Guideline Value for Mahalakshmi Nagar Extn.VII to VII A

Mahalakshmi Nagar Extn.VII to VII A guideline value

The current guideline value for Mahalakshmi Nagar Extn.VII to VII A 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.VII to VII A has changed

The guideline value for Mahalakshmi Nagar Extn.VII to VII A has seen several revisions over the years. The earliest recorded figure is from 2002, where the guideline value was Rs 93 per sq.ft. This increased significantly to Rs 667 per sq.ft in 2007, marking a change of +617%. In 2012, the value rose to Rs 2,000 per sq.ft, reflecting a substantial increase of +200%. However, by 2017, the value decreased to Rs 1,340 per sq.ft, which was a decline of -33%. The 2023 revision maintained the guideline value at Rs 2,000 per sq.ft, showing a change of +49% from the 2017 figure. Finally, the 2024 revision again holds the value at Rs 2,000 per sq.ft, with no percentage change from the previous year.

It is important to note that there is no figure available for the year 2003 in the register for this street.

Guideline values in Nandhivaram

In Nandhivaram, there are 169 streets under the Gooduvancheri SRO that carry a 2024 guideline value, ranging from Rs 1,000 to Rs 3,500 per sq.ft. The median value for these streets is Rs 1,500 per sq.ft, placing Mahalakshmi Nagar Extn.VII to VII A above the median at Rs 2,000 per sq.ft.

• Mahalakshmi Nagar Extn.I to VI: 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.VII to VII A

For a 1,000 sq.ft plot at the current guideline value of Rs 2,000 per sq.ft, the total guideline value would be Rs 20,00,000. The stamp duty at 7% would amount to Rs 1,40,000, while the registration fee at 2% would be Rs 40,000, bringing the total cost for these fees to Rs 1,80,000. Please note that the duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mahalakshmi Nagar Extn.VII to VII A?

The Mahalakshmi Nagar Extn.VII to VII A area is covered by 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 determining the stamp duty and registration fees that need to be paid at the time of registration.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the correct amount based on the value of the transaction.

Frequently asked questions

What is the current guideline value for Mahalakshmi Nagar Extn.VII to VII A?

The current guideline value for Mahalakshmi Nagar Extn.VII to VII A 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 multiple times, starting from Rs 93 per sq.ft in 2002 to Rs 2,000 per sq.ft in 2012, then decreasing to Rs 1,340 per sq.ft in 2017, and finally returning to Rs 2,000 per sq.ft in 2023 and 2024.

What is the land classification for Mahalakshmi Nagar Extn.VII to VII A?

The land classification for Mahalakshmi Nagar Extn.VII to VII A is Residential Special Type - II.

Where can I find the Gooduvancheri Sub Registrar Office?

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

How is stamp duty calculated in Nandhivaram?

Stamp duty in Nandhivaram is calculated based on the higher of the guideline value or the sale price of the property. This ensures that the correct amount is paid during the registration process.