Guideline Value for MAHALAKSHMI NAGAR

Mahalakshmi Nagar guideline value

The current guideline value of Mahalakshmi Nagar, located in Ernavur village under the Thiruvottiyur SRO, is Rs 1,600 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - II.

How the guideline value of Mahalakshmi Nagar has changed

The guideline value for Mahalakshmi Nagar has seen several revisions over the years. Starting from Rs 185 per sq.ft in 2002, it increased to Rs 211 per sq.ft in 2003, marking a 14% growth. The value then rose significantly to Rs 350 per sq.ft in 2007, which was a 66% increase. In 2012, the value was recorded at Rs 1,500 per sq.ft, reflecting a substantial 329% increase from the previous revision.

Following this, the guideline value decreased to Rs 1,005 per sq.ft in 2017, a drop of 33%. The most recent revisions show an increase to Rs 1,500 per sq.ft in 2023, and then to Rs 1,600 per sq.ft in 2024, which is a 7% increase. Overall, from 2002 to 2024, the guideline value has increased by 765%.

Guideline values in Ernavur

In Ernavur, there are 82 streets under the Thiruvottiyur SRO that carry a 2024 guideline value ranging from Rs 1,000 to Rs 7,300 per sq.ft. The median value is Rs 1,600 per sq.ft, which is the same as the guideline value for Mahalakshmi Nagar. Below are other streets in Ernavur with their respective 2024 guideline values:

• Maakaliamman Koil Nagar: Rs 1,400 per sq.ft (2024)
• Manali Express Road: Rs 3,300 per sq.ft (2024)
• Mariamman Koil Street: Rs 1,400 per sq.ft (2024)
• Mettu Street: Rs 1,400 per sq.ft (2024)
• Mullai Nagar: Rs 1,600 per sq.ft (2024)
• MURUGAPPA NAGAR (Barathi Street): Rs 1,800 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 1,600 per sq.ft, the total guideline value would be Rs 16,00,000. The stamp duty at 7% would amount to Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, bringing the total to Rs 1,44,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Mahalakshmi Nagar?

The Sub Registrar Office that covers Mahalakshmi Nagar is the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor when registering property transactions in Ernavur. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that these costs are based on a standardized value rather than fluctuating market prices.

When a property is sold, the buyer must pay the stamp duty and registration fees based on the higher of the guideline value or the sale price. This process helps maintain transparency and consistency in property transactions within the region.

Frequently asked questions

What is the current guideline value of Mahalakshmi Nagar?

The current guideline value of Mahalakshmi Nagar is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 185 per sq.ft in 2002 to Rs 1,600 per sq.ft in 2024, reflecting an overall increase of 765% over this period.

What is the land classification of Mahalakshmi Nagar?

Mahalakshmi Nagar is classified as Residential Class I Type - II.

What other streets have guideline values in Ernavur?

Other streets in Ernavur include Maakaliamman Koil Nagar at Rs 1,400 per sq.ft, Manali Express Road at Rs 3,300 per sq.ft, and Mariamman Koil Street at Rs 1,400 per sq.ft, among others.

Where is the Thiruvottiyur Sub Registrar Office located?

The Thiruvottiyur Sub Registrar Office is located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019.