Guideline Value for Mahalakshmi Nagar

Mahalakshmi Nagar guideline value

The current guideline value of Mahalakshmi Nagar, located in Kovilpathagai village under the Ambattur SRO, is Rs 803 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class IV 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 400 per sq.ft, which increased to Rs 268 per sq.ft in 2017. This was a decrease of 33%. However, from 2017 to 2023, the value rose significantly to Rs 803 per sq.ft, marking a 200% increase. The 2023 revision maintained the same value of Rs 803 per sq.ft, which remains unchanged in the 2024 revision.

There are no figures available for the years 2002, 2003, and 2007 in the register for this street. Overall, from 2012 to 2024, the guideline value has increased by 101%.

Guideline values in Kovilpathagai

Kovilpathagai village has a total of 278 streets under the Ambattur SRO, with guideline values ranging from Rs 803 to Rs 2,900 per sq.ft. The median guideline value for the village is Rs 870 per sq.ft, indicating that Mahalakshmi Nagar's 2024 figure is below this median.

• Magesh Nagar: Rs 803 per sq.ft (2024)
• Mahalakshmi Street (Ashok Nagar): Rs 880 per sq.ft (2024)
• Malliga Nagar: Rs 990 per sq.ft (2024)
• Lotus Nagar: Rs 803 per sq.ft (2024)
• Mamathu Street: Rs 805 per sq.ft (2024)
• Mangalam Nagar: Rs 803 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 803 per sq.ft, the total guideline value amounts to Rs 8,03,000. The stamp duty at 7% would be Rs 56,210, and the registration fee at 2% would be Rs 16,060, bringing the total to Rs 72,270. Please 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 details.

Which Sub Registrar Office covers Mahalakshmi Nagar?

The Sub Registrar Office that covers Mahalakshmi Nagar is the Ambattur Sub Registrar Office, located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur-600 053, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Kovilpathagai, as it determines the amount of stamp duty and registration fees payable during the registration process. Buyers and sellers must consider this value to ensure compliance with local regulations.

When a property is sold, the guideline value serves as a reference point for taxation purposes. It is essential for both parties to be aware of the current guideline value to avoid any discrepancies during the transaction.

Frequently asked questions

What is the current guideline value of Mahalakshmi Nagar?

The current guideline value of Mahalakshmi Nagar is Rs 803 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 400 per sq.ft in 2012 to Rs 803 per sq.ft in 2024, with a significant increase of 200% from 2017 to 2023.

What is the land classification of Mahalakshmi Nagar?

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

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

The Sub Registrar Office for Mahalakshmi Nagar is the Ambattur Sub Registrar Office, located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur-600 053, Chennai registration zone.

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

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a plot of 1,000 sq.ft at the current guideline value, the total stamp duty would be Rs 56,210.