Guideline Value for MAHALAKSHMI NAGAR PHASE - I

Mahalakshmi Nagar Phase - I guideline value

The current guideline value of Mahalakshmi Nagar Phase - I 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 street is Residential Special Type - I.

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

The guideline value for Mahalakshmi Nagar Phase - I has seen several revisions over the years. In 2012, the guideline value was set at Rs 700 per sq.ft. This remained unchanged until the next revision in 2017, where it decreased to Rs 469 per sq.ft. Following that, the value increased significantly to Rs 700 per sq.ft in 2023. The most recent revision in 2024 has maintained this value at Rs 700 per sq.ft, reflecting a 0% change from the previous year.

Looking at the changes between the revisions, from 2017 to 2023, there was a notable increase of 49%. However, the transition from 2012 to 2017 saw a decrease of 33%. Overall, from 2012 to 2024, the guideline value has not changed.

Guideline values in Karunilam

In Karunilam village, 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. The median guideline value in this area is Rs 501 per sq.ft, making the guideline value of Mahalakshmi Nagar Phase - I above this median.

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

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, making the total cost for these fees Rs 63,000. 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 detailed calculations.

Which Sub Registrar Office covers Mahalakshmi Nagar Phase - I?

The Mahalakshmi Nagar Phase - I 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 crucial factor in property transactions in Karunilam, as it determines the stamp duty and registration fees payable at the time of registration. Buyers and sellers must be aware of the current guideline value to ensure that they are paying the correct fees based on the property's value.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

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

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

How has the guideline value changed over the years?

The guideline value has undergone several revisions, with the most recent being Rs 700 per sq.ft in both 2023 and 2024. It was Rs 469 per sq.ft in 2017 and Rs 700 per sq.ft in 2012.

What is the median guideline value in Karunilam?

The median guideline value in Karunilam village is Rs 501 per sq.ft, with Mahalakshmi Nagar Phase - I's value being above this median.

What are the stamp duty and registration fees for properties in Mahalakshmi Nagar Phase - I?

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 in fees.

Which office handles registrations for Mahalakshmi Nagar Phase - I?

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