Guideline Value for Mahalakshmi Nagar

Mahalakshmi Nagar guideline value

The current guideline value of Mahalakshmi Nagar is Rs 700 per sq.ft, effective from 1 July 2024. This locality is situated in Chettipunniyam village, under the Chengleput Joint II SRO, and is classified as Residential Class I Type - II.

How the guideline value of Mahalakshmi Nagar has changed

The guideline value of Mahalakshmi Nagar has undergone several revisions over the years. In 2007, the value was set at Rs 150 per sq.ft, which saw a significant increase to Rs 700 per sq.ft in 2012. However, in 2017, it dropped to Rs 469 per sq.ft. The value remained the same at Rs 700 per sq.ft in both the 2023 and 2024 revisions, indicating no change between these two years.

From 2017 to 2023, the guideline value increased by 49%. The overall change from the 2007 revision to the 2024 revision reflects a substantial increase of 367%. It is important to note that the register has no figures for the years 2002 and 2003 for this street.

Guideline values in Chettipunniyam

In Chettipunniyam, there are 47 streets under the Chengleput Joint II SRO with a 2024 guideline value ranging from Rs 700 to Rs 4,750 per sq.ft, with a median value of Rs 900 per sq.ft. The guideline value of Mahalakshmi Nagar is below this median.

• Magarantham: Rs 1,500 per sq.ft (2024)
• M K Suseela's Hyyag Avenue: Rs 1,500 per sq.ft (2024)
• Narendara Nagar: Rs 700 per sq.ft (2024)
• New Fair Lands Nagar: Rs 1,500 per sq.ft (2024)
• Jp Hill View Enclave: Rs 1,200 per sq.ft (2024)
• Jothi Nagar: Rs 700 per sq.ft (2024)

Stamp duty and registration fee for property in Mahalakshmi Nagar

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, resulting in a total of Rs 63,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Mahalakshmi Nagar?

The Mahalakshmi Nagar area is covered by the Chengleput Joint II Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, 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 Chettipunniyam

The guideline value plays a crucial role in the registration process of properties in Chettipunniyam. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices to ensure compliance with local regulations.

When registering a property, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Mahalakshmi Nagar?

The current guideline value of Mahalakshmi Nagar 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 several times, with the most recent revisions showing no change from 2023 to 2024, remaining at Rs 700 per sq.ft. The overall increase from 2007 to 2024 is 367%.

What other streets have guideline values in Chettipunniyam?

Other streets in Chettipunniyam have varying guideline values, with rates ranging from Rs 700 to Rs 4,750 per sq.ft. Notable streets include Magarantham and M K Suseela's Hyyag Avenue, both at Rs 1,500 per sq.ft in 2024.

What are the stamp duty and registration fees for properties in Mahalakshmi Nagar?

For a property valued at Rs 7,00,000, the stamp duty would be Rs 49,000 and the registration fee would be Rs 14,000, totaling Rs 63,000. These fees are calculated based on the higher of the guideline value or the sale price.

Which office handles registrations for Mahalakshmi Nagar?

The Chengleput Joint II Sub Registrar Office handles registrations for Mahalakshmi Nagar. It is located at 10, Kancheepuram Main Road, Chengalpattu 603 002.