Guideline Value for Mahalakshmi Nagar Extension

Mahalakshmi Nagar Extension guideline value

The current guideline value of Mahalakshmi Nagar Extension in Pulikoradu village is Rs 880 per sq.ft, effective from 1 July 2024. This area falls under the Tambaram Joint 1 SRO and is classified as Residential Class II Type - III.

How the guideline value of Mahalakshmi Nagar Extension has changed

Over the years, the guideline value of Mahalakshmi Nagar Extension has seen significant changes. The earliest recorded revision was in 2007, with a guideline value of Rs 200 per sq.ft. This increased to Rs 600 per sq.ft in 2012, marking a substantial rise of 200%. The next revision in 2023 set the value at Rs 800 per sq.ft, which was a 33% increase from the previous figure. The most recent revision in 2024 raised the guideline value to Rs 880 per sq.ft, reflecting a 10% increase from 2023. Notably, the register has no figures for the years 2002, 2003, and 2017 for this street.

Overall, from 2007 to 2024, the guideline value has increased by 340%, demonstrating a steady rise in valuation over the years. The current value of Rs 880 per sq.ft aligns with the median value of other streets in Pulikoradu under the Tambaram Joint 1 SRO.

Guideline values in Pulikoradu

In Pulikoradu, there are 62 streets under the Tambaram Joint 1 SRO with a 2024 guideline value ranging from Rs 880 to Rs 6,600 per sq.ft. The median value is Rs 880 per sq.ft, which is the same as the guideline value for Mahalakshmi Nagar Extension. Here are some other streets in Pulikoradu:

• Kuttakkarai Street: Rs 1,100 per sq.ft (2024)
• Mariamman Koil Street: Rs 880 per sq.ft (2024)
• Kunzhumedu Pulikoradu: Rs 880 per sq.ft (2024)
• MGR Nagar Periyar Street: Rs 1,650 per sq.ft (2024)
• Kasthuribai Nagar: Rs 1,100 per sq.ft (2024)
• Karunanidhi Nagar: Rs 880 per sq.ft (2024)

Stamp duty and registration fee for property in Mahalakshmi Nagar Extension

For a 1,000 sq.ft plot at the current guideline value of Rs 880 per sq.ft, the total guideline value would be Rs 8,80,000. The stamp duty at 7% would amount to Rs 61,600, and the registration fee at 2% would be Rs 17,600, bringing the total to Rs 79,200. It is important to note that duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Mahalakshmi Nagar Extension?

The Mahalakshmi Nagar Extension is covered by the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for further assistance.

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

The guideline value plays a crucial role during property registration in Pulikoradu. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations and avoid discrepancies during the registration process.

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that both parties are aware of the financial obligations involved in the transaction, based on the established guideline value.

Frequently asked questions

What is the current guideline value of Mahalakshmi Nagar Extension?

The current guideline value of Mahalakshmi Nagar Extension is Rs 880 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 200 per sq.ft in 2007 to Rs 880 per sq.ft in 2024, reflecting an overall increase of 340% over the years.

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

For a property valued at Rs 8,80,000, the stamp duty would be Rs 61,600 and the registration fee would be Rs 17,600, totaling Rs 79,200.

Which office handles property registrations for Mahalakshmi Nagar Extension?

The Tambaram Joint 1 Sub Registrar Office handles property registrations for Mahalakshmi Nagar Extension, located at No.26, Mes Road, East Tambaram, Chennai-600059.

What is the significance of the guideline value during property transactions?

The guideline value is significant as it determines the minimum registration value for properties, which is used to calculate stamp duty and registration fees during transactions.