Guideline Value for Mahalakshmi Nagar Extention

Mahalakshmi Nagar Extention guideline value

The current guideline value of Mahalakshmi Nagar Extention is Rs 1,100 per sq.ft, effective from 1 July 2024. This property is located in Puzhal village, under the Redhills SRO, classified as Residential Class II Type - I.

How the guideline value of Mahalakshmi Nagar Extention has changed

The guideline value for Mahalakshmi Nagar Extention 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 subsequent revisions saw a significant increase, with the value rising to Rs 1,000 per sq.ft in 2023, and further to Rs 1,100 per sq.ft in 2024, marking a 10% increase from the previous year.

From 2017 to 2023, the guideline value increased by 87%. The overall change from the 2007 revision to the current 2024 figure shows an increase of 267%. It is important to note that there are no figures available for the years 2002 and 2003 for this street.

Guideline values in Puzhal

Puzhal village has a total of 270 streets under the Redhills SRO, with 2024 guideline 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, indicating that Mahalakshmi Nagar Extention's 2024 figure is slightly below the median.

• Mahalakshmi Nagar Annex: Rs 1,100 per sq.ft (2024)
• Maharaja Nagar: Rs 1,102 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)
• Mahaveer Garden Annex 4: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Mahalakshmi Nagar Extention

For a 1,000 sq.ft plot at the current rate of Rs 1,100 per sq.ft, the guideline value amounts to Rs 11,00,000. The stamp duty at 7% would be Rs 77,000, and the registration fee at 2% would be Rs 22,000, bringing the total to Rs 99,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Mahalakshmi Nagar Extention?

The Mahalakshmi Nagar Extention falls under the jurisdiction of the Redhills Sub Registrar Office. The office is located at 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 in property transactions in Puzhal. It is used to determine the stamp duty and registration fees that buyers must pay when purchasing property. The guideline value serves as a reference point for the registration of properties and is essential for ensuring compliance with local regulations.

When selling a property, the guideline value can influence the sale price, as it reflects the official valuation of the property. Buyers and sellers should be aware of the current guideline value to ensure that they are making informed decisions during the transaction process.

Frequently asked questions

What is the current guideline value of Mahalakshmi Nagar Extention?

The current guideline value of Mahalakshmi Nagar Extention 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 seen significant changes, increasing from Rs 300 per sq.ft in 2007 to Rs 1,100 per sq.ft in 2024, representing an overall increase of 267% over the years.

What are the other guideline values in Puzhal?

In Puzhal, other streets have varying guideline values, with rates ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median value in the area is Rs 1,102 per sq.ft.

What fees are associated with buying property in Mahalakshmi Nagar Extention?

When buying property in Mahalakshmi Nagar Extention, buyers must pay stamp duty at 7% and a registration fee at 2% based on the guideline value or the sale price, whichever is higher.

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

The Redhills Sub Registrar Office covers Mahalakshmi Nagar Extention, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.