Guideline Value for Mahalakshmi Nagar

Mahalakshmi Nagar guideline value

The current guideline value of Mahalakshmi Nagar, located in Santhavellur_B village under the Sunguvarchattram SRO, is Rs 400 per sq.ft, effective from 1 July 2024. This area is classified as Residential Special Type - III.

How the guideline value of Mahalakshmi Nagar has changed

Over the years, the guideline value for Mahalakshmi Nagar has seen several revisions. The most recent revision in 2024 maintains the guideline value at Rs 400 per sq.ft, which was also the figure in the previous revision of 2023. Prior to that, the 2017 revision set the value at Rs 268 per sq.ft, marking a significant increase of 49% from 2017 to 2023.

There are no figures available for the revisions in 2002, 2003, 2007, and 2012 for this street. Overall, from 2017 to 2024, the guideline value has increased by 49%, reflecting a consistent valuation in recent years.

Guideline values in Santhavellur_B

In Santhavellur_B, there are 55 streets under the Sunguvarchattram SRO that carry a 2024 guideline value ranging from Rs 200 to Rs 2,000 per sq.ft. The median value for these streets is Rs 400 per sq.ft, which aligns with the guideline value of Mahalakshmi Nagar.

• Lucky Land: Rs 300 per sq.ft (2024)
• Kurukku Street: Rs 300 per sq.ft (2024)
• Mariamman Kovil Street: Rs 250 per sq.ft (2024)
• Maruthi Avenue: Rs 700 per sq.ft (2024)
• Kumaran Nagar: Rs 300 per sq.ft (2024)
• Kullakkarai Street: Rs 300 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 400 per sq.ft, the total guideline value amounts to Rs 4,00,000. The stamp duty at 7% would be Rs 28,000, and the registration fee at 2% would be Rs 8,000, bringing the total fees to Rs 36,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more details on fees applicable to your property transaction.

Which Sub Registrar Office covers Mahalakshmi Nagar?

The Sub Registrar Office that covers Mahalakshmi Nagar is the Sunguvarchattram Sub Registrar Office, located at Vadivamal Nagar Kandigai Road, opposite Caparo Company, Sunguvarchatram, Chengalpattu registration zone. You can find your SRO for further assistance.

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

The guideline value plays a crucial role in property transactions in Santhavellur_B. It is used to determine the stamp duty and registration fees that are payable at the time of registration. Buyers should be aware that these fees are calculated based on the guideline value or the sale price, whichever is higher.

When selling property, the guideline value ensures that the transaction is recorded at a fair value, helping to maintain transparency in the real estate market. This value is essential for both buyers and sellers to understand their financial obligations during the registration process.

Frequently asked questions

What is the current guideline value of Mahalakshmi Nagar?

The current guideline value of Mahalakshmi Nagar is Rs 400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained at Rs 400 per sq.ft from 2023 to 2024, with a significant increase of 49% from Rs 268 per sq.ft in 2017 to 2023.

What is the land classification of Mahalakshmi Nagar?

Mahalakshmi Nagar is classified as Residential Special Type - III, indicating its suitability for residential development.

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

The Sub Registrar Office for Mahalakshmi Nagar is located at Vadivamal Nagar Kandigai Road, opposite Caparo Company, Sunguvarchatram, Chengalpattu registration zone.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 4,00,000, the total fees would amount to Rs 36,000.