Guideline Value for Mahalakshmi Nagar Extn

Mahalakshmi Nagar Extn guideline value

The current guideline value of Mahalakshmi Nagar Extn is Rs 2,750 per sq.ft, effective from the 2024 revision. This area is located in Madipakkam-1 village, under the Velacheri Sub Registrar Office (SRO). The land classification for this street is Residential Class I Type - III.

How the guideline value of Mahalakshmi Nagar Extn has changed

The guideline value for Mahalakshmi Nagar Extn has seen several revisions over the years. The 2017 revision set the value at Rs 1,675 per sq.ft, which increased to Rs 2,500 per sq.ft in 2023. The most recent revision in 2024 raised the guideline value to Rs 2,750 per sq.ft, marking a 10% increase from the previous year. Overall, from 2017 to 2024, the guideline value has increased by 64%.

There are no figures available for the years 2002, 2003, 2007, and 2012 for this street. The changes between the revisions indicate a significant rise, with a 49% increase from 2017 to 2023, followed by a 10% increase leading into 2024.

Guideline values in Madipakkam-1

In Madipakkam-1, there are a total of 1,823 streets under the Velacheri SRO that carry a 2024 guideline value, ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value for these streets is Rs 2,750 per sq.ft, which matches the current guideline value for Mahalakshmi Nagar Extn.

• Mahalakshmi Nagar Extn 1st Cross Street: Rs 2,750 per sq.ft (2024)
• Mahalakshmi Nagar Extn 1st street: Rs 2,750 per sq.ft (2024)
• Mahalakshmi Nagar Extension /J.V. Nagar: Rs 2,750 per sq.ft (2024)
• Mahalakshmi Nagar Extn 2nd Cross Street: Rs 2,750 per sq.ft (2024)
• Mahalakshmi Nagar Extn 2nd street: Rs 2,750 per sq.ft (2024)
• Mahalakshmi Nagar Extn 3rd Cross Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Mahalakshmi Nagar Extn

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, while the registration fee at 2% would be Rs 55,000. Together, the total cost for stamp duty and registration fee would be Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mahalakshmi Nagar Extn?

The Mahalakshmi Nagar Extn area is covered by the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more details.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is an important factor when buying or selling property in Madipakkam-1, as it determines the minimum value at which a property can be registered. Buyers should be aware that the guideline value is used to calculate stamp duty and registration fees, ensuring that these costs are accurately reflected in the transaction.

When a property is sold, the sale price must be equal to or greater than the guideline value to avoid any legal issues during registration. Therefore, understanding the guideline value is essential for both buyers and sellers in the area.

Frequently asked questions

What is the current guideline value of Mahalakshmi Nagar Extn?

The current guideline value of Mahalakshmi Nagar Extn is Rs 2,750 per sq.ft, effective from the 2024 revision.

How much has the guideline value changed since 2017?

Since 2017, the guideline value has increased by 64%, rising from Rs 1,675 per sq.ft to Rs 2,750 per sq.ft in 2024.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500 and the registration fee would be Rs 55,000, totaling Rs 2,47,500.

Which Sub Registrar Office handles registrations for Mahalakshmi Nagar Extn?

The Velacheri Sub Registrar Office handles registrations for Mahalakshmi Nagar Extn, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

Are there any years without guideline value figures for Mahalakshmi Nagar Extn?

Yes, the years 2002, 2003, 2007, and 2012 have no figures available for the guideline value of Mahalakshmi Nagar Extn in the register.