Guideline Value for MAHALAKSHMI NAGAR PHASE - V

Mahalakshmi Nagar Phase - V guideline value

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

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

Over the years, the guideline value for Mahalakshmi Nagar Phase - V has seen several revisions. The 2012 revision set the value at Rs 700 per sq.ft, which remained unchanged in the 2023 revision. The 2017 revision saw a decrease to Rs 469 per sq.ft, marking a -33% change from the 2012 figure. The most recent revision in 2024 maintained the value at Rs 700 per sq.ft, reflecting a 0% change from the previous year.

Between 2017 and 2023, there was a significant increase of 49%, bringing the value back to Rs 700 per sq.ft in 2023. It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street.

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. The median guideline value for these streets is Rs 501 per sq.ft, placing Mahalakshmi Nagar Phase - V above this median.

• Mahalakshmi Nagar Phase - IV: 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 - V

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. Please note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Mahalakshmi Nagar Phase - V?

The Sub Registrar Office that covers Mahalakshmi Nagar Phase - V 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 an essential 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 registered, the guideline value is compared to the sale price, and the duty is charged on the higher of the two. This ensures that the registration fees reflect the true value of the property being transferred.

Frequently asked questions

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

The current guideline value of Mahalakshmi Nagar Phase - V 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 decrease to Rs 469 per sq.ft in 2017 and an increase of 49% from 2017 to 2023.

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

The land classification for Mahalakshmi Nagar Phase - V is Residential Special Type - I, indicating its intended use for residential purposes.

What are the other streets in Karunilam with similar guideline values?

Other streets in Karunilam with a guideline value of Rs 700 per sq.ft include Mahalakshmi Nagar Phase - I, II, III, IV, and Metro Elite Home. Mahalakshmi nagar has a guideline value of Rs 501 per sq.ft.

Where can I find the Chengleput Joint II Sub Registrar Office?

The Chengleput Joint II Sub Registrar Office is located at 10, Kancheepuram Main Road, Chengalpattu 603 002. You can find more details by visiting the provided link.