Guideline Value for MAHALAKSHMI NAGAR

Mahalakshmi Nagar guideline value

The current guideline value of Mahalakshmi Nagar is Rs 2,530 per sq.ft, effective from 1 July 2024. This locality is part of Mangadu -A 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 was Rs 1,407 per sq.ft. This figure increased significantly to Rs 2,300 per sq.ft in the 2023 revision, marking a 63% rise. The most recent revision in 2024 saw the value increase to Rs 2,530 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 80%. It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Mangadu -A

In Mangadu -A, there are 208 streets under the Kunrathur SRO, with guideline values ranging from Rs 1,320 to Rs 3,300 per sq.ft. The median guideline value for these streets is Rs 1,870 per sq.ft, placing Mahalakshmi Nagar's 2024 figure above that median.

• Main Road Pattu: Rs 2,200 per sq.ft (2024)
• Manali Ramakrishna Avenue: Rs 2,200 per sq.ft (2024)
• Manali Saravana Nagar: Rs 2,200 per sq.ft (2024)
• Manali Saravana Nagar IIIrd Street: Rs 2,200 per sq.ft (2024)
• Manali Saravana Nagar IInd Street: Rs 2,200 per sq.ft (2024)
• Manali Saravana Nagar Ist Street: Rs 2,200 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 2,530 per sq.ft, the total guideline value would be Rs 25,30,000. The stamp duty at 7% would amount to Rs 1,77,100, while the registration fee at 2% would be Rs 50,600, bringing the total fees together to Rs 2,27,700. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more information.

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 further assistance.

How the guideline value is used when you buy or sell in Mangadu -A

The guideline value plays a crucial role in the registration process of property transactions in Mangadu -A. It is used to determine the stamp duty and registration fees applicable when buying or selling property in the area.

When a property is registered, the higher value between the guideline value and the sale price is considered for calculating the applicable duties. This ensures that all transactions are in accordance with the established values set by the registration department.

Frequently asked questions

What is the current guideline value of Mahalakshmi Nagar?

The current guideline value of Mahalakshmi Nagar is Rs 2,530 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since the 2017 revision, the guideline value has increased from Rs 1,407 per sq.ft to Rs 2,530 per sq.ft in 2024, marking an overall increase of 80% across the revisions.

What is the land classification of Mahalakshmi Nagar?

Mahalakshmi Nagar is classified as Mixed Special Type - II, indicating its diverse land use and development potential.

What is the registration office for Mahalakshmi Nagar?

The registration office that covers Mahalakshmi Nagar is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069.

How is stamp duty calculated in Mahalakshmi Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 25,30,000, the stamp duty would be Rs 1,77,100 at a rate of 7%.