Guideline Value for MAHALAKSHMI NAGAR PHASE-II

Mahalakshmi Nagar Phase-II guideline value

The current guideline value of Mahalakshmi Nagar Phase-II is Rs 2,200 per sq.ft, effective from 1 July 2024. This property is located in Arasankalani village, under the Selaiyur SRO, and is classified as Mixed Type - I land.

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

The guideline value for Mahalakshmi Nagar Phase-II has seen significant revisions over the years. In 2017, the guideline value was Rs 1,350 per sq.ft. This increased to Rs 2,016 per sq.ft in 2023, marking a substantial rise of 49%. The most recent revision in 2024 set the guideline value at Rs 2,200 per sq.ft, which is a further increase of 9% from the previous year.

There are no figures available for the years 2002, 2003, 2007, and 2012 for this street. Overall, from 2017 to 2024, the guideline value has increased by 63%.

Guideline values in Arasankalani

In Arasankalani, there are 85 streets under the Selaiyur SRO with a 2024 guideline value ranging from Rs 1,300 to Rs 4,750 per sq.ft. The median value for these streets is Rs 2,100 per sq.ft, placing Mahalakshmi Nagar Phase-II's 2024 figure above this median.

• Mahalakshmi Nagar Phase-I: Rs 2,200 per sq.ft (2024)
• Mahalakshmi Nagar: Rs 2,200 per sq.ft (2024)
• Majestic Square: Rs 2,100 per sq.ft (2024)
• Leo Crusher Estate: Rs 2,100 per sq.ft (2024)
• Mangalam Nagar: Rs 1,650 per sq.ft (2024)
• Meenakshi Street: Rs 1,300 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 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, making the total cost for these fees Rs 1,98,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Mahalakshmi Nagar Phase-II?

The Mahalakshmi Nagar Phase-II area is covered by the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, 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 Arasankalani

The guideline value is a crucial factor in property transactions in Arasankalani. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices, as it directly impacts the stamp duty and registration fees applicable during the transaction.

When a property is sold, the registration office uses the guideline value to calculate the necessary fees. This ensures that all transactions are conducted fairly and transparently, adhering to the regulations set by the state government.

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 2,200 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

From 2017 to 2024, the guideline value has increased from Rs 1,350 per sq.ft to Rs 2,200 per sq.ft, marking an overall increase of 63%.

What is the registration fee for property in Mahalakshmi Nagar Phase-II?

The registration fee is calculated as 2% of the guideline value or sale price, whichever is higher. For a property valued at Rs 22,00,000, the registration fee would be Rs 44,000.

Where is the Selaiyur Sub Registrar Office located?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.

What are the other streets in Arasankalani with their guideline values?

Other streets in Arasankalani include Mahalakshmi Nagar Phase-I and Mahalakshmi Nagar, both at Rs 2,200 per sq.ft, Majestic Square and Leo Crusher Estate at Rs 2,100 per sq.ft, Mangalam Nagar at Rs 1,650 per sq.ft, and Meenakshi Street at Rs 1,300 per sq.ft.