Guideline Value for Mahalakshmi Nagar

Mahalakshmi Nagar guideline value

The current guideline value for Mahalakshmi Nagar, located in Pillaippakkam-A village under the Sriperumpudur SRO, is Rs 300 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

The guideline value for Mahalakshmi Nagar has seen several revisions over the years. The earliest available figure is from the 2017 revision, which was set at Rs 201 per sq.ft. Following this, the 2023 revision maintained the same value of Rs 300 per sq.ft. The 2024 revision also holds the guideline value at Rs 300 per sq.ft, indicating a 49% increase from the 2017 figure to the 2024 figure. Notably, there are no figures available for the years 2002, 2003, 2007, and 2012 in the register for this street.

From 2017 to 2023, the guideline value increased by 49%, and from 2023 to 2024, there was no change, resulting in an overall increase of 49% from 2017 to 2024. This consistent value in the recent revisions indicates stability in the guideline value for Mahalakshmi Nagar.

Guideline values in Pillaippakkam-A

Pillaippakkam-A village has a total of 49 streets under the Sriperumpudur SRO that carry a 2024 guideline value. The values range from Rs 100 to Rs 1,254 per sq.ft, with the median being Rs 300 per sq.ft. Mahalakshmi Nagar's 2024 figure of Rs 300 per sq.ft is equal to this median value.

• Kulakkarai Street: Rs 200 per sq.ft (2024)
• Mettu Street: Rs 200 per sq.ft (2024)
• Kammalar Nagar: Rs 200 per sq.ft (2024)
• Neelakanda Siva Nagar: Rs 200 per sq.ft (2024)
• Joy Garden: Rs 400 per sq.ft (2024)
• Om Namachivaya Nagar: Rs 1,254 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 300 per sq.ft, the total guideline value amounts to Rs 3,00,000. The stamp duty at 7% would be Rs 21,000, and the registration fee at 2% would be Rs 6,000, bringing the total fees to Rs 27,000. It is important to note that the duty is charged on the higher of the guideline value and 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 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 Pillaippakkam-A

The guideline value plays a crucial role during property transactions in Pillaippakkam-A. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory for the registration process. This ensures that the transaction is legally recognized and that the appropriate taxes are collected by the government.

It is essential for buyers and sellers to be aware of the current guideline value, as it directly impacts the costs associated with property registration. Understanding the guideline value helps in making informed decisions during property transactions in the area.

Frequently asked questions

What is the current guideline value of Mahalakshmi Nagar?

The current guideline value of Mahalakshmi Nagar is Rs 300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value increased from Rs 201 per sq.ft in 2017 to Rs 300 per sq.ft in both 2023 and 2024, marking a 49% increase overall from 2017 to 2024.

What is the land classification of Mahalakshmi Nagar?

Mahalakshmi Nagar is classified under Residential Class II Type - I land classification.

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

For a 1,000 sq.ft plot valued at Rs 3,00,000, the stamp duty is Rs 21,000, and the registration fee is Rs 6,000, totaling Rs 27,000.

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.