Guideline Value for Mahalakshmi Nagar

Mahalakshmi Nagar guideline value

The current guideline value of Mahalakshmi Nagar is Rs 200 per sq.ft, effective from 1 July 2024. This locality is situated in Puzhuthivakkam village, under the Madurandakam 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 undergone several revisions over the years. In 2007, the guideline value was Rs 60 per sq.ft, which increased significantly to Rs 200 per sq.ft in 2012, marking a rise of 233%. However, between 2012 and 2017, the value decreased to Rs 134 per sq.ft, a drop of 33%. From 2017 to 2023, the value increased by 49%, bringing it back to Rs 200 per sq.ft. The most recent revision in 2024 maintained the guideline value at Rs 200 per sq.ft, showing no change from the previous year.

The register has no figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 233%.

Guideline values in Puzhuthivakkam

In Puzhuthivakkam, there are 11 streets under the Madurandakam SRO that carry a 2024 guideline value ranging from Rs 100 to Rs 250 per sq.ft. The median value is Rs 200 per sq.ft, which is equal to the current guideline value of Mahalakshmi Nagar.

• Madina Garden: Rs 200 per sq.ft (2024)
• Roja Nagar: Rs 100 per sq.ft (2024)
• Sri Raghavendra Nagar Phase-I: Rs 200 per sq.ft (2024)
• Sri Sai Garden: Rs 200 per sq.ft (2024)
• Sri Sai Ramana Gorden: Rs 100 per sq.ft (2024)
• Thirumagal Nagar: Rs 200 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 of Rs 200 per sq.ft, the guideline value amounts to Rs 2,00,000. The stamp duty at 7% would be Rs 14,000, and the registration fee at 2% would be Rs 4,000, totaling Rs 18,000. It is important to note that the duty is charged on the higher of the guideline value or 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 Madurandakam Sub Registrar Office, located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Puzhuthivakkam

The guideline value plays a crucial role during the registration of property transactions in Puzhuthivakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value is referenced to calculate the applicable fees. Buyers should be aware that the registration process will consider the guideline value or the sale price, whichever is higher, to determine the final costs associated with the transaction.

Frequently asked questions

What is the current guideline value of Mahalakshmi Nagar?

The current guideline value of Mahalakshmi Nagar is Rs 200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions, with the most recent being Rs 200 per sq.ft in 2024, unchanged from 2023. The value has increased from Rs 60 per sq.ft in 2007 to Rs 200 per sq.ft in 2012, then dropped to Rs 134 per sq.ft in 2017 before returning to Rs 200 per sq.ft.

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

For a 1,000 sq.ft plot valued at Rs 200 per sq.ft, the total guideline value is Rs 2,00,000. The stamp duty is calculated at 7%, amounting to Rs 14,000, and the registration fee at 2% totals Rs 4,000, leading to a combined fee of Rs 18,000.

Which Sub Registrar Office is responsible for Mahalakshmi Nagar?

The Madurandakam Sub Registrar Office is responsible for Mahalakshmi Nagar, located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone.

How is the guideline value used in property transactions?

The guideline value is used to determine the minimum registration value for property transactions. It ensures that the appropriate stamp duty and registration fees are paid based on either the guideline value or the sale price, whichever is higher.