Guideline Value for MAHALAKSHMI NAGAR PHASE - IV

Mahalakshmi Nagar Phase - IV guideline value

The current guideline value of Mahalakshmi Nagar Phase - IV 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 - IV has changed

In the 2012 revision, the guideline value was set at Rs 700 per sq.ft. However, in the 2017 revision, it decreased to Rs 469 per sq.ft, marking a decline of 33%. The value then rose significantly in the following revisions, reaching Rs 700 per sq.ft again in 2023 and remaining unchanged at Rs 700 per sq.ft in the 2024 revision, indicating a 49% increase from 2017 to 2023. Notably, there are no figures available for the revisions in 2002, 2003, and 2007 for this street.

Overall, from 2012 to 2024, the guideline value has remained stable at Rs 700 per sq.ft, reflecting no change over this period. The 2024 figure is consistent with the previous year, showing a 0% change from 2023 to 2024.

Guideline values in Karunilam

In Karunilam village, there are 35 streets under the Chengleput Joint II SRO that have a 2024 guideline value ranging from Rs 400 to Rs 1,200 per sq.ft. The median value for these streets is Rs 501 per sq.ft, placing Mahalakshmi Nagar Phase - IV's 2024 guideline value above this median.

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

For a 1,000 sq.ft plot at the current rate of Rs 700 per sq.ft, the 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, bringing the total to Rs 63,000. It is important to note that the 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 Phase - IV?

The Mahalakshmi Nagar Phase - IV falls under 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 crucial factor when registering property transactions in Karunilam. It serves as a benchmark for calculating the stamp duty and registration fees, ensuring that both the buyer and seller are aware of the official value attributed to the property.

When a property is sold, the registration office uses the guideline value to determine the applicable taxes. This value is essential for both parties, as it reflects the legal worth of the property being transferred.

Frequently asked questions

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

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

How has the guideline value changed over the years?

The guideline value has seen fluctuations, with a decrease to Rs 469 per sq.ft in 2017 from Rs 700 in 2012, followed by a return to Rs 700 per sq.ft in both 2023 and 2024.

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

Mahalakshmi Nagar Phase - IV is classified as Residential Special Type - I, indicating its designation for residential purposes within the area.

What are the registration fees for property transactions in this area?

The registration fees include a stamp duty of 7% on the guideline value and a registration fee of 2%. For example, the total fees for a 1,000 sq.ft plot valued at Rs 7,00,000 would amount to Rs 63,000.

Which office handles registrations for Mahalakshmi Nagar Phase - IV?

The Chengleput Joint II Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, is responsible for handling registrations in Mahalakshmi Nagar Phase - IV.