Guideline Value for MAHALAKSHMI NAGAR

Mahalakshmi Nagar guideline value

The current guideline value of Mahalakshmi Nagar in Arasankalani village is Rs 2,200 per sq.ft, effective from 1 July 2024. This area falls under the Selaiyur Sub Registrar Office (SRO) and is classified as Mixed Type - I land.

How the guideline value of Mahalakshmi Nagar has changed

The guideline value for Mahalakshmi Nagar has seen several revisions over the years. The 2017 revision set the value at Rs 1,350 per sq.ft. This increased to Rs 2,016 per sq.ft in 2023, marking a significant rise of 49%. The most recent revision in 2024 has further increased the value to Rs 2,200 per sq.ft, reflecting a 9% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 63%. It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2012 for this street in the register.

Guideline values in Arasankalani

In Arasankalani, there are 85 streets under the Selaiyur SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 4,750 per sq.ft. The median guideline value for these streets is Rs 2,100 per sq.ft, placing Mahalakshmi Nagar's 2024 figure above that median.

• Mahalakshmi Nagar Phase-I: Rs 2,200 per sq.ft (2024)
• Mahalakshmi Nagar Phase-II: Rs 2,200 per sq.ft (2024)
• Majestic Square: Rs 2,100 per sq.ft (2024)
• Leo Crusher Estate: Rs 2,100 per sq.ft (2024)
• Mangalam Nagar: Rs 1,650 per sq.ft (2024)
• Meenakshi Street: Rs 1,300 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 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty, charged at 7%, would be Rs 1,54,000, while the registration fee at 2% would be Rs 44,000. Together, these fees total Rs 1,98,000. 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 is covered by the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Arasankalani. It determines the amount of stamp duty and registration fees that need to be paid, which are calculated based on the guideline value or the sale price, whichever is higher.

Understanding the guideline value is important for both buyers and sellers as it affects the overall cost of property transactions. It is advisable to check the latest revisions to ensure compliance with the current rates during registration.

Frequently asked questions

What is the current guideline value of Mahalakshmi Nagar?

The current guideline value of Mahalakshmi Nagar is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,350 per sq.ft in 2017 to Rs 2,200 per sq.ft in 2024, reflecting a total increase of 63% over this period.

What is the median guideline value for streets in Arasankalani?

The median guideline value for the 85 streets in Arasankalani is Rs 2,100 per sq.ft, with Mahalakshmi Nagar's value being above this median at Rs 2,200 per sq.ft.

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

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

Where is the Selaiyur Sub Registrar Office located?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.