreases over the years.

What is the land classification for Mahalakshmi Nagar Extension II?

The land classification for Mahalakshmi Nagar Extension II is Residential Class V Type - I.

Where can I find the Sub Registrar Office for this area?

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

How is stamp duty calculated for properties in Mahalakshmi Nagar Extension II?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 31,90,000, the stamp duty would be Rs 2,23,300 at a rate of 7%.