Guideline Value for MAHALAKSHMI NAGAR

Mahalakshmi Nagar guideline value

The current guideline value of Mahalakshmi Nagar, located in Thundalam village under the Chennai South Joint I SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class II Type - I.

How the guideline value of Mahalakshmi Nagar has changed

Over the years, the guideline value of Mahalakshmi Nagar has seen significant changes. The 2007 revision recorded a guideline value of Rs 320 per sq.ft, which increased dramatically to Rs 2,000 per sq.ft in 2012, marking a rise of 525%. However, from 2012 to 2017, the value decreased to Rs 1,340 per sq.ft, reflecting a decline of 33%. The subsequent revisions saw an increase to Rs 2,000 per sq.ft in 2023, followed by a further rise to Rs 2,200 per sq.ft in 2024, which is a 10% increase from the previous year.

From the 2017 revision of Rs 1,340 per sq.ft to the 2023 revision of Rs 2,000 per sq.ft, there was an overall increase of 49%. Overall, the guideline value has increased by 588% from the 2007 revision to the current 2024 figure.

Guideline values in Thundalam

In Thundalam, a total of 97 streets fall under the Chennai South Joint I SRO, with 2024 guideline values ranging from Rs 1,100 to Rs 3,300 per sq.ft. The median value for these streets is Rs 1,870 per sq.ft, placing Mahalakshmi Nagar's current value above this median.

• Maruthi Nagar: Rs 2,750 per sq.ft (2024)
• Maruthi Nagar Bharathiyar Street: Rs 2,750 per sq.ft (2024)
• Maruthi Nagar Kamarajar Street: Rs 2,750 per sq.ft (2024)
• Maruthi Nagar Kumaran Street: Rs 2,750 per sq.ft (2024)
• Maruthi Nagar Nehru Street: Rs 2,750 per sq.ft (2024)
• Maruthi Nagar Phase I: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Mahalakshmi Nagar

For a property measuring 1,000 sq.ft at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total cost for these fees to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, 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 Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Thundalam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is documented at a fair value as per government regulations.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

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 changed significantly from Rs 320 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2024, representing an overall increase of 588% over this period.

What is the land classification for Mahalakshmi Nagar?

The land classification for Mahalakshmi Nagar is Residential Class II Type - I.

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

The Sub Registrar Office covering Mahalakshmi Nagar is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

How is stamp duty calculated in Mahalakshmi Nagar?

Stamp duty in Mahalakshmi Nagar is calculated at 7% of the guideline value or the sale price, whichever is higher. Additionally, a registration fee of 2% is also applicable.