Guideline Value for Mahalakshmi Nagar

Mahalakshmi Nagar guideline value

The current guideline value of Mahalakshmi Nagar is Rs 650 per sq.ft, effective from 1 July 2024. This area is located in Ozhalur village under the Chengleput Joint I SRO, classified as Residential Special Type - I.

How the guideline value of Mahalakshmi Nagar has changed

Over the years, the guideline value of Mahalakshmi Nagar has seen several revisions. The earliest recorded figure is from 2007, where it was Rs 70 per sq.ft. This increased significantly to Rs 650 per sq.ft in 2012, marking an increase of 829%. However, from 2012 to 2017, it decreased to Rs 435 per sq.ft, a drop of 33%. The value then rose to Rs 650 per sq.ft in 2023, remaining unchanged in the 2024 revision.

From 2017 to 2023, there was a notable increase of 49%. Overall, from the 2007 figure to the current 2024 guideline value, there has been a substantial increase of 829%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Ozhalur

In Ozhalur, there are 13 streets under the Chengleput Joint I SRO with a 2024 guideline value ranging from Rs 250 to Rs 672 per sq.ft. The median guideline value for these streets is Rs 300 per sq.ft, indicating that Mahalakshmi Nagar's current value is above this median.

• Metro Garden Phase-I To IV: Rs 300 per sq.ft (2024)
• Muthu Nagar: Rs 250 per sq.ft (2024)
• Green City Phase - I, II, III, IV, V: Rs 650 per sq.ft (2024)
• Green city: Rs 672 per sq.ft (2024)
• Sakthi Ganesh Nagar: Rs 250 per sq.ft (2024)
• Sakthi Nagar: Rs 650 per sq.ft (2024)

Stamp duty and registration fee for property in Mahalakshmi Nagar

For a 1,000 sq.ft plot at the current rate of Rs 650 per sq.ft, the guideline value totals Rs 6,50,000. The stamp duty at 7% would be Rs 45,500, and the registration fee at 2% would be Rs 13,000, bringing the total fees to Rs 58,500. Duty is charged on the higher of the guideline value or the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mahalakshmi Nagar?

The Sub Registrar Office covering Mahalakshmi Nagar is the Chengleput Joint I Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, in the Chengalpattu registration zone. You can find your SRO for further assistance.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Ozhalur. It is used to determine the stamp duty and registration fees that need to be paid at the time of registration.

Buyers and sellers should be aware that the guideline value is the minimum value considered for registration purposes, ensuring that the property is not undervalued during the transaction. This helps maintain transparency and fairness in property dealings.

Frequently asked questions

What is the current guideline value of Mahalakshmi Nagar?

The current guideline value of Mahalakshmi Nagar is Rs 650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, with the most recent revision in 2024 maintaining the value at Rs 650 per sq.ft. The value increased from Rs 70 per sq.ft in 2007 to Rs 650 per sq.ft in 2012, then decreased to Rs 435 per sq.ft in 2017.

What are the other streets in Ozhalur and their guideline values?

Other streets in Ozhalur include Metro Garden Phase-I To IV at Rs 300 per sq.ft, Muthu Nagar at Rs 250 per sq.ft, and Green City Phase - I, II, III, IV, V at Rs 650 per sq.ft, among others.

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

The stamp duty for properties in Mahalakshmi Nagar is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 6,50,000 would incur a stamp duty of Rs 45,500.

Where can I find the Sub Registrar Office for Mahalakshmi Nagar?

The Sub Registrar Office for Mahalakshmi Nagar is the Chengleput Joint I Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002. You can find more details by visiting the relevant link.