Guideline Value for MAHALAKSHMI NAGAR

Mahalakshmi Nagar guideline value

The current guideline value of Mahalakshmi Nagar, located in Kolumanivakkam village under the Kunrathur SRO, is Rs 1,350 per sq.ft, effective from 1 July 2024. The land classification for this area is Mixed Special Type - I.

How the guideline value of Mahalakshmi Nagar has changed

The guideline value of Mahalakshmi Nagar has undergone several revisions over the years. Starting from the 2007 revision, the value was Rs 200 per sq.ft. It increased significantly to Rs 1,200 per sq.ft in 2012, marking a 500% rise. However, it then decreased to Rs 804 per sq.ft in 2017, a reduction of 33%. The value rose again to Rs 1,200 per sq.ft in 2023, and subsequently increased to Rs 1,350 per sq.ft in 2024, reflecting a 13% change.

There are no figures available for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 575%.

Guideline values in Kolumanivakkam

In Kolumanivakkam, there are 47 streets under the Kunrathur SRO that carry a 2024 guideline value ranging from Rs 880 to Rs 3,290 per sq.ft. The median value for these streets is Rs 1,350 per sq.ft, which is equal to the current guideline value of Mahalakshmi Nagar.

• Mahalakshmi Nagar / Annexe: Rs 1,210 per sq.ft (2024)
• Mahalakshmi Nagar Annexe II: Rs 1,350 per sq.ft (2024)
• Mahalakshmi Nagar Annexe III: Rs 2,630 per sq.ft (2024)
• Mahalakshmi Nagar Extension: Rs 1,210 per sq.ft (2024)
• Manickam Nagar: Rs 880 per sq.ft (2024)
• Kumari Nagar: Rs 1,350 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 1,350 per sq.ft, the total guideline value would amount to Rs 13,50,000. The stamp duty, calculated at 7%, would be Rs 94,500, while the registration fee at 2% would be Rs 27,000. Together, the total cost would be Rs 1,21,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more detailed calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mahalakshmi Nagar?

The Mahalakshmi Nagar area falls under the jurisdiction of 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 Kolumanivakkam

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 Kolumanivakkam, the guideline value is used to calculate the stamp duty and registration fees, ensuring that both parties comply with legal requirements.

It is essential for buyers and sellers to be aware of the current guideline value, as it can significantly impact the overall costs associated with property transactions. Accurate knowledge of the guideline value helps in making informed decisions during the buying or selling process.

Frequently asked questions

What is the current guideline value of Mahalakshmi Nagar?

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

How has the guideline value changed over the years?

Over the years, the guideline value has changed from Rs 200 per sq.ft in 2007 to Rs 1,350 per sq.ft in 2024, reflecting an overall increase of 575%.

What are the other streets in Kolumanivakkam?

Other streets in Kolumanivakkam include Mahalakshmi Nagar / Annexe, Mahalakshmi Nagar Annexe II, Mahalakshmi Nagar Annexe III, Mahalakshmi Nagar Extension, Manickam Nagar, and Kumari Nagar, each with their respective guideline values.

What is the stamp duty for property in Mahalakshmi Nagar?

The stamp duty for property in Mahalakshmi Nagar is calculated at 7% of the guideline value. For example, for a plot valued at Rs 13,50,000, the stamp duty would be Rs 94,500.

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

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