Guideline Value for MAHALAKSHMI NAGAR

Mahalakshmi Nagar guideline value

The current guideline value of Mahalakshmi Nagar, located in Pazhayanoor village under the Madurandakam SRO, is Rs 250 per sq.ft, effective from 1 July 2024. This area is classified as Mixed Type - III.

How the guideline value of Mahalakshmi Nagar has changed

Over the years, the guideline value for Mahalakshmi Nagar has seen several revisions. The most recent revision in 2024 set the value at Rs 250 per sq.ft, which is unchanged from the 2023 revision. Prior to that, the 2017 revision recorded a guideline value of Rs 167 per sq.ft, reflecting a 50% increase from that year to 2023. The 2012 revision also set the value at Rs 250 per sq.ft, indicating a decrease of 33% from 2012 to 2017. Overall, from 2012 to 2024, the guideline value remains unchanged at Rs 250 per sq.ft.

It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street. The guideline value has remained stable in recent years, with the 2024 figure reflecting a consistent trend since the 2023 revision.

Guideline values in Pazhayanoor

In Pazhayanoor, there are nine streets under the Madurandakam SRO that carry a 2024 guideline value, ranging from Rs 100 to Rs 800 per sq.ft. The median guideline value for these streets is Rs 300 per sq.ft, placing Mahalakshmi Nagar's 2024 figure below this median.

• Mahalakshmi Nagar Phase -I: Rs 448 per sq.ft (2024)
• Lakshmi Nagar: Rs 300 per sq.ft (2024)
• Jayam Seenu Garden: Rs 200 per sq.ft (2024)
• Iyeshwarya Nagar: Rs 100 per sq.ft (2024)
• Rmbx Nagar: Rs 200 per sq.ft (2024)
• Anand Nagar Phase II: Rs 448 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 250 per sq.ft, the total guideline value would be Rs 2,50,000. The stamp duty at 7% would amount to Rs 17,500, while the registration fee at 2% would be Rs 5,000, bringing the total to Rs 22,500. It is essential to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mahalakshmi Nagar?

The Mahalakshmi Nagar area falls under the jurisdiction of the Madurandakam Sub Registrar Office, located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Pazhayanoor. It serves as a benchmark for determining the minimum value of a property, ensuring that the transaction is registered at a fair price. This value is used to calculate the stamp duty and registration fees applicable during the sale process.

When registering a property, the guideline value helps in assessing the legal and financial obligations that come with the transaction. Buyers and sellers must consider this value to avoid discrepancies in the registration process.

Frequently asked questions

What is the current guideline value of Mahalakshmi Nagar?

The current guideline value of Mahalakshmi Nagar is Rs 250 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained stable at Rs 250 per sq.ft since 2012, with a notable increase from Rs 167 per sq.ft in 2017 to Rs 250 per sq.ft in 2023. There are no figures available for the revisions in 2002, 2003, and 2007.

What are the guideline values of other streets in Pazhayanoor?

The guideline values of other streets in Pazhayanoor range from Rs 100 to Rs 800 per sq.ft, with Mahalakshmi Nagar's value being below the median of Rs 300 per sq.ft.

How are stamp duty and registration fees calculated?

Stamp duty is calculated at 7% of the guideline value or sale price, whichever is higher, while the registration fee is 2% of the same. For example, a 1,000 sq.ft plot at the current rate would incur a total of Rs 22,500 in fees.

Which office handles property registration for Mahalakshmi Nagar?

The Madurandakam Sub Registrar Office handles property registration for Mahalakshmi Nagar, located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone.