Guideline Value for MAHALAKSHMI NAGAR PHASE - II

Mahalakshmi Nagar Phase - II guideline value

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

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

The guideline value for Mahalakshmi Nagar Phase - II has seen several revisions over the years. In 2007, the value was Rs 380 per sq.ft, which increased to Rs 700 per sq.ft in 2012. This marked an increase of 84%. However, between 2012 and 2017, it decreased to Rs 469 per sq.ft, a decline of 33%. The value then rose significantly to Rs 700 per sq.ft in 2023, reflecting a 49% increase. The current guideline value remains the same at Rs 700 per sq.ft as of the 2024 revision, showing no change from the previous year.

It is important to note that the register has no figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 84%.

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. Mahalakshmi Nagar Phase - II's current guideline value is above this median.

• Mahalakshmi Nagar Phase - III: Rs 700 per sq.ft (2024)
• Mahalakshmi Nagar Phase - I: 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: 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 - II

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

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mahalakshmi Nagar Phase - II?

The Mahalakshmi Nagar Phase - II area is covered by 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 when buying or selling property in Karunilam, as it determines the minimum price at which a property can be registered. This value is used to calculate the stamp duty and registration fees that must be paid during the transaction.

When a property is sold, the buyer must ensure that the sale price is equal to or higher than the guideline value to avoid complications during registration. The registration office will assess the property based on this value to determine the applicable fees.

Frequently asked questions

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

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

How has the guideline value changed over the years?

The guideline value has changed several times, from Rs 380 per sq.ft in 2007 to Rs 700 per sq.ft in 2012, then decreased to Rs 469 per sq.ft in 2017, and has remained at Rs 700 per sq.ft from 2023 to 2024.

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

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

Where is the Chengleput Joint II SRO located?

The Chengleput Joint II SRO is located at 10, Kancheepuram Main Road, Chengalpattu 603 002, in the Chengalpattu registration zone.

How is stamp duty calculated for properties in Mahalakshmi Nagar Phase - 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 7,00,000, the stamp duty would be Rs 49,000 at 7%.