Guideline Value for Mahalakshmi Nagar

Mahalakshmi Nagar guideline value

The current guideline value of Mahalakshmi Nagar in Nandhivaram village is Rs 2,000 per sq.ft, effective from 1 July 2024. This area falls under the Gooduvancheri SRO and is classified as Residential Special Type - II.

How the guideline value of Mahalakshmi Nagar has changed

The guideline value for Mahalakshmi Nagar has seen several revisions over the years. Starting from Rs 114 per sq.ft in 2002, it rose to Rs 667 per sq.ft in 2007, marking an increase of 485%. The value then increased to Rs 2,000 per sq.ft in 2012, reflecting a significant rise of 200%. However, it dropped to Rs 1,340 per sq.ft in 2017, a decrease of 33%. In 2023, the guideline value returned to Rs 2,000 per sq.ft, remaining unchanged in the 2024 revision.

There is no figure available for the year 2003 in the register for this street. The overall change from 2002 to 2024 shows a remarkable increase of 1,654% in the guideline value.

Guideline values in Nandhivaram

In Nandhivaram, there are 169 streets under the Gooduvancheri SRO with a 2024 guideline value ranging from Rs 1,000 to Rs 3,500 per sq.ft. The median value for these streets is Rs 1,500 per sq.ft, making Mahalakshmi Nagar's 2024 figure above that median.

• Mahalakshmi Nagar Extn.I to VI: Rs 2,000 per sq.ft (2024)
• Mahalakshmi Nagar Extn.VII to VII A: Rs 2,000 per sq.ft (2024)
• Malleeswarar Koil Street: Rs 1,500 per sq.ft (2024)
• Lakshmi Nagar (S.No.235,236): Rs 1,500 per sq.ft (2024)
• Lakshmi Nagar (G.S.T Road, S.No.301 & 303/2 & 304/1,3,5 & 307/2A): Rs 3,500 per sq.ft (2024)
• Lakshmi Nagar (3,6,7,8,9,440/A1c): Rs 1,500 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 2,000 per sq.ft, the total guideline value amounts to Rs 20,00,000. The stamp duty at 7% would be Rs 1,40,000, and the registration fee at 2% would be Rs 40,000, leading to a total of Rs 1,80,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Mahalakshmi Nagar?

The Mahalakshmi Nagar area is covered by the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nandhivaram, 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 Nandhivaram

The guideline value plays a crucial role during property registration in Nandhivaram. It is used to determine the stamp duty and registration fees that need to be paid when a property is bought or sold. The rates are fixed by the government and are regularly revised to reflect market conditions.

When you register a property, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Mahalakshmi Nagar?

The current guideline value of Mahalakshmi Nagar is Rs 2,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 114 per sq.ft in 2002 to Rs 2,000 per sq.ft in 2024, reflecting an overall increase of 1,654% over this period.

What is the land classification of Mahalakshmi Nagar?

Mahalakshmi Nagar is classified as Residential Special Type - II, indicating its suitability for residential development.

What are the stamp duty rates for properties in Mahalakshmi Nagar?

The stamp duty for properties in Mahalakshmi Nagar is 7%, and the registration fee is 2% of the guideline value or sale price, whichever is higher.

Where is the Gooduvancheri Sub Registrar Office located?

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