Guideline Value

Corporate

Guideline Value for Mahalakshmi Nagar Phase I

₹990/sq.ft.

The guideline value for Mahalakshmi Nagar Phase I in Serapanancheri village (Padappai SRO, Chennai zone) is Rs 990 per sq.ft, effective 1 July 2024. It was Rs 900 per sq.ft from 1 April 2023, a 10% change. The land classification is Residential Special Type - I. Source: TNReginet guideline value register.

Last updated:

Chennai

Zone

Serapanancheri

Village

Padappai

SRO

Residential Special Type - I
History
Period Guideline Value
From 1-7-2024 ₹990 /sq.ft.
From 1-4-2023 ₹900 /sq.ft.
From 9-6-2017 To 31-3-2023 ₹603 /sq.ft.
From 1-4-2012 To 8-6-2017 ₹900 /sq.ft.
From 1-8-2007 To 31-3-2012 N/A
From 1-4-2003 To 31-7-2007 N/A
From 1-4-2002 To 31-3-2003 N/A
Guideline Value Timeline
Guideline Value Comparison

SRO (Sub Registrar Office)

3/158, Pushpagiri Main Rd, Padappai - 601 301.
044-27174392
[email protected]

DRO (District Registrar Office)

Integrated Building For Offices Of The Commercial Taxes And Registration Department, Fanepet, Nandhanam, Chennai - 35.
044-22505552
[email protected], [email protected]

DIG (Deputy Inspector General)

Integrated Building For Offices Of The Commercial Taxes And Registration, Department Fanepet, Nandanam, Chennai - 600 035.
044-29510527
[email protected]
Records for a plot on Mahalakshmi Nagar Phase I

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Mahalakshmi Nagar Phase I guideline value

The current guideline value of Mahalakshmi Nagar Phase I is Rs 990 per sq.ft, effective from 1 July 2024. This area is located in Serapanancheri village and falls under the Padappai Sub Registrar Office (SRO). The land classification for this locality is Residential Special Type - I.

How the guideline value of Mahalakshmi Nagar Phase I has changed

The guideline value for Mahalakshmi Nagar Phase I has undergone several revisions over the years. The earliest record available is from 2012, where the guideline value was Rs 900 per sq.ft. In 2017, this figure decreased to Rs 603 per sq.ft, marking a significant drop of 33%. However, from 2017 to 2023, the value increased sharply by 49%, rising to Rs 900 per sq.ft. The most recent revision in 2024 has set the guideline value at Rs 990 per sq.ft, reflecting a 10% increase from the previous year.

There are no figures available for the revisions in 2002, 2003, and 2007 for Mahalakshmi Nagar Phase I. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Serapanancheri

In Serapanancheri, there are 53 streets under the Padappai SRO that carry a 2024 guideline value ranging from Rs 440 to Rs 4,440 per sq.ft. The median value for these streets is Rs 720 per sq.ft, and Mahalakshmi Nagar Phase I's 2024 guideline value is above this median.

Stamp duty and registration fee for property in Mahalakshmi Nagar Phase I

For a 1,000 sq.ft plot at the current guideline value of Rs 990 per sq.ft, the total guideline value amounts to Rs 9,90,000. The stamp duty at 7% would be Rs 69,300, and the registration fee at 2% would be Rs 19,800, bringing the total charges to Rs 89,100. 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 Phase I?

The Sub Registrar Office covering Mahalakshmi Nagar Phase I is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. To find your SRO, you can visit find your SRO.

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

The guideline value plays a crucial role during property transactions in Serapanancheri. It serves as a reference point for determining the stamp duty and registration fees payable at the time of registration. Buyers and sellers should be aware that the guideline value is used to assess the amount of tax due, ensuring compliance with local regulations.

When a property is sold, the guideline value is compared with the sale price, and the higher of the two is taken into account for calculating the applicable duties. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Mahalakshmi Nagar Phase I?

The current guideline value of Mahalakshmi Nagar Phase I is Rs 990 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 900 per sq.ft in 2012 to Rs 603 per sq.ft in 2017, then increased to Rs 900 per sq.ft in 2023, and finally to Rs 990 per sq.ft in 2024.

What is the land classification for Mahalakshmi Nagar Phase I?

The land classification for Mahalakshmi Nagar Phase I is Residential Special Type - I.

Where can I find the registration office for Mahalakshmi Nagar Phase I?

The registration office for Mahalakshmi Nagar Phase I is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.

How is the stamp duty calculated for properties in this area?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a 1,000 sq.ft plot at Rs 990 per sq.ft, the total guideline value would be Rs 9,90,000, resulting in a stamp duty of Rs 69,300.