Guideline Value for MAHALAKSHMI NAGAR EXTENSION VI

Mahalakshmi Nagar Extension VI guideline value

The current guideline value of Mahalakshmi Nagar Extension VI 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 street is Residential Class V Type - I.

How the guideline value of Mahalakshmi Nagar Extension VI has changed

The guideline value for Mahalakshmi Nagar Extension VI has undergone several revisions over the years. The earliest recorded figure is from 2007, where the value was Rs 1,458 per sq.ft. This increased to Rs 2,900 per sq.ft in 2012, marking a significant rise of 99%. However, from 2012 to 2017, the value decreased to Rs 1,943 per sq.ft, a decline of 33%. The value then saw a substantial increase to Rs 2,900 per sq.ft in 2023, which was a 49% rise from the previous figure.

The most recent revision in 2024 set the guideline value at Rs 3,190 per sq.ft, reflecting a 10% increase from the 2023 figure. Overall, from the 2007 revision to the current 2024 value, there has been an increase of 119%.

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 across these streets is Rs 3,190 per sq.ft, which is equal to the current guideline value for Mahalakshmi Nagar Extension VI.

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

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 stamp duty and registration 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 details.

Which Sub Registrar Office covers Mahalakshmi Nagar Extension VI?

The Mahalakshmi Nagar Extension VI is covered by 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

When buying or selling property in Perumalagaram, the guideline value plays a crucial role in determining the stamp duty and registration fees. The guideline value is set by the government and is used as a benchmark for property transactions, ensuring that the transaction is recorded at a fair value.

During the registration process, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures compliance with the regulations set forth by the Registration Department.

Frequently asked questions

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

The current guideline value for Mahalakshmi Nagar Extension VI 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 seen several revisions, increasing from Rs 1,458 per sq.ft in 2007 to Rs 3,190 per sq.ft in 2024, marking an overall increase of 119% over this period.

What is the land classification for Mahalakshmi Nagar Extension VI?

The land classification for Mahalakshmi Nagar Extension VI is Residential Class V Type - I, indicating its suitability for residential development.

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

The Sub Registrar Office covering Mahalakshmi Nagar Extension VI 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 this area?

Stamp duty for properties in Mahalakshmi Nagar Extension VI is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value incurs a total stamp duty and registration fee of Rs 2,87,100.