Guideline Value for MAHALAKSHMI NAGAR

Mahalakshmi Nagar guideline value

The current guideline value of Mahalakshmi Nagar, located in Perumalagaram village, is Rs 3,190 per sq.ft, effective from 1 July 2024. This area falls under the Chennai South Joint II SRO and is classified as Residential Class V 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 earliest recorded figure in the register is from 2002, where the value was Rs 90 per sq.ft. By 2003, this increased to Rs 119 per sq.ft, marking a 32% rise. The value continued to climb dramatically, reaching Rs 1,458 per sq.ft in 2007, which was a staggering increase of 1,125%. In 2012, the figure remained at Rs 2,900 per sq.ft, showing no change for this street. However, from 2012 to 2017, the value dropped by 33% to Rs 1,943 per sq.ft. The value then increased significantly to Rs 2,900 per sq.ft in 2023, before reaching the current rate of Rs 3,190 per sq.ft in 2024, reflecting a 10% increase.

From 2017 to 2023, the guideline value rose by 49%. Overall, from 2002 to 2024, the guideline value has increased by 3,444%, highlighting the substantial growth in this area over the years.

Guideline values in Perumalagaram

In Perumalagaram, there are 74 streets under the Chennai South Joint II SRO with a 2024 guideline value ranging from Rs 825 to Rs 7,920 per sq.ft. The median value is Rs 3,190 per sq.ft, which is equal to the guideline value of Mahalakshmi Nagar.

• Mahalakshmi Nagar Extension I: Rs 3,190 per sq.ft (2024)
• Mahalakshmi Nagar Extension II: Rs 3,190 per sq.ft (2024)
• Mahalakshmi Nagar Extension III: Rs 3,190 per sq.ft (2024)
• Mahalakshmi Nagar Extension IV: Rs 3,190 per sq.ft (2024)
• Mahalakshmi Nagar Extension V: Rs 3,190 per sq.ft (2024)
• Mahalakshmi Nagar Extension VI: Rs 3,190 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 3,190 per sq.ft, the total guideline value amounts to Rs 31,90,000. The stamp duty at 7% would be Rs 2,23,300, and the registration fee at 2% would be Rs 63,800, bringing the total to Rs 2,87,100. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use our stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mahalakshmi Nagar?

The Mahalakshmi Nagar area is covered by the Chennai South Joint II 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 details.

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

When buying or selling property in Perumalagaram, the guideline value plays a crucial role in determining the stamp duty and registration fees. The guideline value is set by the government and is used as a reference point for property transactions. It ensures that the value of the property is assessed fairly for taxation purposes.

During the registration process, the buyer must pay the applicable stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the correct 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 3,190 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2002, the guideline value has increased significantly from Rs 90 per sq.ft to Rs 3,190 per sq.ft in 2024, reflecting a total increase of 3,444% over the years.

What is the registration office for Mahalakshmi Nagar?

The registration office for Mahalakshmi Nagar is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

How are stamp duties calculated in Mahalakshmi Nagar?

Stamp duties in Mahalakshmi Nagar are calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 31,90,000, the stamp duty at 7% would be Rs 2,23,300.

What is the land classification of Mahalakshmi Nagar?

Mahalakshmi Nagar is classified as Residential Class V Type - I, indicating its designation for residential purposes within the area.