Guideline Value for MAHALAKSHMI NAGAR

Mahalakshmi Nagar guideline value

The current guideline value of Mahalakshmi Nagar is Rs 1,320 per sq.ft, effective from 1 July 2024. This locality is part of Kannampalayam village under the Kunrathur SRO, classified as Mixed Special Type - II.

How the guideline value of Mahalakshmi Nagar has changed

In the 2017 revision, the guideline value for Mahalakshmi Nagar was Rs 1,200 per sq.ft. This figure remained unchanged until the 2023 revision, which also recorded Rs 1,200 per sq.ft. However, from 2023 to 2024, the guideline value increased by 10% to Rs 1,320 per sq.ft. Overall, from 2017 to 2024, there has been a 10% increase in the guideline value.

The register has no figure for Mahalakshmi Nagar in the years 2002, 2003, 2007, and 2012. Therefore, the only relevant revisions are from 2017, 2023, and the most recent 2024 revision.

Guideline values in Kannampalayam

In Kannampalayam, there are 75 streets under the Kunrathur SRO that carry a 2024 guideline value, ranging from Rs 765 to Rs 4,000 per sq.ft. The median guideline value for these streets is Rs 1,375 per sq.ft, placing Mahalakshmi Nagar's 2024 figure below this median.

• Mahalakshmi Nagar Phase-I: Rs 3,080 per sq.ft (2024)
• Lingam Nagar: Rs 3,300 per sq.ft (2024)
• Lakshmi Town: Rs 2,310 per sq.ft (2024)
• Lakshmi Nagar: Rs 880 per sq.ft (2024)
• Middle Street: Rs 765 per sq.ft (2024)
• Kps Nagar: Rs 2,310 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 1,320 per sq.ft, the total guideline value would be Rs 13,20,000. The stamp duty at 7% would amount to Rs 92,400, while the registration fee at 2% would be Rs 26,400. Together, the total cost for stamp duty and registration fee would be Rs 1,18,800. It is important to note that 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 Sub Registrar Office that covers Mahalakshmi Nagar is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more information.

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

The guideline value is an important factor used during the registration of property transactions in Kannampalayam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees.

When buying or selling a property, the guideline value helps both parties understand the official valuation of the property, which can influence negotiations and final sale prices. It is essential for buyers and sellers to be aware of the current guideline value to ensure compliance with registration requirements.

Frequently asked questions

What is the current guideline value of Mahalakshmi Nagar?

The current guideline value of Mahalakshmi Nagar is Rs 1,320 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value of Mahalakshmi Nagar has changed from Rs 1,200 per sq.ft in 2017 to Rs 1,200 per sq.ft in 2023, and then increased to Rs 1,320 per sq.ft in 2024.

What is the land classification of Mahalakshmi Nagar?

Mahalakshmi Nagar is classified as Mixed Special Type - II under the land classification scheme.

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

For a property valued at Rs 13,20,000, the stamp duty would be Rs 92,400 and the registration fee would be Rs 26,400, totaling Rs 1,18,800.

Where is the Sub Registrar Office for Mahalakshmi Nagar located?

The Sub Registrar Office for Mahalakshmi Nagar is located at No.59, Road Street, Kundrathur, Chennai -600 069.