Guideline Value for Mahalakshmi Nagar

Mahalakshmi Nagar guideline value

The current guideline value of Mahalakshmi Nagar is Rs 350 per sq.ft, effective from 1 July 2024. This locality is situated in Nattarasampattu village, under the Gooduvancheri SRO, and is 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 undergone several revisions. The earliest recorded figure is from 2007, which was Rs 50 per sq.ft. This value saw a significant increase to Rs 350 per sq.ft in 2012. However, it then dropped to Rs 234 per sq.ft in 2017. The most recent revisions in 2023 and 2024 maintained the guideline value at Rs 350 per sq.ft, indicating no change between these two years. It is important to note that the register has no figures for the years 2002 and 2003 for this street.

From 2007 to 2012, the guideline value increased by 600%. After the drop to Rs 234 per sq.ft in 2017, the value rose by 50% to reach Rs 350 per sq.ft in 2023. The overall change from 2007 to 2024 reflects a substantial increase of 600% in the guideline value.

Guideline values in Nattarasampattu

Nattarasampattu village has 24 streets under the Gooduvancheri SRO that carry a 2024 guideline value ranging from Rs 250 to Rs 700 per sq.ft, with a median value of Rs 350 per sq.ft. Mahalakshmi Nagar's current guideline value aligns with this median.

• Lakshmi Nagar: Rs 350 per sq.ft (2024)
• Jupiter Nagar: Rs 500 per sq.ft (2024)
• Jupiter Homes: Rs 500 per sq.ft (2024)
• Jayam Malar Nagar Phase-I: Rs 350 per sq.ft (2024)
• Golden Rain Avenue Phase-IX: Rs 500 per sq.ft (2024)
• Golden Rain Avenue Phase (I-VIII): 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 350 per sq.ft, the total guideline value amounts to Rs 3,50,000. The stamp duty at 7% would be Rs 24,500, and the registration fee at 2% would be Rs 7,000, bringing the total fees to Rs 31,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

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 Nattarasampattu

The guideline value plays a crucial role in the registration process of property transactions in Nattarasampattu. It serves as a benchmark for determining the stamp duty and registration fees that buyers must pay when acquiring property in the area.

When selling property, the guideline value ensures that the transaction is recorded at a fair value, which helps maintain transparency in property dealings. Buyers and sellers should be aware of the current guideline value to ensure compliance with local regulations 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 350 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 50 per sq.ft in 2007 to Rs 350 per sq.ft in 2012, then dropped to Rs 234 per sq.ft in 2017, and has remained at Rs 350 per sq.ft in 2023 and 2024.

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.

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

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

What are the other streets in Nattarasampattu with their guideline values?

Other streets in Nattarasampattu include Lakshmi Nagar, Jayam Malar Nagar Phase-I, Jupiter Nagar, Jupiter Homes, Golden Rain Avenue Phase-IX, and Golden Rain Avenue Phase (I-VIII), with guideline values ranging from Rs 350 to Rs 500 per sq.ft in 2024.