Guideline Value for Mahalakshmi Nagar (ward 3)

Mahalakshmi Nagar (ward 3) guideline value

The current guideline value of Mahalakshmi Nagar (ward 3) is Rs 2,750 per sq.ft, effective from 1 July 2024. This area is located in Kolapakkam village and falls under the Pammal SRO, classified as Residential Class I Type - I.

How the guideline value of Mahalakshmi Nagar (ward 3) has changed

The guideline value for Mahalakshmi Nagar has seen significant changes over the years. The 2017 revision set the value at Rs 1,675 per sq.ft, which increased to Rs 2,500 per sq.ft in the 2023 revision. The most recent 2024 revision raised this figure to Rs 2,750 per sq.ft, marking a 10% increase from the previous year. The overall increase from 2017 to 2024 is 64%.

There are no figures available for the revisions in 2002, 2003, 2007, and 2012 for this street. The increase from 2017 to 2023 was 49%, highlighting the substantial change in property values in this period.

Guideline values in Kolapakkam

In Kolapakkam, there are 111 streets under the Pammal SRO that have a guideline value for 2024, ranging from Rs 1,650 to Rs 6,850 per sq.ft. The median guideline value in this area is Rs 2,200 per sq.ft, making the Mahalakshmi Nagar (ward 3) guideline value above the median.

• Madha Nagarn Extn: Rs 2,200 per sq.ft (2024)
• Maansarovar villa: Rs 4,600 per sq.ft (2024)
• Maanasarovar Nagar: Rs 2,750 per sq.ft (2024)
• Lalitha Nagar: Rs 2,200 per sq.ft (2024)
• Maruthi Nagar: Rs 2,750 per sq.ft (2024)
• Maxworth Nagar Phase I: Rs 3,290 per sq.ft (2024)

Stamp duty and registration fee for property in Mahalakshmi Nagar (ward 3)

For a 1,000 sq.ft plot at the current guideline value, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total cost to Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mahalakshmi Nagar (ward 3)?

The Mahalakshmi Nagar (ward 3) area is covered by the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value plays a crucial role during the registration of property transactions in Kolapakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value must be taken into account, as it affects the overall cost of the transaction. Buyers should be aware that the stamp duty is calculated based on the higher of the guideline value or the sale price of the property.

Frequently asked questions

What is the current guideline value of Mahalakshmi Nagar (ward 3)?

The current guideline value of Mahalakshmi Nagar (ward 3) is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,675 per sq.ft in 2017 to Rs 2,750 per sq.ft in 2024, reflecting a total increase of 64% over this period.

What is the median guideline value in Kolapakkam?

The median guideline value in Kolapakkam is Rs 2,200 per sq.ft, with Mahalakshmi Nagar (ward 3) being above this median at Rs 2,750 per sq.ft.

What are the stamp duty rates for properties in Mahalakshmi Nagar?

The stamp duty for properties in Mahalakshmi Nagar is charged at a rate of 7% on the guideline value or sale price, whichever is higher.

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

The Sub Registrar Office covering Mahalakshmi Nagar is located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075. You can also find more information online.