Guideline Value for MAHALAKSHMI NAGAR PHASE-I

Mahalakshmi Nagar Phase-I guideline value

The current guideline value of Mahalakshmi Nagar Phase-I is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is located in Arasankalani village under the Selaiyur Sub Registrar Office (SRO) with a land classification of Mixed Type - I.

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

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

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

Guideline values in Arasankalani

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

• Mahalakshmi Nagar Phase-II: 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-I

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total fees to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, 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 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 when registering a property in Arasankalani. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that the government receives appropriate revenue from property transactions.

When buying or selling property, the guideline value helps establish a fair price for the transaction. It is important for both buyers and sellers to be aware of the current guideline value to avoid discrepancies during the registration process.

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

How much has the guideline value changed since 2017?

Since the 2017 revision, the guideline value has increased by 63%, from Rs 1,350 per sq.ft to Rs 2,200 per sq.ft in 2024.

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

The stamp duty rate for property transactions in Mahalakshmi Nagar Phase-I is 7% of the guideline value or the 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 located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.

What is the range of guideline values in Arasankalani?

The guideline values in Arasankalani range from Rs 1,300 to Rs 4,750 per sq.ft, with a median value of Rs 2,100 per sq.ft for the year 2024.