Guideline Value for MAHALAKSHMI NAGAR

Mahalakshmi Nagar guideline value

The current guideline value of Mahalakshmi Nagar is Rs 100 per sq.ft, effective from 1 July 2024. This street is located in Ammambakkam village under the Oothukkottai SRO, classified as Residential Class I Type - I.

How the guideline value of Mahalakshmi Nagar has changed

The guideline value for Mahalakshmi Nagar has seen several revisions over the years. The 2012 revision set the value at Rs 100 per sq.ft. This remained unchanged in the 2017 revision, where the value was Rs 67 per sq.ft, reflecting a decrease of 33%. The 2023 revision again set the value at Rs 100 per sq.ft, maintaining the same figure as the previous year. The 2024 revision also confirms this value at Rs 100 per sq.ft, marking no change from the 2023 figure.

In summary, the guideline value has remained consistent at Rs 100 per sq.ft from 2023 to 2024. However, from 2017 to 2023, there was a significant increase of 49%. Overall, from the 2012 revision to the 2024 revision, the guideline value has not changed, remaining at Rs 100 per sq.ft.

Guideline values in Ammambakkam

Ammambakkam village has 14 streets under the Oothukkottai SRO that carry a 2024 guideline value, ranging from Rs 100 to Rs 150 per sq.ft. The median value for these streets is Rs 100 per sq.ft, which is equal to the guideline value of Mahalakshmi Nagar.

• Mayur Garden Phase IV: Rs 100 per sq.ft (2024)
• Dhanalakshmi Nagar: Rs 100 per sq.ft (2024)
• Sainagar: Rs 100 per sq.ft (2024)
• Sai Nagar - I: Rs 100 per sq.ft (2024)
• Sathish Nagar: Rs 100 per sq.ft (2024)
• Bavaniamman Nagar: Rs 100 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 100 per sq.ft, the total guideline value amounts to Rs 1,00,000. The stamp duty at 7% would be Rs 7,000, and the registration fee at 2% would be Rs 2,000, bringing the total to Rs 9,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can also use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Mahalakshmi Nagar?

The Mahalakshmi Nagar area falls under the Oothukkottai Sub Registrar Office, located near the government hospital in Uthukottai, Chennai, 602026. To find your specific SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Ammambakkam. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

During the registration process, the guideline value is compared to the sale price, and the duty is charged on whichever is higher. This ensures that the government receives appropriate revenue from property transactions based on established values.

Frequently asked questions

What is the current guideline value of Mahalakshmi Nagar?

The current guideline value of Mahalakshmi Nagar is Rs 100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained at Rs 100 per sq.ft from 2023 to 2024, but it increased by 49% from Rs 67 per sq.ft in 2017 to Rs 100 per sq.ft in 2023.

What is the land classification of Mahalakshmi Nagar?

Mahalakshmi Nagar is classified as Residential Class I Type - I, indicating its suitability for residential purposes.

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

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot valued at Rs 1,00,000, the total fees would be Rs 9,000.

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

The Oothukkottai Sub Registrar Office covers Mahalakshmi Nagar and is located near the government hospital in Uthukottai, Chennai, 602026.