Guideline Value for Mahalakshmi Nagar

Mahalakshmi Nagar guideline value

The current guideline value of Mahalakshmi Nagar is Rs 500 per sq.ft, effective from 1 July 2024. This area is located in Korukanthangal village under the Gooduvancheri SRO and is classified as Residential Special Type - I.

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 value was Rs 200 per sq.ft, which increased significantly to Rs 500 per sq.ft in 2012. However, this was followed by a decrease to Rs 335 per sq.ft in 2017. The value remained at Rs 500 per sq.ft in both the 2023 and 2024 revisions, indicating no change from the previous year.

Between the revisions, the most notable change occurred from 2017 to 2023, where the guideline value increased by 49%. Overall, from 2007 to 2024, the guideline value has increased by 150%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Korukanthangal

In Korukanthangal, there are 25 streets under the Gooduvancheri SRO that carry a 2024 guideline value ranging from Rs 500 to Rs 500 per sq.ft, with the median also being Rs 500 per sq.ft. The guideline value for Mahalakshmi Nagar is equal to this median.

• Mahalakshmi Avenue: Rs 500 per sq.ft (2024)
• L.V.R. Nagar: Rs 500 per sq.ft (2024)
• Maruthi Nagar: Rs 500 per sq.ft (2024)
• Krishna Nagar Extn-III: Rs 500 per sq.ft (2024)
• Krishna Nagar: Rs 500 per sq.ft (2024)
• M.M. 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 rate, the guideline value would be Rs 5,00,000. The stamp duty at 7% would amount to Rs 35,000, and the registration fee at 2% would be Rs 10,000, totaling Rs 45,000. It is important to note that the 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 that covers 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 Korukanthangal

The guideline value plays a crucial role during the registration of property transactions in Korukanthangal. It determines the amount of stamp duty and registration fees that are applicable when buying or selling property in the area.

When a property is registered, the guideline value is considered to ensure that the transaction is documented at a fair value. This helps maintain transparency and accountability in property dealings within the region.

Frequently asked questions

What is the current guideline value for Mahalakshmi Nagar?

The current guideline value for Mahalakshmi Nagar is Rs 500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several changes, with the most significant increase occurring from Rs 335 per sq.ft in 2017 to Rs 500 per sq.ft in 2023 and 2024.

What are the other streets in Korukanthangal with the same guideline value?

Other streets in Korukanthangal with a guideline value of Rs 500 per sq.ft include Mahalakshmi Avenue, L.V.R. Nagar, Maruthi Nagar, Krishna Nagar Extn-III, Krishna Nagar, and M.M. Nagar.

What is the stamp duty and registration fee for property in Mahalakshmi Nagar?

The stamp duty is charged at 7%, and the registration fee is at 2%. For a 1,000 sq.ft plot, the total cost for these fees would be Rs 45,000 based on the current guideline value.

Which Sub Registrar Office covers Mahalakshmi Nagar?

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