Guideline Value for MAHALAKSHMI NAGAR PHASE -I

Mahalakshmi Nagar Phase -I guideline value

The current guideline value of Mahalakshmi Nagar Phase -I is Rs 448 per sq.ft, effective from 1 July 2024. This area is located in Pazhayanoor village and falls under the Madurandakam SRO with a land classification of Mixed Type - I.

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

Since the 2017 revision, the guideline value for Mahalakshmi Nagar Phase -I has increased significantly. The 2017 revision set the value at Rs 300 per sq.ft, which remained unchanged until the 2023 revision, where it was still Rs 448 per sq.ft. The 2024 revision also maintains this figure at Rs 448 per sq.ft, showing no change from the previous year. It is important to note that there are no figures available for the revisions in 2002, 2003, 2007, and 2012 for this street.

Overall, from 2017 to 2024, the guideline value has increased by 49%. The consistent value of Rs 448 per sq.ft from 2023 to 2024 indicates stability in the guideline value during this period.

Guideline values in Pazhayanoor

Pazhayanoor village has nine streets under the Madurandakam SRO that carry a 2024 guideline value, ranging from Rs 100 to Rs 800 per sq.ft, with a median of Rs 300 per sq.ft. The guideline value for Mahalakshmi Nagar Phase -I is above this median, reflecting its higher valuation compared to other streets in the village.

• Mahalakshmi Nagar: Rs 448 per sq.ft (2024)
• Lakshmi Nagar: Rs 300 per sq.ft (2024)
• Jayam Seenu Garden: Rs 200 per sq.ft (2024)
• Iyeshwarya Nagar: Rs 100 per sq.ft (2024)
• Rmbx Nagar: Rs 200 per sq.ft (2024)
• Anand Nagar Phase II: Rs 448 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 448 per sq.ft, the total guideline value would be Rs 4,48,000. The stamp duty at 7% would be Rs 31,360, and the registration fee at 2% would be Rs 8,960, totaling Rs 40,320. 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 -I?

The Mahalakshmi Nagar Phase -I area is covered by the Madurandakam Sub Registrar Office, located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Pazhayanoor, as it determines the minimum value at which a property can be registered. This value is used to calculate the stamp duty and registration fees that need to be paid during the transaction.

When buying or selling property, it is essential to be aware of the current guideline value to ensure compliance with local regulations. The guideline value can influence the overall cost of the transaction, as it serves as a benchmark for property valuations.

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 448 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained at Rs 448 per sq.ft from 2023 to 2024, with a significant increase of 49% from Rs 300 per sq.ft in 2017.

What are the other streets in Pazhayanoor and their guideline values?

Other streets in Pazhayanoor include Mahalakshmi Nagar, Lakshmi Nagar, Jayam Seenu Garden, Iyeshwarya Nagar, Rmbx Nagar, and Anand Nagar Phase II, with guideline values ranging from Rs 100 to Rs 448 per sq.ft.

What is the stamp duty rate for properties in Mahalakshmi Nagar Phase -I?

The stamp duty rate for properties in Mahalakshmi Nagar Phase -I is 7% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Mahalakshmi Nagar Phase -I?

The Sub Registrar Office covering Mahalakshmi Nagar Phase -I is the Madurandakam SRO, located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone.