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 area is located in Kunduperumpedu village under the Sriperumpudur SRO and is classified as Residential Class II 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 earliest revision noted in the register is from 2007, where the value was Rs 50 per sq.ft. This increased significantly to Rs 200 per sq.ft in 2012, then decreased to Rs 134 per sq.ft in 2017. In the subsequent revisions, the value remained stable at Rs 200 per sq.ft for both 2023 and 2024, indicating no change from the previous year.

From 2017 to 2023, there was an increase of 49%, while the change from 2012 to 2017 saw a decrease of 33%. The most notable increase occurred from 2007 to 2012, where the value rose by 300%. Overall, from 2007 to 2024, the guideline value has increased by 300%.

Guideline values in Kunduperumpedu

Kunduperumpedu village has a total of 35 streets under the Sriperumpudur SRO, with the 2024 guideline values ranging from Rs 100 to Rs 500 per sq.ft. The median value for these streets is Rs 200 per sq.ft, placing Mahalakshmi Nagar at the median rate for 2024.

• Kulakkarai Street: Rs 100 per sq.ft (2024)
• Kudiarasu Nagar: Rs 300 per sq.ft (2024)
• Muthu Mariyamman Koil Street: Rs 150 per sq.ft (2024)
• Nagathamman Koil Street: Rs 150 per sq.ft (2024)
• Kambar Street: Rs 150 per sq.ft (2024)
• Jothi Pasu Nagar: 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 200 per sq.ft, the total guideline value would be Rs 2,00,000. The stamp duty at 7% would amount to Rs 14,000, while the registration fee at 2% would be Rs 4,000, making the total fees Rs 18,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. For further calculations, 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 Sriperumpudur Sub Registrar Office, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a critical factor when buying or selling property in Kunduperumpedu. It serves as a benchmark for determining the minimum price at which a property can be registered. This value is essential for calculating the stamp duty and registration fees that are applicable during the transaction.

When a property is sold, the buyer must ensure that the sale price meets or exceeds the guideline value. This ensures compliance with the regulations set by the Registration Department, which helps in maintaining transparency and fairness in property 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, and has remained at Rs 200 per sq.ft for both 2023 and 2024.

What is the land classification of Mahalakshmi Nagar?

Mahalakshmi Nagar is classified as Residential Class II Type - I.

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

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

How is the stamp duty calculated for properties in Mahalakshmi Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 2,00,000, the stamp duty at 7% would be Rs 14,000.