Guideline Value for Mahalakshmi Nagar

Mahalakshmi Nagar guideline value

The current guideline value of Mahalakshmi Nagar, located in Eraiyur village under the Sriperumpudur SRO, is Rs 200 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class II Type - I land classification.

How the guideline value of Mahalakshmi Nagar has changed

Over the years, the guideline value of Mahalakshmi Nagar has seen several revisions. The 2007 revision set the value at Rs 50 per sq.ft, which increased significantly to Rs 200 per sq.ft in 2012. However, it then decreased to Rs 134 per sq.ft in 2017. From 2017 to 2023, the value rose to Rs 200 per sq.ft, and there was no change from 2023 to 2024, maintaining the value at Rs 200 per sq.ft.

Notably, the revisions for the years 2002 and 2003 do not have any figures recorded for this street. Overall, from the 2007 revision to the current 2024 figure, there has been a substantial increase of 300%.

Guideline values in Eraiyur

In Eraiyur, there are 35 streets under the Sriperumpudur SRO that carry a 2024 guideline value ranging from Rs 100 to Rs 471 per sq.ft, with the median value being Rs 200 per sq.ft. Mahalakshmi Nagar's 2024 guideline value aligns perfectly with this median.

• Mahakavi Subramaniya Bharthi Nagar I: Rs 200 per sq.ft (2024)
• Madha Koil Street: Rs 200 per sq.ft (2024)
• Mettu Colony: Rs 100 per sq.ft (2024)
• Krishnammal Nagar: Rs 200 per sq.ft (2024)
• Jeyam Nagar: Rs 200 per sq.ft (2024)
• Isvariyam Avenue: 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 guideline value of Rs 200 per sq.ft, the total 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, resulting in a total of Rs 18,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for precise calculations.

Which Sub Registrar Office covers Mahalakshmi Nagar?

The Mahalakshmi Nagar area is covered by the Sriperumpudur Sub Registrar Office, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone. To find more information, you can find your SRO.

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

The guideline value plays a crucial role during the registration of property transactions in Eraiyur. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring transparency in property dealings.

When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees. This helps in standardizing property valuations and prevents undervaluation during transactions.

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 changed from Rs 50 per sq.ft in 2007 to Rs 200 per sq.ft in 2012, then decreased to Rs 134 per sq.ft in 2017. It rose back to Rs 200 per sq.ft in 2023 and has remained the same in 2024.

What is the land classification for Mahalakshmi Nagar?

Mahalakshmi Nagar falls under the Residential Class II Type - I land classification, indicating its designation for residential purposes.

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

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

Which office handles property registrations for Mahalakshmi Nagar?

The Sriperumpudur Sub Registrar Office handles property registrations for Mahalakshmi Nagar, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone.