Guideline Value for Mahalakshmi Nagar Extension

Mahalakshmi Nagar Extension guideline value

The current guideline value of Mahalakshmi Nagar Extension is Rs 1,320 per sq.ft, effective from 1 July 2024. This area is located in Varadarajapuram village under the Padappai SRO and is classified as Residential Class I Type - I.

How the guideline value of Mahalakshmi Nagar Extension has changed

The guideline value for Mahalakshmi Nagar Extension has seen several revisions over the years. The 2012 revision set the value at Rs 1,200 per sq.ft, which was then reduced to Rs 804 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 1,200 per sq.ft in the 2023 revision, and finally rose to Rs 1,320 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

From the 2017 revision to the 2023 revision, there was a substantial increase of 49%. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%. It is important to note that the register has no figures for this street for the years 2002, 2003, and 2007.

Guideline values in Varadarajapuram

In Varadarajapuram, there are 250 streets under the Padappai SRO that carry a 2024 guideline value ranging from Rs 880 to Rs 4,100 per sq.ft, with a median value of Rs 1,650 per sq.ft. The guideline value of Mahalakshmi Nagar Extension is below this median.

• Mahalakshmi Nagar: Rs 1,320 per sq.ft (2024)
• Madhanapuram: Rs 1,320 per sq.ft (2024)
• M.A Avenue Main Road: Rs 1,650 per sq.ft (2024)
• Leda: Rs 990 per sq.ft (2024)
• Latheef Nagar: Rs 990 per sq.ft (2024)
• Marudhupandi Street: Rs 990 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 1,320 per sq.ft, the total guideline value amounts to Rs 13,20,000. The stamp duty at 7% would be Rs 92,400, and the registration fee at 2% would be Rs 26,400, bringing the total fees together to Rs 1,18,800. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can also use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Mahalakshmi Nagar Extension?

The Mahalakshmi Nagar Extension falls under the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Varadarajapuram. It serves as a benchmark for determining the minimum value at which a property can be sold or bought, ensuring that the transaction is recorded accurately in the official register.

When you buy or sell property, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Mahalakshmi Nagar Extension?

The current guideline value of Mahalakshmi Nagar Extension is Rs 1,320 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, then to Rs 1,200 per sq.ft in 2023, and finally to Rs 1,320 per sq.ft in 2024.

What are the stamp duty and registration fees for property in Mahalakshmi Nagar Extension?

For a 1,000 sq.ft plot, the total guideline value is Rs 13,20,000, with a stamp duty of Rs 92,400 and a registration fee of Rs 26,400, totaling Rs 1,18,800.

Which Sub Registrar Office covers Mahalakshmi Nagar Extension?

The Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone, covers Mahalakshmi Nagar Extension.

What is the land classification for Mahalakshmi Nagar Extension?

Mahalakshmi Nagar Extension is classified as Residential Class I Type - I, indicating its suitability for residential development.