Guideline Value for Mahalakshmi Farms

Mahalakshmi Farms guideline value

The current guideline value of Mahalakshmi Farms, located in Mambakkam village under the Sunguvarchattram SRO, is Rs 505 per sq.ft, effective from 1 July 2024. This area is classified as Residential Special Type - II.

How the guideline value of Mahalakshmi Farms has changed

The guideline value for Mahalakshmi Farms has seen significant changes over the years. The register does not have figures for the years 2002, 2003, 2007, 2012, and 2017. In 2023, the guideline value was Rs 150 per sq.ft, which was then revised to Rs 505 per sq.ft in 2024, marking an increase of 237%.

This substantial change reflects the latest revision, which is effective from 1 July 2024. The previous revisions did not list any figures for this street, indicating a notable shift in the valuation of properties in this area.

Guideline values in Mambakkam

In Mambakkam, there are 39 streets under the Sunguvarchattram SRO that carry a 2024 guideline value, ranging from Rs 200 to Rs 1,418 per sq.ft. The median guideline value for these streets is Rs 305 per sq.ft, positioning Mahalakshmi Farms above this median.

• Main Road: Rs 505 per sq.ft (2024)
• Kuruku Street: Rs 305 per sq.ft (2024)
• M.B.C Street: Rs 305 per sq.ft (2024)
• Mettu Street: Rs 305 per sq.ft (2024)
• Muthumariamman Kovil Street: Rs 305 per sq.ft (2024)
• Naddu Street: Rs 275 per sq.ft (2024)

Stamp duty and registration fee for property in Mahalakshmi Farms

For a 1,000 sq.ft plot at the current guideline value of Rs 505 per sq.ft, the total guideline value would be Rs 5,05,000. The stamp duty, calculated at 7%, would amount to Rs 35,350, and the registration fee at 2% would be Rs 10,100, bringing the total to Rs 45,450. It is important to note that duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mahalakshmi Farms?

The Sub Registrar Office that covers Mahalakshmi Farms is the Sunguvarchattram Sub Registrar Office, located at Vadivamal Nagar Kandigai Road, opposite Caparo Company, Sunguvarchatram, Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration of property transactions in Mambakkam. It serves as a benchmark for determining the minimum value at which a property can be sold or purchased, ensuring that the transaction is recorded accurately in the official register.

When a buyer or seller engages in a property transaction, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that all transactions are conducted fairly and transparently, adhering to the regulations set by the Registration Department.

Frequently asked questions

What is the current guideline value of Mahalakshmi Farms?

The current guideline value of Mahalakshmi Farms is Rs 505 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed recently?

Recently, the guideline value changed from Rs 150 per sq.ft in 2023 to Rs 505 per sq.ft in 2024, representing an increase of 237%.

What is the land classification for Mahalakshmi Farms?

The land classification for Mahalakshmi Farms is Residential Special Type - II, indicating its designated use for residential purposes.

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

The Sub Registrar Office for Mahalakshmi Farms is located at Vadivamal Nagar Kandigai Road, opposite Caparo Company, Sunguvarchatram, Chengalpattu registration zone.

How is stamp duty calculated for property transactions?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a plot valued at Rs 5,05,000, the stamp duty would be 7% of that amount.