Guideline Value for Mahalakshmi Nagar Extn.I to VI

Mahalakshmi Nagar Extn.I to VI guideline value

The current guideline value of Mahalakshmi Nagar Extn.I to VI is Rs 2,000 per sq.ft, effective from 1 July 2024. This area is located in Nandhivaram village, under the Gooduvancheri SRO, and is classified as Residential Special Type - II.

How the guideline value of Mahalakshmi Nagar Extn.I to VI has changed

The guideline value for Mahalakshmi Nagar Extn.I to VI has undergone several revisions over the years. In 2002, the guideline value was Rs 114 per sq.ft, which increased significantly to Rs 667 per sq.ft in 2007. The value then saw a substantial rise of 200% to Rs 2,000 per sq.ft in 2012. However, it decreased by 33% to Rs 1,340 per sq.ft in 2017. The value remained at Rs 2,000 per sq.ft during the 2023 revision and continues at this figure in the 2024 revision, showing no change from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1,654%. Notably, there is no figure recorded for this street in the 2003 revision.

Guideline values in Nandhivaram

Nandhivaram village has 169 streets under the Gooduvancheri SRO that carry a 2024 guideline value ranging from Rs 1,000 to Rs 3,500 per sq.ft, with a median value of Rs 1,500 per sq.ft. The guideline value for Mahalakshmi Nagar Extn.I to VI is above this median.

• Mahalakshmi Nagar Extn.VII to VII A: Rs 2,000 per sq.ft (2024)
• Mahalakshmi Nagar: Rs 2,000 per sq.ft (2024)
• Malleeswarar Koil Street: Rs 1,500 per sq.ft (2024)
• Manigandapuram: Rs 1,500 per sq.ft (2024)
• Lakshmi Nagar (S.No.235,236): Rs 1,500 per sq.ft (2024)
• Lakshmi Nagar (G.S.T Road, S.No.301 & 303/2 & 304/1,3,5 & 307/2A): Rs 3,500 per sq.ft (2024)

Stamp duty and registration fee for property in Mahalakshmi Nagar Extn.I to VI

For a 1,000 sq.ft plot at the current guideline value of Rs 2,000 per sq.ft, the total guideline value amounts to Rs 20,00,000. The stamp duty at 7% would be Rs 1,40,000, and the registration fee at 2% would be Rs 40,000, bringing the total fees to Rs 1,80,000. It is important to note that duty is charged on the higher of the guideline value and the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mahalakshmi Nagar Extn.I to VI?

The Mahalakshmi Nagar Extn.I to VI area falls under the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nandhivaram, Guduvancheri-603202, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Nandhivaram. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that these charges are based on the official value set by the Registration Department.

When a property transaction occurs, the guideline value is referenced to determine the applicable fees. This ensures transparency and consistency in property transactions within the region.

Frequently asked questions

What is the current guideline value for Mahalakshmi Nagar Extn.I to VI?

The current guideline value for Mahalakshmi Nagar Extn.I to VI is Rs 2,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 114 per sq.ft in 2002 to Rs 2,000 per sq.ft in 2024, reflecting an overall increase of 1,654% over the years.

What is the land classification for Mahalakshmi Nagar Extn.I to VI?

The land classification for Mahalakshmi Nagar Extn.I to VI is Residential Special Type - II.

Where is the Gooduvancheri SRO located?

The Gooduvancheri SRO is located at Defence Colony Road, near Veterinary Hospital, Nandhivaram, Guduvancheri-603202, Chengalpattu registration zone.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 20,00,000, the stamp duty at 7% would be Rs 1,40,000, and the registration fee at 2% would be Rs 40,000.