Guideline Value for MAHALAKSHMI NAGAR

Mahalakshmi Nagar guideline value

The current guideline value of Mahalakshmi Nagar, located in Thirukkachur - 1 village under the Chengleput Joint II SRO, is Rs 550 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - II.

How the guideline value of Mahalakshmi Nagar has changed

The guideline value for Mahalakshmi Nagar has seen several revisions over the years. In 2012, the value was set at Rs 500 per sq.ft. This figure remained unchanged until 2017, when it decreased to Rs 335 per sq.ft, marking a decline of 33%. The value then increased significantly to Rs 500 per sq.ft in 2023, and further rose to Rs 550 per sq.ft in 2024, reflecting a 10% increase.

From 2017 to 2023, there was a remarkable increase of 49%. The overall change from the 2012 revision to the current 2024 figure shows a modest increase of 10%. Notably, there are no figures available for the revisions in 2002, 2003, and 2007 for this street.

Guideline values in Thirukkachur - 1

In Thirukkachur - 1, there are 86 streets under the Chengleput Joint II SRO with a 2024 guideline value ranging from Rs 385 to Rs 3,300 per sq.ft. The median value for these streets is Rs 660 per sq.ft, indicating that Mahalakshmi Nagar's current guideline value is below this median.

• Malai Koil Street: Rs 550 per sq.ft (2024)
• Lss Vasantham Avenue: Rs 1,843 per sq.ft (2024)
• Kurinchi Nagar: Rs 660 per sq.ft (2024)
• Marundeeswarar Avenue: Rs 590 per sq.ft (2024)
• Kulakarai Street: Rs 385 per sq.ft (2024)
• Melroasapuram: Rs 660 per sq.ft (2024)

Stamp duty and registration fee for property in Mahalakshmi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 550 per sq.ft, the total guideline value amounts to Rs 5,50,000. The stamp duty is charged at 7%, which comes to Rs 38,500, and the registration fee at 2% totals Rs 11,000. Together, the total fees would be Rs 49,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mahalakshmi Nagar?

The Mahalakshmi Nagar area is covered by the Chengleput Joint II Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, in the Chengalpattu registration zone. You can find your SRO for additional assistance.

How the guideline value is used when you buy or sell in Thirukkachur - 1

The guideline value plays a crucial role in the registration process of property transactions in Thirukkachur - 1. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue from stamp duty and registration fees.

When buying or selling property, the guideline value is used to assess the applicable stamp duty and registration fees. Buyers must be aware that these fees are calculated based on the higher of the guideline value or the actual sale price of the property.

Frequently asked questions

What is the current guideline value of Mahalakshmi Nagar?

The current guideline value of Mahalakshmi Nagar is Rs 550 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 500 per sq.ft in 2012 to Rs 335 per sq.ft in 2017, then to Rs 500 per sq.ft in 2023, and finally to Rs 550 per sq.ft in 2024.

What is the land classification for Mahalakshmi Nagar?

Mahalakshmi Nagar is classified as Residential Class I Type - II, indicating its suitability for residential development.

What are the stamp duty rates for property in Mahalakshmi Nagar?

The stamp duty for property transactions in Mahalakshmi Nagar is charged at 7% of the guideline value or sale price, whichever is higher.

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

The Chengleput Joint II Sub Registrar Office covers Mahalakshmi Nagar, located at 10, Kancheepuram Main Road, Chengalpattu 603 002.