Guideline Value for Mahalakshmi Nagar Phase-I

Mahalakshmi Nagar Phase-I guideline value

The current guideline value of Mahalakshmi Nagar Phase-I, located in Keelakazhani village under the Gooduvancheri SRO, is Rs 700 per sq.ft. This value is effective from 1 July 2024. The land classification for this area 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 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, marking a 211% increase. However, between 2012 and 2017, the value dropped to Rs 469 per sq.ft, a decrease of 33%. The value then rose to Rs 700 per sq.ft in both the 2023 and 2024 revisions, indicating no change from the previous year.

There are no figures available for the revisions in 2002 and 2003 for this street. 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 carry a 2024 guideline value ranging from Rs 500 to Rs 1,000 per sq.ft, with a median of Rs 700 per sq.ft. The guideline value for Mahalakshmi Nagar Phase-I is equal to this median.

• Mahalakshmi Nagar Phase-II: 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-I

For a 1,000 sq.ft plot at the current guideline value of Rs 700 per sq.ft, the total guideline value would be Rs 7,00,000. The stamp duty at 7% would amount to 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 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 Phase-I?

The Mahalakshmi Nagar Phase-I area is covered by 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 more information.

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

The guideline value is a crucial factor during the registration of property transactions in Keelakazhani. It serves as a benchmark for calculating various fees, including stamp duty and registration fees, ensuring that the government receives appropriate revenue from property sales.

When buying or selling property, the guideline value helps determine the official value of the property, which can influence negotiations and final sale prices. Buyers and sellers should be aware of the current guideline value to facilitate a smooth transaction process.

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 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 225 per sq.ft in 2007 to Rs 700 per sq.ft in 2012, then decreased to Rs 469 per sq.ft in 2017, and finally returned to Rs 700 per sq.ft in both 2023 and 2024.

What are the guideline values of other streets in Keelakazhani?

Other streets in Keelakazhani have varying guideline values, with several streets like Mahalakshmi Nagar Phase-II, Kuberra Nagar, and M.S. Nagar also having a guideline value of Rs 700 per sq.ft in 2024.

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

Stamp duty for properties in Mahalakshmi Nagar Phase-I is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot, the stamp duty would be Rs 49,000 based on the current guideline value.

Which office handles property registrations for Mahalakshmi Nagar Phase-I?

The Gooduvancheri Sub Registrar Office handles property registrations for Mahalakshmi Nagar Phase-I. It is located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone.