Guideline Value for Mahalakshmi Nagar Phase-II

Mahalakshmi Nagar Phase-II guideline value

The current guideline value of Mahalakshmi Nagar Phase-II is Rs 700 per sq.ft, effective from 1 July 2024. This area is located in Keelakazhani village and falls under the Gooduvancheri SRO. The land classification for this locality is Residential Special Type - I.

How the guideline value of Mahalakshmi Nagar Phase-II has changed

The guideline value for Mahalakshmi Nagar Phase-II has seen several revisions over the years. In 2007, the value was Rs 225 per sq.ft, which increased significantly to Rs 700 per sq.ft in 2012. However, it then decreased to Rs 469 per sq.ft in 2017. The most recent revisions in 2023 and 2024 have maintained the guideline value at Rs 700 per sq.ft, indicating no change from the previous year.

Between the revisions, the changes are noteworthy. From 2017 to 2023, there was a 49% increase in the guideline value. The jump from 2007 to 2012 was a remarkable 211%, while the drop from 2012 to 2017 was 33%. Overall, from 2007 to 2024, the guideline value has increased by 211%.

Guideline values in Keelakazhani

In Keelakazhani, there are 35 streets under the Gooduvancheri SRO that have a 2024 guideline value ranging from Rs 500 to Rs 1,000 per sq.ft, with a median value of Rs 700 per sq.ft. The guideline value for Mahalakshmi Nagar Phase-II aligns with this median.

• Mahalakshmi Nagar Phase-I: Rs 700 per sq.ft (2024)
• Kuberra Nagar: Rs 700 per sq.ft (2024)
• M.S. Nagar: Rs 700 per sq.ft (2024)
• J.S. Garden Phase-I: Rs 896 per sq.ft (2024)
• J S Garden: Rs 600 per sq.ft (2024)
• Peruvazhi Nagar: Rs 700 per sq.ft (2024)

Stamp duty and registration fee for property in Mahalakshmi Nagar Phase-II

For a 1,000 sq.ft plot at the current guideline value of Rs 700 per sq.ft, the total guideline value amounts to Rs 7,00,000. The stamp duty at 7% would be Rs 49,000, and the registration fee at 2% would be Rs 14,000, making the total fees Rs 63,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mahalakshmi Nagar Phase-II?

The Mahalakshmi Nagar Phase-II falls under the jurisdiction of the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone.

You can find your SRO for further assistance.

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

The guideline value plays a crucial role in the registration process of property transactions in Keelakazhani. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring transparency in the transaction process.

When buying or selling property, the guideline value is used to calculate stamp duty and registration fees. Buyers should be aware that these fees are based on the higher of the guideline value or the sale price, which can affect the overall cost of the transaction.

Frequently asked questions

What is the current guideline value for Mahalakshmi Nagar Phase-II?

The current guideline value for Mahalakshmi Nagar Phase-II is Rs 700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen various changes, starting from Rs 225 per sq.ft in 2007 to Rs 700 per sq.ft in 2012, dropping to Rs 469 per sq.ft in 2017, and remaining at Rs 700 per sq.ft in both 2023 and 2024.

What is the land classification for Mahalakshmi Nagar Phase-II?

The land classification for Mahalakshmi Nagar Phase-II is Residential Special Type - I, indicating its suitability for residential development.

Where is the Gooduvancheri Sub Registrar Office located?

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

How is the stamp duty calculated for properties in Mahalakshmi Nagar Phase-II?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 7,00,000, the stamp duty would be Rs 49,000 at a rate of 7%.