Guideline Value for Mahalakshmi Nagar P.T.C. Colony 2nd Street

Mahalakshmi Nagar P.T.C. Colony 2nd Street guideline value

The current guideline value of Mahalakshmi Nagar P.T.C. Colony 2nd Street is Rs 2,700 per sq.ft, effective from 1 July 2024. This street is located in Rajakilpakkam village under the Selaiyur SRO, classified as Residential Special Type - I.

How the guideline value of Mahalakshmi Nagar P.T.C. Colony 2nd Street has changed

The guideline value for Mahalakshmi Nagar P.T.C. Colony 2nd Street has seen several revisions over the years. The 2012 revision set the value at Rs 2,500 per sq.ft, which was later decreased to Rs 1,675 per sq.ft in the 2017 revision. However, from 2017 to 2023, the value increased significantly to Rs 2,500 per sq.ft, marking a 49% rise. The latest revision in 2024 has further increased the value to Rs 2,700 per sq.ft, reflecting an 8% increase from the previous year.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 8%.

Guideline values in Rajakilpakkam

In Rajakilpakkam, there are 384 streets under the Selaiyur SRO with a 2024 guideline value ranging from Rs 850 to Rs 5,000 per sq.ft. The median guideline value for the area is Rs 2,150 per sq.ft, placing Mahalakshmi Nagar P.T.C. Colony 2nd Street's value above this median.

• Mahalakshmi Nagar: Rs 2,700 per sq.ft (2024)
• Madhina Nagar 1st Street: Rs 2,700 per sq.ft (2024)
• Madambakkam Main Road: Rs 4,250 per sq.ft (2024)
• Maniammai 1st Street: Rs 1,300 per sq.ft (2024)
• Maniammai Street: Rs 1,300 per sq.ft (2024)
• Manickavasakar Street: Rs 880 per sq.ft (2024)

Stamp duty and registration fee for property in Mahalakshmi Nagar P.T.C. Colony 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value amounts to Rs 27,00,000. The stamp duty at 7% would be Rs 1,89,000 and the registration fee at 2% would be Rs 54,000, bringing the total fees to Rs 2,43,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Mahalakshmi Nagar P.T.C. Colony 2nd Street?

The Mahalakshmi Nagar P.T.C. Colony 2nd Street falls under the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a critical factor in property transactions in Rajakilpakkam, as it determines the amount of stamp duty and registration fees payable during the registration process. Buyers and sellers must consider this value when negotiating sale prices, as the higher of the guideline value or the sale price will be used to calculate the applicable duties.

When a property is sold, the guideline value serves as a benchmark to ensure that the transaction is recorded accurately in the official register. This helps maintain transparency and accountability in property dealings within the region.

Frequently asked questions

What is the current guideline value of Mahalakshmi Nagar P.T.C. Colony 2nd Street?

The current guideline value of Mahalakshmi Nagar P.T.C. Colony 2nd Street is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then increased to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,700 per sq.ft in 2024.

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

For a property valued at Rs 27,00,000, the stamp duty would be Rs 1,89,000 and the registration fee would be Rs 54,000, totaling Rs 2,43,000.

Which office handles property registrations for Mahalakshmi Nagar P.T.C. Colony 2nd Street?

The Selaiyur Sub Registrar Office handles property registrations for Mahalakshmi Nagar P.T.C. Colony 2nd Street, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.

What is the land classification for Mahalakshmi Nagar P.T.C. Colony 2nd Street?

The land classification for Mahalakshmi Nagar P.T.C. Colony 2nd Street is Residential Special Type - I, as per the guidelines set by the Selaiyur SRO.