Guideline Value for MAHALAKSHMI NAGAR

Mahalakshmi Nagar guideline value

The current guideline value of Mahalakshmi Nagar, located in Nanthiambakkam village under the Thiruvottiyur SRO, is Rs 330 per sq.ft, effective from 1 July 2024. This area is classified as Residential Special Type - II.

How the guideline value of Mahalakshmi Nagar has changed

The guideline value for Mahalakshmi Nagar has seen several revisions over the years. In 2002, the value was Rs 30 per sq.ft, which increased to Rs 35 per sq.ft in 2003, marking a 17% rise. The value then rose to Rs 50 per sq.ft in 2007, a significant increase of 43%. Following this, the value surged to Rs 300 per sq.ft in 2012, reflecting a 500% increase. However, it dropped to Rs 201 per sq.ft in 2017, a decrease of 33%. The value then increased to Rs 300 per sq.ft in 2023, and finally, it has reached Rs 330 per sq.ft in 2024, representing a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1000%. The register has no figures for the years between 2017 and 2023, indicating that the values for those years were not recorded for this street.

Guideline values in Nanthiambakkam

In Nanthiambakkam, there are 85 streets under the Thiruvottiyur SRO that carry a 2024 guideline value ranging from Rs 275 to Rs 770 per sq.ft. The median value is Rs 330 per sq.ft, which is equal to the guideline value of Mahalakshmi Nagar.

• Madurai Vaithya Natha Iyar Road: Rs 330 per sq.ft (2024)
• Mahaveer Nagar: Rs 330 per sq.ft (2024)
• MARIAMMAN NAGAR/ All EXTN: Rs 330 per sq.ft (2024)
• Maruthar Nagar: Rs 330 per sq.ft (2024)
• M.C. Nagar: Rs 385 per sq.ft (2024)
• M .G. R Nagar: Rs 330 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 330 per sq.ft, the total guideline value amounts to Rs 3,30,000. The stamp duty at 7% would be Rs 23,100, and the registration fee at 2% would be Rs 6,600, totaling Rs 29,700. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Mahalakshmi Nagar?

The Mahalakshmi Nagar area falls under the jurisdiction of the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Nanthiambakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the guideline value is compared to the sale price. The higher of the two figures is used to calculate the applicable duties and fees, ensuring that the government receives the correct amount 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 330 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 30 per sq.ft in 2002 to Rs 330 per sq.ft in 2024, reflecting an overall increase of 1000% over the years.

What is the classification of land in Mahalakshmi Nagar?

The land classification for Mahalakshmi Nagar is Residential Special Type - II.

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

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

How is stamp duty calculated for properties in Mahalakshmi Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a 1,000 sq.ft plot at the guideline value of Rs 330 per sq.ft would incur a total stamp duty of Rs 23,100.