Guideline Value for MAHALAKSHMI NAGAR PHASE - III

Mahalakshmi Nagar Phase - III guideline value

The current guideline value of Mahalakshmi Nagar Phase - III is Rs 700 per sq.ft, effective from 1 July 2024. This area is located in Karunilam village and falls under the Chengleput Joint II SRO. The land classification for this region is Residential Special Type - I.

How the guideline value of Mahalakshmi Nagar Phase - III has changed

Over the years, the guideline value for Mahalakshmi Nagar Phase - III has seen several revisions. The 2012 revision set the value at Rs 700 per sq.ft, which remained unchanged until the 2023 revision, also at Rs 700 per sq.ft. The 2017 revision recorded a lower value of Rs 469 per sq.ft, marking a decrease of 33% from the 2012 figure. Between the 2017 and 2023 revisions, there was a significant increase of 49% bringing the value back to Rs 700 per sq.ft. The current 2024 revision continues this trend, with no change from the previous year.

It is important to note that for the years 2002, 2003, and 2007, the register has no figure for this street. Overall, from 2012 to 2024, the guideline value has remained unchanged at Rs 700 per sq.ft.

Guideline values in Karunilam

In Karunilam, there are 35 streets under the Chengleput Joint II SRO that carry a 2024 guideline value ranging from Rs 400 to Rs 1,200 per sq.ft, with a median value of Rs 501 per sq.ft. The guideline value for Mahalakshmi Nagar Phase - III is above this median.

• Mahalakshmi Nagar Phase - II: Rs 700 per sq.ft (2024)
• Mahalakshmi Nagar Phase - IV: Rs 700 per sq.ft (2024)
• Mahalakshmi Nagar Phase - V: Rs 700 per sq.ft (2024)
• Mahalakshmi Nagar Phase - I: Rs 700 per sq.ft (2024)
• Mahalakshmi nagar: Rs 501 per sq.ft (2024)
• Metro Elite Home: Rs 700 per sq.ft (2024)

Stamp duty and registration fee for property in Mahalakshmi Nagar Phase - III

For a 1,000 sq.ft plot at the current guideline value of Rs 700 per sq.ft, the total guideline value amounts to Rs 7,00,000. The stamp duty at 7% would be Rs 49,000, and the registration fee at 2% would be Rs 14,000, totaling Rs 63,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mahalakshmi Nagar Phase - III?

The Sub Registrar Office that covers Mahalakshmi Nagar Phase - III is the Chengleput Joint II Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a critical factor in the registration process when buying or selling property in Karunilam. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two amounts is used to calculate the stamp duty. This ensures that the fees are based on a fair valuation of the property being transferred.

Frequently asked questions

What is the current guideline value of Mahalakshmi Nagar Phase - III?

The current guideline value of Mahalakshmi Nagar Phase - III is Rs 700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained at Rs 700 per sq.ft from 2012 to 2024, with a significant increase of 49% from Rs 469 per sq.ft in 2017 to Rs 700 per sq.ft in 2023.

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

For a property valued at Rs 7,00,000, the stamp duty would be Rs 49,000 and the registration fee would be Rs 14,000, totaling Rs 63,000.

Which office handles registrations for Mahalakshmi Nagar Phase - III?

The Chengleput Joint II Sub Registrar Office handles registrations for Mahalakshmi Nagar Phase - III, located at 10, Kancheepuram Main Road, Chengalpattu 603 002.

What is the land classification for Mahalakshmi Nagar Phase - III?

The land classification for Mahalakshmi Nagar Phase - III is Residential Special Type - I.