Guideline Value for MAHALAKSHMI NAGAR- TEACHERS MAHALAKSHMI NAGAR

Mahalakshmi Nagar- Teachers Mahalakshmi Nagar guideline value

The current guideline value for Mahalakshmi Nagar- Teachers Mahalakshmi Nagar is Rs 500 per sq.ft, effective from 1 July 2024. This area is located in Ikkadu village under the Tiruvallur Joint 1 SRO, classified as Residential Class II Type - I.

How the guideline value of Mahalakshmi Nagar- Teachers Mahalakshmi Nagar has changed

The guideline value for Mahalakshmi Nagar- Teachers Mahalakshmi Nagar has seen several revisions over the years. The 2012 revision set the value at Rs 500 per sq.ft, which remained unchanged until the 2017 revision, where it decreased to Rs 335 per sq.ft. Following this, the value increased to Rs 500 per sq.ft in both the 2023 and 2024 revisions, reflecting a 49% increase from 2017 to 2023. The register has no figures for the years 2002, 2003, and 2007 for this street.

Overall, from 2012 to 2024, the guideline value has remained at Rs 500 per sq.ft, indicating no net change despite the fluctuations in between. The 2024 revision marks a stable point after the previous years' variations.

Guideline values in Ikkadu

In Ikkadu village, there are 51 streets under the Tiruvallur Joint 1 SRO that carry a 2024 guideline value, ranging from Rs 100 to Rs 1,400 per sq.ft. The median value for these streets is Rs 400 per sq.ft, placing Mahalakshmi Nagar- Teachers Mahalakshmi Nagar above this median at Rs 500 per sq.ft.

• Makka Nagar 1st street: Rs 300 per sq.ft (2024)
• Makka Nagar 2nd street: Rs 300 per sq.ft (2024)
• Makka Nagar 3rd street: Rs 300 per sq.ft (2024)
• Mandapam street: Rs 500 per sq.ft (2024)
• Laksmi Nagar: Rs 400 per sq.ft (2024)
• Lakshmi Nagar Annex: Rs 400 per sq.ft (2024)

Stamp duty and registration fee for property in Mahalakshmi Nagar- Teachers Mahalakshmi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 500 per sq.ft, the total guideline value amounts to Rs 5,00,000. The stamp duty at 7% would be Rs 35,000, and the registration fee at 2% would be Rs 10,000, bringing the total cost for these fees to Rs 45,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can also use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Mahalakshmi Nagar- Teachers Mahalakshmi Nagar?

The Sub Registrar Office that covers Mahalakshmi Nagar- Teachers Mahalakshmi Nagar is the Tiruvallur Joint 1 Sub Registrar Office, located at No.201, J.n.road, Taluk Office Compound, Thiruvallur-602001. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Ikkadu. It serves as a benchmark for calculating the stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property sales.

When buying or selling property, the guideline value helps in determining the minimum value at which the property can be registered. This value is essential for both buyers and sellers to understand the financial implications of their transactions.

Frequently asked questions

What is the current guideline value for Mahalakshmi Nagar- Teachers Mahalakshmi Nagar?

The current guideline value for Mahalakshmi Nagar- Teachers Mahalakshmi Nagar is Rs 500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has varied, with a decrease to Rs 335 per sq.ft in 2017, followed by an increase back to Rs 500 per sq.ft in both 2023 and 2024. Overall, from 2012 to 2024, it has remained at Rs 500 per sq.ft.

What is the land classification for Mahalakshmi Nagar- Teachers Mahalakshmi Nagar?

Mahalakshmi Nagar- Teachers Mahalakshmi Nagar is classified as Residential Class II Type - I.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 5,00,000, the stamp duty would be Rs 35,000 and the registration fee would be Rs 10,000, totaling Rs 45,000. These fees are based on the guideline value or the sale price, whichever is higher.

Which office handles registrations in Mahalakshmi Nagar- Teachers Mahalakshmi Nagar?

The Tiruvallur Joint 1 Sub Registrar Office handles registrations for Mahalakshmi Nagar- Teachers Mahalakshmi Nagar, located at No.201, J.n.road, Taluk Office Compound, Thiruvallur-602001.