Guideline Value for MAHALAKSHMI NAGAR

Mahalakshmi Nagar guideline value

The current guideline value of Mahalakshmi Nagar is Rs 100 per sq.ft, effective from 1 July 2024. This area is located in Porpanthal village and falls under the Salavakkam SRO. The land classification for this region is Residential Class I Type - I.

How the guideline value of Mahalakshmi Nagar has changed

Over the years, the guideline value of Mahalakshmi Nagar has seen several revisions. The 2012 revision set the guideline value at Rs 80 per sq.ft, which then decreased to Rs 54 per sq.ft in the 2017 revision. Following this, the value increased to Rs 100 per sq.ft in both the 2023 and 2024 revisions, showing an 85% increase from 2017 to 2023 and no change from 2023 to 2024. Overall, from 2012 to 2024, the guideline value has increased by 25%.

The register has no figures for the years 2002, 2003, and 2007 for this street. Therefore, the changes in guideline value are only noted from the revisions starting in 2012.

Guideline values in Porpanthal

Currently, there are no village figures available for Porpanthal. Mahalakshmi Nagar is the only street mentioned under the Salavakkam SRO.

Stamp duty and registration fee for property in Mahalakshmi Nagar

For a 1,000 sq.ft plot at the current rate, the guideline value is Rs 1,00,000. The stamp duty at 7% would be Rs 7,000, and the registration fee at 2% would be Rs 2,000, making the total Rs 9,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Mahalakshmi Nagar?

The Sub Registrar Office that covers Mahalakshmi Nagar is the Salavakkam Sub Registrar Office, located at 2/1a, Thottakkara Street, Salavakkam, 603 107, Chengalpattu registration zone. You can find your SRO for more information.

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

When buying or selling property in Mahalakshmi Nagar, the guideline value plays a crucial role in determining the stamp duty and registration fees. The guideline value is used to calculate these fees, ensuring that the transaction is recorded accurately in the official register.

The guideline value is also an essential factor during property transactions, as it reflects the minimum value at which a property can be registered. Buyers and sellers should be aware of this value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Mahalakshmi Nagar?

The current guideline value of Mahalakshmi Nagar is Rs 100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 80 per sq.ft in 2012 to Rs 54 per sq.ft in 2017, then to Rs 100 per sq.ft in 2023 and 2024. This shows an overall increase of 25% from 2012 to 2024.

What is the stamp duty rate for properties in Mahalakshmi Nagar?

The stamp duty rate for properties in Mahalakshmi Nagar is 7% of the guideline value or the sale price, whichever is higher.

Where is the Salavakkam SRO located?

The Salavakkam Sub Registrar Office is located at 2/1a, Thottakkara Street, Salavakkam, 603 107, Chengalpattu registration zone.

How is the guideline value determined?

The guideline value is determined by the Registration Department and is based on various factors including land classification and previous revisions. It is used to calculate stamp duty and registration fees during property transactions.