Guideline Value for Mahalakshmi Avenue

Mahalakshmi Avenue guideline value

The current guideline value of Mahalakshmi Avenue is Rs 500 per sq.ft, effective from 1 July 2024. This street is located in Korukanthangal village, under the Gooduvancheri SRO, and is classified as Residential Special Type - I.

How the guideline value of Mahalakshmi Avenue has changed

The guideline value for Mahalakshmi Avenue has seen several revisions over the years. The earliest recorded revision is from 2007, where the value was Rs 250 per sq.ft. This increased to Rs 500 per sq.ft in 2012, remaining the same in 2023. The most recent revision in 2024 maintained this value at Rs 500 per sq.ft, indicating no change from the previous year. The register has no figures for the years 2002 and 2003 for this street.

From 2012 to 2017, the value decreased by 33% to Rs 335 per sq.ft. Following this, there was a significant increase of 49% from 2017 to 2023, bringing it back to Rs 500 per sq.ft. Overall, from 2007 to 2024, the guideline value has doubled, reflecting an increase of 100%.

Guideline values in Korukanthangal

Korukanthangal village has 25 streets under the Gooduvancheri SRO that carry a 2024 guideline value ranging from Rs 500 to Rs 500 per sq.ft, with a median also at Rs 500 per sq.ft. Mahalakshmi Avenue's 2024 figure is equal to this median.

• Mahalakshmi Nagar: Rs 500 per sq.ft (2024)
• L.V.R. Nagar: Rs 500 per sq.ft (2024)
• Maruthi Nagar: Rs 500 per sq.ft (2024)
• Krishna Nagar Extn-III: Rs 500 per sq.ft (2024)
• Krishna Nagar: Rs 500 per sq.ft (2024)
• M.M. Nagar: Rs 500 per sq.ft (2024)

Stamp duty and registration fee for property in Mahalakshmi Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 500 per sq.ft, the total guideline value amounts to Rs 5,00,000. The stamp duty at 7% would be Rs 35,000, and the registration fee at 2% would be Rs 10,000, totaling Rs 45,000. 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 details.

Which Sub Registrar Office covers Mahalakshmi Avenue?

The Sub Registrar Office covering Mahalakshmi Avenue is the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Korukanthangal. It determines the minimum value at which a property can be registered, ensuring that the transaction is documented at a fair price as per government standards.

When a buyer or seller approaches the Sub Registrar Office for registration, the guideline value will be referenced to calculate the applicable stamp duty and registration fees. This ensures transparency and compliance with local regulations during property transactions.

Frequently asked questions

What is the current guideline value of Mahalakshmi Avenue?

The current guideline value of Mahalakshmi Avenue is Rs 500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 250 per sq.ft in 2007 to Rs 500 per sq.ft in 2012, then decreased to Rs 335 per sq.ft in 2017, and returned to Rs 500 per sq.ft in 2023 and 2024.

What is the land classification of Mahalakshmi Avenue?

Mahalakshmi Avenue is classified as Residential Special Type - I, indicating its suitability for residential development.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 5,00,000, the stamp duty would be Rs 35,000 and the registration fee would be Rs 10,000, totaling Rs 45,000.

Which office handles property registrations for Mahalakshmi Avenue?

The Gooduvancheri Sub Registrar Office handles property registrations for Mahalakshmi Avenue, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone.