Guideline Value for MAHALAKSHMI NAGAR EXTENSION I

Mahalakshmi Nagar Extension I guideline value

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

How the guideline value of Mahalakshmi Nagar Extension I has changed

The guideline value for Mahalakshmi Nagar Extension I has undergone several revisions over the years. In 2003, the guideline value was Rs 119 per sq.ft, which increased significantly to Rs 1,458 per sq.ft in 2007, marking a change of +1125%. The value then rose to Rs 2,900 per sq.ft in 2012, which was a +99% increase. However, from 2012 to 2017, the value decreased to Rs 1,943 per sq.ft, reflecting a -33% change. In 2023, the guideline value was revised to Rs 2,900 per sq.ft, and in the latest revision in 2024, it increased to Rs 3,190 per sq.ft, representing a +10% change.

Overall, from the initial figure in 2003 to the current guideline value in 2024, there has been a substantial increase of +2581%. The register has no figure for the year 2002 for this street.

Guideline values in Perumalagaram

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

• Mahalakshmi Nagar Extension II: 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 I

For a 1,000 sq.ft plot at the current guideline value of Rs 3,190 per sq.ft, the total guideline value would be Rs 31,90,000. The stamp duty, charged at 7%, would amount to Rs 2,23,300, while the registration fee at 2% would be Rs 63,800. Together, the total cost for stamp duty and registration would be Rs 2,87,100. It is important to note that duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mahalakshmi Nagar Extension I?

The Sub Registrar Office that covers Mahalakshmi Nagar Extension I 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 Perumalagaram

The guideline value plays a crucial role in the registration process of property transactions in Perumalagaram. When a property is bought or sold, the guideline value is used to determine the stamp duty and registration fees that need to be paid. This ensures that the government collects appropriate revenue based on the value of the property being transferred.

It is essential for buyers and sellers to be aware of the guideline value, as it impacts the overall cost of the transaction. Accurate knowledge of the guideline value helps in making informed decisions during the buying or selling process.

Frequently asked questions

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

The current guideline value of Mahalakshmi Nagar Extension I 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 increased from Rs 119 per sq.ft in 2003 to Rs 3,190 per sq.ft in 2024, marking an overall increase of +2581% over the years.

What is the land classification of Mahalakshmi Nagar Extension I?

Mahalakshmi Nagar Extension I is classified as Residential Class V Type - I.

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

The stamp duty is charged at 7%, while the registration fee is charged at 2% of the guideline value or the sale price, whichever is higher.

Which office handles the registration for Mahalakshmi Nagar Extension I?

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