Guideline Value for Mahalakshmi Nagar Annex

Mahalakshmi Nagar Annex guideline value

The current guideline value for Mahalakshmi Nagar Annex in Puzhal village is Rs 1,100 per sq.ft, effective from 1 July 2024. This area falls under the Redhills SRO and is classified as Residential Class II Type - I.

How the guideline value of Mahalakshmi Nagar Annex has changed

The guideline value for Mahalakshmi Nagar Annex has seen several revisions over the years. In 2007, the value was Rs 300 per sq.ft, which increased to Rs 800 per sq.ft in 2012. However, it decreased to Rs 536 per sq.ft in 2017. The value then rose significantly to Rs 1,000 per sq.ft in 2023, and finally to Rs 1,100 per sq.ft in the 2024 revision.

From 2017 to 2023, there was an increase of 87%, followed by a further increase of 10% from 2023 to 2024. Overall, the guideline value has increased by 267% from 2007 to 2024. The register does not have figures for the years 2002 and 2003 for this street.

Guideline values in Puzhal

Puzhal village features a range of guideline values across its 270 streets under the Redhills SRO, with values ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median guideline value in this area is Rs 1,102 per sq.ft, placing Mahalakshmi Nagar Annex's 2024 figure slightly below that median.

• Mahalakshmi Nagar Extention: Rs 1,100 per sq.ft (2024)
• Maharaja Nagar: Rs 1,102 per sq.ft (2024)
• Mahalakshmi Nagar: Rs 1,100 per sq.ft (2024)
• Mahaveer Garden: Rs 1,650 per sq.ft (2024)
• Mahaveer Garden Annex-1: Rs 1,650 per sq.ft (2024)
• Mahaveer Garden Annex 2&3: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Mahalakshmi Nagar Annex

For a 1,000 sq.ft plot at the current rate of Rs 1,100 per sq.ft, the guideline value would be Rs 11,00,000. The stamp duty at 7% would amount to Rs 77,000, while the registration fee at 2% would be Rs 22,000, totaling Rs 99,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can also use our stamp duty and registration fee calculator for more accurate calculations based on your specific property details.

Which Sub Registrar Office covers Mahalakshmi Nagar Annex?

The Mahalakshmi Nagar Annex falls under the jurisdiction of the Redhills Sub Registrar Office. The address is Sub Registrar Office, Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Puzhal. It is used to determine the stamp duty and registration fees that need to be paid when buying or selling a property.

When a property is registered, the guideline value or the sale price, whichever is higher, is considered for calculating the applicable duties and fees. This ensures that the government receives the correct revenue from property transactions.

Frequently asked questions

What is the current guideline value for Mahalakshmi Nagar Annex?

The current guideline value for Mahalakshmi Nagar Annex is Rs 1,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 300 per sq.ft in 2007 to Rs 1,100 per sq.ft in 2024, reflecting an overall increase of 267% over the years.

What is the registration office for Mahalakshmi Nagar Annex?

The registration office for Mahalakshmi Nagar Annex is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

How is stamp duty calculated in Mahalakshmi Nagar Annex?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 11,00,000 would incur a stamp duty of Rs 77,000 at 7%.

What is the land classification for Mahalakshmi Nagar Annex?

Mahalakshmi Nagar Annex is classified as Residential Class II Type - I, which is relevant for determining its guideline value.