Guideline Value for MAHALAKSHMI NAGAR

Mahalakshmi Nagar guideline value

The current guideline value of Mahalakshmi Nagar, located in Uthukadu-B village under the Walajabad SRO, is Rs 350 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - I.

How the guideline value of Mahalakshmi Nagar has changed

The guideline value for Mahalakshmi Nagar has remained consistent at Rs 350 per sq.ft since the 2023 revision, which also recorded the same figure. Prior to this, in the 2017 revision, the value was Rs 270 per sq.ft, indicating a 30% increase from 2017 to 2023. There are no recorded figures for the years 2002, 2003, 2007, and 2012 for this street.

Overall, from the 2017 revision to the current 2024 revision, the guideline value has increased by 30%, maintaining the same rate of Rs 350 per sq.ft for the last two revisions.

Guideline values in Uthukadu-B

In Uthukadu-B, there are 33 streets under the Walajabad SRO that have a 2024 guideline value ranging from Rs 200 to Rs 1,500 per sq.ft, with a median value of Rs 400 per sq.ft. Mahalakshmi Nagar's 2024 guideline value is below this median.

• Kumaran Nagar: Rs 300 per sq.ft (2024)
• Mouli Krishna Garden: Rs 350 per sq.ft (2024)
• J.S. Nagar Phase -II: Rs 800 per sq.ft (2024)
• G S Avenue: Rs 600 per sq.ft (2024)
• Rajalakshmi Nagar: Rs 300 per sq.ft (2024)
• Doctors Detroit City: Rs 775 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 350 per sq.ft, the total guideline value amounts to Rs 3,50,000. The stamp duty at 7% would be Rs 24,500, and the registration fee at 2% would be Rs 7,000, totaling Rs 31,500. It is important 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 Walajabad Sub Registrar Office, located at Sriperumbudur Road, Walajabad-631 605, Chengalpattu registration zone. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Uthukadu-B

The guideline value is a crucial factor in property transactions, as it determines the minimum value at which a property can be registered. When buying or selling property in Uthukadu-B, the guideline value is used to calculate stamp duty and registration fees, ensuring that these costs are based on a standardized value set by the government.

During the registration process, buyers and sellers must ensure that the sale price meets or exceeds the guideline value. This helps in maintaining transparency and fairness in property transactions within the region.

Frequently asked questions

What is the current guideline value of Mahalakshmi Nagar?

The current guideline value of Mahalakshmi Nagar is Rs 350 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained at Rs 350 per sq.ft since the 2023 revision. It increased from Rs 270 per sq.ft in 2017 to Rs 350 per sq.ft in 2023, marking a 30% increase.

What is the classification of land in Mahalakshmi Nagar?

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

What are the stamp duty and registration fees in Mahalakshmi Nagar?

For a property valued at Rs 3,50,000, the stamp duty would be Rs 24,500 and the registration fee would be Rs 7,000, totaling Rs 31,500.

Which office handles registrations for Mahalakshmi Nagar?

The Walajabad Sub Registrar Office handles registrations for Mahalakshmi Nagar, located at Sriperumbudur Road, Walajabad-631 605, Chengalpattu registration zone.