Guideline Value for Mahalakshmi Nagar 3rd Street

Mahalakshmi Nagar 3rd Street guideline value

The current guideline value for Mahalakshmi Nagar 3rd Street in Padiyanallur village is Rs 660 per sq.ft, effective from 1 July 2024. This street falls under the Redhills SRO and is classified as Residential Class II Type - I.

How the guideline value of Mahalakshmi Nagar 3rd Street has changed

The guideline value for Mahalakshmi Nagar 3rd Street has undergone several revisions over the years. The earliest recorded revision is from 2007, where the value was Rs 300 per sq.ft. This increased significantly to Rs 600 per sq.ft in 2012, marking a 100% rise. However, it then decreased to Rs 402 per sq.ft in 2017, a drop of 33%. The value saw a substantial increase to Rs 600 per sq.ft in 2023, followed by another increase to Rs 660 per sq.ft in 2024, reflecting a 10% change from the previous year. Notably, the register has no figures for the years 2002 and 2003.

Overall, from 2007 to 2024, the guideline value has increased by 120%. The changes between the revisions highlight the fluctuations in the property market, with the most significant rise occurring between 2017 and 2023, where the value increased by 49%.

Guideline values in Padiyanallur

In Padiyanallur, there are 132 streets under the Redhills SRO, with guideline values ranging from Rs 385 to Rs 2,750 per sq.ft. The median guideline value for the area is Rs 770 per sq.ft, placing Mahalakshmi Nagar 3rd Street's 2024 figure below this median.

• Mahalakshmi Nagar: Rs 2,750 per sq.ft (2024)
• Mahameru Nagar: Rs 660 per sq.ft (2024)
• Mahameru Nagar Extn.: Rs 660 per sq.ft (2024)
• M.A.Nagar Varadarasanar Street: Rs 770 per sq.ft (2024)
• Lal Bahadur Shastri Street: Rs 770 per sq.ft (2024)
• Maraimalai Adigal Street: Rs 770 per sq.ft (2024)

Stamp duty and registration fee for property in Mahalakshmi Nagar 3rd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 660 per sq.ft, the total guideline value amounts to Rs 6,60,000. The stamp duty at 7% would be Rs 46,200, while the registration fee at 2% would be Rs 13,200, bringing the total fees together to Rs 59,400. 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 3rd Street?

The Mahalakshmi Nagar 3rd Street falls under the jurisdiction of the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Padiyanallur. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction. Buyers and sellers must be aware of the guideline value to ensure compliance with local regulations during the registration process.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees, which are essential components of the transaction costs. It is important to verify the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value for Mahalakshmi Nagar 3rd Street?

The current guideline value for Mahalakshmi Nagar 3rd Street is Rs 660 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, starting from Rs 300 per sq.ft in 2007 to Rs 660 per sq.ft in 2024, reflecting an overall increase of 120% over the years.

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

For a property valued at Rs 6,60,000, the stamp duty would be Rs 46,200 and the registration fee would be Rs 13,200, totaling Rs 59,400.

Which Sub Registrar Office handles registrations for Mahalakshmi Nagar 3rd Street?

The Redhills Sub Registrar Office handles registrations for Mahalakshmi Nagar 3rd Street, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

What is the median guideline value in Padiyanallur?

The median guideline value in Padiyanallur is Rs 770 per sq.ft, which is above the current guideline value for Mahalakshmi Nagar 3rd Street.