Guideline Value for MAHALAKSHMI NAGAR PHASE-I

Mahalakshmi Nagar Phase-I guideline value

The current guideline value of Mahalakshmi Nagar Phase-I is Rs 3,080 per sq.ft, effective from 1 July 2024. This area is located in Kannampalayam village and falls under the Kunrathur SRO. The land classification for this street is Residential Class I Type - V.

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

Over the years, the guideline value for Mahalakshmi Nagar Phase-I has seen several revisions. The register does not have figures for the years 2002, 2003, 2007, 2012, and 2017. The 2023 revision set the guideline value at Rs 2,800 per sq.ft, which was an increase from the previous revisions. The most recent 2024 revision has raised this figure to Rs 3,080 per sq.ft, marking a 10% increase from the 2023 value.

This increase indicates a significant change in the guideline value, reflecting the current market conditions. The 2024 figure is notably higher than the median guideline value of Rs 1,375 per sq.ft for the 75 streets in Kannampalayam under the Kunrathur SRO.

Guideline values in Kannampalayam

In Kannampalayam, there are 75 streets under the Kunrathur SRO, with guideline values ranging from Rs 765 to Rs 4,000 per sq.ft. The guideline value for Mahalakshmi Nagar Phase-I, at Rs 3,080 per sq.ft, is above the median value for the area. Below are the guideline values for other streets in Kannampalayam:

• Mahalakshmi Nagar: Rs 1,320 per sq.ft (2024)
• Lingam Nagar: Rs 3,300 per sq.ft (2024)
• Lakshmi Town: Rs 2,310 per sq.ft (2024)
• Lakshmi Nagar: Rs 880 per sq.ft (2024)
• Middle Street: Rs 765 per sq.ft (2024)
• Kps Nagar: Rs 2,310 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 3,080 per sq.ft, the total guideline value would be Rs 30,80,000. The stamp duty at 7% would amount to Rs 2,15,600, and the registration fee at 2% would be Rs 61,600, bringing the total fees together to Rs 2,77,200. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, 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 Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more details.

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

The guideline value plays a crucial role during the registration process when buying or selling property in Kannampalayam. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When you register a property, the stamp duty is calculated based on the guideline value or the sale price, whichever is higher. This ensures that the fees paid reflect the current market conditions as indicated by the guideline values.

Frequently asked questions

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

The current guideline value for Mahalakshmi Nagar Phase-I is Rs 3,080 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,800 per sq.ft in 2023 to Rs 3,080 per sq.ft in 2024, reflecting a 10% increase. The register does not have figures for the years 2002, 2003, 2007, 2012, and 2017.

What is the registration office for Mahalakshmi Nagar Phase-I?

The registration office for Mahalakshmi Nagar Phase-I is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069.

How is the stamp duty calculated for properties in Mahalakshmi Nagar Phase-I?

The stamp duty for properties in Mahalakshmi Nagar Phase-I is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot, the total stamp duty would be Rs 2,15,600.

What are the guideline values for other streets in Kannampalayam?

The guideline values for other streets in Kannampalayam vary, with rates ranging from Rs 765 to Rs 4,000 per sq.ft. For instance, Lingam Nagar has a guideline value of Rs 3,300 per sq.ft, while Middle Street has a value of Rs 765 per sq.ft.