Guideline Value for Mahalakshmi Nagar

Mahalakshmi Nagar guideline value

The current guideline value of Mahalakshmi Nagar is Rs 2,700 per sq.ft, effective from 1 July 2024. This area is located in Rajakilpakkam village, under the Selaiyur 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. The 2012 revision set the value at Rs 2,500 per sq.ft, which was then reduced to Rs 1,675 per sq.ft in the 2017 revision. This marked a decrease of 33%. However, the value significantly increased to Rs 2,500 per sq.ft in the 2023 revision, and further rose to Rs 2,700 per sq.ft in the 2024 revision, reflecting an 8% increase from the previous year.

From the 2017 revision to the 2023 revision, the guideline value increased by 49%. Overall, from 2012 to 2024, the guideline value has seen a modest increase of 8%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Rajakilpakkam

In Rajakilpakkam, there are 384 streets under the Selaiyur SRO that carry a 2024 guideline value ranging from Rs 850 to Rs 5,000 per sq.ft, with a median value of Rs 2,150 per sq.ft. The guideline value of Mahalakshmi Nagar is above this median.

• Mahalakshmi Nagar P.T.C. Colony 2nd Street: Rs 2,700 per sq.ft (2024)
• Madhina Nagar 1st Street: Rs 2,700 per sq.ft (2024)
• Madambakkam Main Road: Rs 4,250 per sq.ft (2024)
• Maniammai 1st Street: Rs 1,300 per sq.ft (2024)
• Maniammai Street: Rs 1,300 per sq.ft (2024)
• Manickavasakar Street: Rs 880 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 2,700 per sq.ft, the total guideline value amounts to Rs 27,00,000. The stamp duty at 7% would be Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total fees to Rs 2,43,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. 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 Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions within Rajakilpakkam. It serves as a benchmark for determining the minimum value at which properties can be registered. This value is used by the registration department to calculate the stamp duty and registration fees applicable during the sale or purchase of property.

When buying or selling property, it is essential to be aware of the current guideline value to ensure compliance with legal requirements. Buyers should also consider that the guideline value may differ from the actual sale price, as duty is charged on the higher of the two.

Frequently asked questions

What is the current guideline value of Mahalakshmi Nagar?

The current guideline value of Mahalakshmi Nagar is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then back to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,700 per sq.ft in 2024.

What is the land classification of Mahalakshmi Nagar?

Mahalakshmi Nagar is classified as Residential Special Type - I.

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

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, the total fees would amount to Rs 2,43,000.

Which office handles property registrations for Mahalakshmi Nagar?

The Selaiyur Sub Registrar Office handles property registrations for Mahalakshmi Nagar, located at No.36, Bharathmatha Salai, Ruby Mansion, East Tambaram, Chennai - 600 073.