Guideline Value for Mahalakshmi Nagar

Mahalakshmi Nagar guideline value

The current guideline value of Mahalakshmi Nagar, located in S. Kullathur village under the Pallavaram SRO, is Rs 3,300 per sq.ft as per the 2024 revision effective from 1 July 2024. The land classification for this area is Mixed Type - I.

How the guideline value of Mahalakshmi Nagar has changed

The guideline value for Mahalakshmi Nagar has seen significant changes over the years. In 2007, the value was Rs 500 per sq.ft, which increased to Rs 3,000 per sq.ft in 2012. However, it then decreased to Rs 2,010 per sq.ft in 2017. Following this, the value rose to Rs 3,000 per sq.ft in 2023, and currently stands at Rs 3,300 per sq.ft in 2024. The overall change from 2007 to 2024 is an increase of 560%.

Between the revisions, the guideline value increased by 500% from 2007 to 2012, decreased by 33% from 2012 to 2017, and saw a substantial increase of 49% from 2017 to 2023. The latest revision from 2023 to 2024 reflects a 10% increase.

Guideline values in S. Kullathur

In S. Kullathur, there are 71 streets under the Pallavaram SRO that carry a 2024 guideline value ranging from Rs 1,320 to Rs 4,400 per sq.ft, with a median value of Rs 2,750 per sq.ft. Mahalakshmi Nagar's current guideline value is above this median.

• Mahalakshmi Nagar 1 To 6 Streets: Rs 2,530 per sq.ft (2024)
• LIC Nagar: Rs 2,530 per sq.ft (2024)
• Lakshmi Narayanan Nagar: Rs 2,530 per sq.ft (2024)
• Mangaliamman Nagar 1 To 4 Streets: Rs 2,530 per sq.ft (2024)
• Manimegalai Nagar (Ellaiamman Koil Street): Rs 2,750 per sq.ft (2024)
• Mariamman Koil Street: Rs 2,530 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 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total cost to Rs 2,97,000. 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 information.

Which Sub Registrar Office covers Mahalakshmi Nagar?

The Sub Registrar Office covering Mahalakshmi Nagar is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more details.

How the guideline value is used when you buy or sell in S. Kullathur

The guideline value is an essential factor when registering property transactions in S. Kullathur. It serves as a base for calculating stamp duty and registration fees, ensuring that both buyers and sellers adhere to the legal requirements during the transfer of property ownership.

When buying or selling property, it is crucial to be aware of the current guideline value, as it directly impacts the costs involved in the transaction. Understanding these values can help in making informed decisions during property dealings.

Frequently asked questions

What is the current guideline value of Mahalakshmi Nagar?

The current guideline value of Mahalakshmi Nagar is Rs 3,300 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 500 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 560%.

What are the other streets in S. Kullathur with guideline values?

Other streets in S. Kullathur include Mahalakshmi Nagar 1 To 6 Streets, LIC Nagar, Lakshmi Narayanan Nagar, Mangaliamman Nagar 1 To 4 Streets, Manimegalai Nagar (Ellaiamman Koil Street), and Mariamman Koil Street, each with their respective values listed for 2024.

What fees are associated with buying property in Mahalakshmi Nagar?

When buying property in Mahalakshmi Nagar, stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, along with a registration fee of 2%.

Where can I find the Sub Registrar Office for Mahalakshmi Nagar?

The Sub Registrar Office for Mahalakshmi Nagar is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone.