Guideline Value for MAHALAKSHMI NAGAR

Mahalakshmi Nagar guideline value

The current guideline value of Mahalakshmi Nagar, located in Malayambakkam village under the Kunrathur SRO, is Rs 1,210 per sq.ft, effective from 1 July 2024. This area is classified as Residential Special Type - I.

How the guideline value of Mahalakshmi Nagar has changed

The guideline value for Mahalakshmi Nagar has undergone several revisions over the years. The 2012 revision set the value at Rs 1,100 per sq.ft, which then decreased to Rs 737 per sq.ft in the 2017 revision. Subsequently, the value increased significantly to Rs 1,100 per sq.ft in the 2023 revision, and finally to Rs 1,210 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

From the 2017 revision to the 2023 revision, there was a notable increase of 49%. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%. The register does not have figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Malayambakkam

Mahalakshmi Nagar's guideline value of Rs 1,210 per sq.ft is above the median value of Rs 935 per sq.ft for the 82 streets in Malayambakkam under the Kunrathur SRO, which range from Rs 450 to Rs 2,750 per sq.ft.

• Lakshmipathi Nagar: Rs 660 per sq.ft (2024)
• Mariamman Koil Street: Rs 880 per sq.ft (2024)
• M.G.R. Salai: Rs 880 per sq.ft (2024)
• Ms Avenue: Rs 1,400 per sq.ft (2024)
• K.K. Nagar: Rs 1,210 per sq.ft (2024)
• Om Ganapathy Nagar: Rs 935 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 1,210 per sq.ft, the total guideline value would be Rs 12,10,000. The stamp duty at 7% would amount to Rs 84,700, while the registration fee at 2% would be Rs 24,200, making the total cost for these fees Rs 1,08,900. 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 the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mahalakshmi Nagar?

The Sub Registrar Office covering 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 details.

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

The guideline value is a crucial factor during the registration process of property transactions in Malayambakkam. It serves as a benchmark for determining the stamp duty and registration fees that must be paid when a property is bought or sold.

When registering a property, the guideline value is compared to the sale price, and the higher amount is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue based on the property's value.

Frequently asked questions

What is the current guideline value of Mahalakshmi Nagar?

The current guideline value of Mahalakshmi Nagar is Rs 1,210 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,100 per sq.ft in 2012 to Rs 737 per sq.ft in 2017, then increased to Rs 1,100 per sq.ft in 2023, and finally to Rs 1,210 per sq.ft in 2024.

What is the land classification of Mahalakshmi Nagar?

Mahalakshmi Nagar is classified as Residential Special Type - I, indicating its intended use for residential purposes.

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

For a property valued at Rs 12,10,000, the stamp duty would be Rs 84,700, and the registration fee would be Rs 24,200, totaling Rs 1,08,900.

Which office handles property registrations in Mahalakshmi Nagar?

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