Guideline Value for Mahalakshmi Nagar

Mahalakshmi Nagar guideline value

The current guideline value of Mahalakshmi Nagar, located in Puthur village under the Tambaram Joint 1 SRO, is Rs 770 per sq.ft, effective from 1 July 2024. This area falls under Residential Class I Type - I land classification.

How the guideline value of Mahalakshmi Nagar has changed

Looking at the historical revisions, the guideline value for Mahalakshmi Nagar has seen several changes. In the 2012 revision, the value was Rs 700 per sq.ft, which then decreased to Rs 469 per sq.ft in the 2017 revision. However, from 2017 to 2023, there was a significant increase of 49%, bringing the value to Rs 700 per sq.ft in 2023. The latest revision in 2024 saw another increase of 10%, setting the current value at Rs 770 per sq.ft.

It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%.

Guideline values in Puthur

Puthur village has a total of 63 streets under the Tambaram Joint 1 SRO that carry a 2024 guideline value, ranging from Rs 330 to Rs 4,600 per sq.ft, with a median value of Rs 1,100 per sq.ft. The guideline value of Mahalakshmi Nagar is below this median.

• LSS Nagar: Rs 770 per sq.ft (2024)
• M.K Avenue: Rs 770 per sq.ft (2024)
• Mohan Avenue Phase I: Rs 550 per sq.ft (2024)
• Kavina Garden: Rs 1,650 per sq.ft (2024)
• M.S Garden: Rs 550 per sq.ft (2024)
• Murugan Avenue Phase I: Rs 1,100 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 770 per sq.ft, the total guideline value amounts to Rs 7,70,000. The stamp duty at 7% would be Rs 53,900, and the registration fee at 2% would be Rs 15,400, bringing the total fees to Rs 69,300. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more details on calculating fees, 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 Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, 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 Puthur

The guideline value is a critical factor in the registration process when buying or selling property in Puthur. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property transaction.

When a property is registered, the stamp duty is calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions within the region.

Frequently asked questions

What is the current guideline value of Mahalakshmi Nagar?

The current guideline value of Mahalakshmi Nagar is Rs 770 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 700 per sq.ft in 2012 to Rs 469 per sq.ft in 2017, then increased to Rs 700 per sq.ft in 2023, and finally to Rs 770 per sq.ft in 2024.

What is the land classification of Mahalakshmi Nagar?

Mahalakshmi Nagar falls under the Residential Class I Type - I land classification.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7%, and the registration fee is charged at 2% of the guideline value or the sale price, whichever is higher.

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

The Tambaram Joint 1 Sub Registrar Office covers Mahalakshmi Nagar and is located at No.26, Mes Road, East Tambaram, Chennai-600059.