Guideline Value for MAHALAKSHMI NAGAR

Mahalakshmi Nagar guideline value

The current guideline value of Mahalakshmi Nagar is Rs 1,600 per sq.ft, effective from 1 July 2024. This area is located in Korattur village and falls under the Villivakkam SRO. The land classification for this street is Residential Class III Type - III.

How the guideline value of Mahalakshmi Nagar has changed

The guideline value for Mahalakshmi Nagar has undergone several revisions over the years. In the 2007 revision, the guideline value was set at Rs 375 per sq.ft. This figure saw a significant increase in the 2012 revision, where it rose to Rs 1,500 per sq.ft, marking a 300% increase. The value remained unchanged in the 2023 revision, still at Rs 1,500 per sq.ft.

With the latest 2024 revision, the guideline value increased to Rs 1,600 per sq.ft, which is a 7% rise from the previous year. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 327%.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO with a 2024 guideline value ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median value for these streets is Rs 2,500 per sq.ft, placing Mahalakshmi Nagar's 2024 figure below that median.

• Maduravoyal Service Road: Rs 2,900 per sq.ft (2024)
• Madhava Nagar: Rs 1,300 per sq.ft (2024)
• Madhanakuppam Road: Rs 2,100 per sq.ft (2024)
• Malar Nagar Mgr.Street: Rs 2,500 per sq.ft (2024)
• Malligai Avenue: Rs 1,600 per sq.ft (2024)
• Ma.Chandran Nagar: Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Mahalakshmi Nagar

For a 1,000 sq.ft plot at the current rate of Rs 1,600 per sq.ft, the guideline value amounts to Rs 16,00,000. The stamp duty at 7% would be Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, totaling Rs 1,44,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mahalakshmi Nagar?

The Sub Registrar Office that covers Mahalakshmi Nagar is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Korattur. It is used to determine the stamp duty and registration fees that need to be paid when a property is bought or sold.

When registering a property, the guideline value is compared with the sale price, and the duty is charged on the higher of the two amounts. This ensures that the registration process is aligned with the current market conditions as reflected in the guideline values.

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 from Rs 375 per sq.ft in 2007 to Rs 1,600 per sq.ft in 2024, marking an overall increase of 327%.

What is the land classification for Mahalakshmi Nagar?

The land classification for Mahalakshmi Nagar is Residential Class III Type - III.

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

The Sub Registrar Office for Mahalakshmi Nagar is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is the stamp duty calculated for properties in Mahalakshmi Nagar?

The stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a property with a guideline value of Rs 16,00,000, the stamp duty would be Rs 1,12,000.