Guideline Value for Mahalakshmi Nagar Extension

Mahalakshmi Nagar Extension guideline value

The current guideline value for Mahalakshmi Nagar Extension in Kolumanivakkam village, under the Kunrathur SRO, is Rs 1,210 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Special Type - I.

How the guideline value of Mahalakshmi Nagar Extension has changed

Over the years, the guideline value of Mahalakshmi Nagar Extension has seen several revisions. The 2012 revision set the value at Rs 1,100 per sq.ft, which was then revised to Rs 737 per sq.ft in 2017. This was a decrease of 33%. The 2023 revision brought the value back up to Rs 1,100 per sq.ft, and the latest 2024 revision increased it further to Rs 1,210 per sq.ft, marking a 10% increase from the previous year.

From 2017 to 2023, there was a significant increase of 49%. Overall, comparing the 2012 revision to the 2024 revision, the guideline value has increased by 10%. The register does not provide figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Kolumanivakkam

In Kolumanivakkam, there are 47 streets under the Kunrathur SRO that carry a 2024 guideline value ranging from Rs 880 to Rs 3,290 per sq.ft, with a median value of Rs 1,350 per sq.ft. The guideline value for Mahalakshmi Nagar Extension is below this median.

• Mahalakshmi Nagar Annexe III: Rs 2,630 per sq.ft (2024)
• Mahalakshmi Nagar Annexe II: Rs 1,350 per sq.ft (2024)
• Mahalakshmi Nagar / Annexe: Rs 1,210 per sq.ft (2024)
• Mahalakshmi Nagar: Rs 1,350 per sq.ft (2024)
• Manickam Nagar: Rs 880 per sq.ft (2024)
• Kumari Nagar: Rs 1,350 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 1,210 per sq.ft, the total guideline value would be Rs 12,10,000. The stamp duty at 7% would amount to Rs 84,700, and the registration fee at 2% would be Rs 24,200, bringing the total to Rs 1,08,900. It is important to note that duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Mahalakshmi Nagar Extension?

The Mahalakshmi Nagar Extension falls under the jurisdiction of the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more information.

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

The guideline value is crucial during property transactions as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations 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 in the transaction are aware of the financial implications related to the property's registration.

Frequently asked questions

What is the current guideline value for Mahalakshmi Nagar Extension?

The current guideline value for Mahalakshmi Nagar Extension is Rs 1,210 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed multiple times, with the most recent increase being from Rs 1,100 per sq.ft in 2023 to Rs 1,210 per sq.ft in 2024, a 10% increase. The value was Rs 737 per sq.ft in 2017 and Rs 1,100 per sq.ft in 2012.

What is the land classification for Mahalakshmi Nagar Extension?

The land classification for Mahalakshmi Nagar Extension is Residential Special Type - I.

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

The Kunrathur Sub Registrar Office covers Mahalakshmi Nagar Extension and is located at No.59, Road Street, Kundrathur, Chennai -600 069.

How is stamp duty calculated for properties in Mahalakshmi Nagar Extension?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current guideline value, the stamp duty would be Rs 84,700.