Guideline Value for Mahalakshmi Nagar

Mahalakshmi Nagar guideline value

The current guideline value of Mahalakshmi Nagar is Rs 800 per sq.ft, effective from 1 July 2024. This locality is situated in Atanancheri village, under the jurisdiction of the Gooduvancheri SRO. The land classification for this area is Residential Special Type - III.

How the guideline value of Mahalakshmi Nagar has changed

The guideline value for Mahalakshmi Nagar has seen several revisions over the years. In 2007, the guideline value was Rs 160 per sq.ft, which increased significantly to Rs 800 per sq.ft in 2012, marking a 400% rise. However, it dropped to Rs 536 per sq.ft in 2017, a decrease of 33%. The value remained at Rs 800 per sq.ft in both the 2023 and 2024 revisions, indicating no change between these two years.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 400%. Notably, the register does not have figures for the years 2002 and 2003 for this street.

Guideline values in Atanancheri

In Atanancheri, there are 83 streets under the Gooduvancheri SRO with a 2024 guideline value ranging from Rs 400 to Rs 2,500 per sq.ft. The median value for this area is Rs 700 per sq.ft, placing Mahalakshmi Nagar's 2024 figure above that median.

• Lakshmi Nagar: Rs 600 per sq.ft (2024)
• Mantharayalaya Nagar: Rs 600 per sq.ft (2024)
• Kumaran Nagar (Survey No.135/5): Rs 1,000 per sq.ft (2024)
• K.M.R. Nagar: Rs 800 per sq.ft (2024)
• M.K.R. Nagar: Rs 600 per sq.ft (2024)
• Karumari Amman Nagar: Rs 500 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 800 per sq.ft, the total guideline value amounts to Rs 8,00,000. The stamp duty at 7% would be Rs 56,000, and the registration fee at 2% would be Rs 16,000, bringing the total to Rs 72,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Mahalakshmi Nagar?

The Sub Registrar Office covering Mahalakshmi Nagar is 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 Atanancheri

The guideline value is a crucial factor in property transactions in Atanancheri. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the registration process. Buyers and sellers must be aware of the current guideline value to ensure compliance with local regulations.

When a property is sold, the guideline value is used to calculate the applicable charges, ensuring that both parties are aware of the financial implications of the transaction. It is essential to consider the guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Mahalakshmi Nagar?

The current guideline value of Mahalakshmi Nagar is Rs 800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen various changes, from Rs 160 per sq.ft in 2007 to Rs 800 per sq.ft in 2012, then dropping to Rs 536 per sq.ft in 2017, and remaining at Rs 800 per sq.ft in both 2023 and 2024.

What is the land classification for Mahalakshmi Nagar?

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

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

For a property valued at Rs 8,00,000, the stamp duty is Rs 56,000 and the registration fee is Rs 16,000, totaling Rs 72,000. These fees are based on the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Mahalakshmi Nagar located?

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