Guideline Value for Mahalakshmi Nagar

Mahalakshmi Nagar guideline value

The current guideline value of Mahalakshmi Nagar is Rs 3,300 per sq.ft, effective from 1 July 2024. This area is located in Tambaram village and falls under the Tambaram Joint 1 SRO. The land classification for this street is Residential Class I 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 recorded figure is from 2002, which was Rs 179 per sq.ft. This increased to Rs 224 per sq.ft in 2003, marking a 25% rise. By 2007, the value saw a significant jump to Rs 600 per sq.ft, reflecting a 168% increase. In 2012, the guideline value was Rs 3,000 per sq.ft, which was a 400% increase from the previous revision. However, this value dropped by 33% to Rs 2,010 per sq.ft in 2017. The value then rose to Rs 3,000 per sq.ft in 2023, before reaching the current figure of Rs 3,300 per sq.ft in 2024, which is a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1,744%. There are no figures available for revisions in years not listed in the records.

Guideline values in Tambaram

In Tambaram, there are 360 streets under the Tambaram Joint 1 SRO that carry a 2024 guideline value ranging from Rs 880 to Rs 8,250 per sq.ft. The median value is Rs 3,300 per sq.ft, which is equal to the current guideline value of Mahalakshmi Nagar.

• Loganathan Street Lane: Rs 4,400 per sq.ft (2024)
• Loganathan Street: Rs 4,400 per sq.ft (2024)
• Malliga Nagar 1st Main Road: Rs 3,300 per sq.ft (2024)
• Malliga Nagar 2nd Main Road: Rs 3,300 per sq.ft (2024)
• Lakshmipuram-Gandhi Road 3rd Road: Rs 3,300 per sq.ft (2024)
• Lakshmipuram-Gandhi Road 2nd Road: Rs 3,300 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 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mahalakshmi Nagar?

The Mahalakshmi Nagar area is covered by 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 Tambaram

The guideline value plays a crucial role in the registration process when buying or selling property in Tambaram. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations during the transaction.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees. This ensures that the government receives the appropriate revenue based on the established guideline value, which reflects the prevailing market conditions for the area.

Frequently asked questions

What is the current guideline value of Mahalakshmi Nagar?

The current guideline value of Mahalakshmi Nagar is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, from Rs 179 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, representing an overall increase of 1,744%.

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

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000, and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Which Sub Registrar Office covers Mahalakshmi Nagar?

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

What is the land classification for Mahalakshmi Nagar?

The land classification for Mahalakshmi Nagar is Residential Class I Type - I, indicating its suitability for residential development.