Guideline Value for MAHALAKSHMI NAGAR EXTENSION IV

Mahalakshmi Nagar Extension IV guideline value

The current guideline value of Mahalakshmi Nagar Extension IV 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, and is classified as Residential Class V Type - I.

How the guideline value of Mahalakshmi Nagar Extension IV has changed

The guideline value for Mahalakshmi Nagar Extension IV has seen significant changes over the years. The earliest recorded figure is from 2003, when the guideline value was Rs 119 per sq.ft. This value increased dramatically to Rs 1,458 per sq.ft in 2007, marking a rise of 1,125%. The value then continued to rise to Rs 2,900 per sq.ft in 2012, showing an increase of 99%. However, it dropped to Rs 1,943 per sq.ft in 2017, reflecting a decrease of 33%. The value rebounded to Rs 2,900 per sq.ft in 2023, and then rose again to the current value of Rs 3,190 per sq.ft in 2024, which is a 10% increase from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by 2,581%. 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 value among these streets is Rs 3,190 per sq.ft, which is equal to the guideline value of Mahalakshmi Nagar Extension IV for 2024.

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

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 at 7% would be Rs 2,23,300, and the registration fee at 2% would be Rs 63,800, bringing the total to Rs 2,87,100. It is essential to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Mahalakshmi Nagar Extension IV?

The Mahalakshmi Nagar Extension IV falls under the jurisdiction of 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 Perumalagaram

The guideline value is a crucial factor in the registration process when buying or selling property in Perumalagaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from property transactions.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that all transactions are recorded accurately and that the government receives its due taxes.

Frequently asked questions

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

The current guideline value of Mahalakshmi Nagar Extension IV 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 significantly, from Rs 119 per sq.ft in 2003 to Rs 3,190 per sq.ft in 2024, marking an overall increase of 2,581% over this period.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 31,90,000, the stamp duty would be Rs 2,23,300, and the registration fee would be Rs 63,800, totaling Rs 2,87,100.

Which Sub Registrar Office covers Mahalakshmi Nagar Extension IV?

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

What is the land classification for Mahalakshmi Nagar Extension IV?

The land classification for Mahalakshmi Nagar Extension IV is Residential Class V Type - I, indicating its designation for residential purposes.