Guideline Value for Mahalakshmi Nagar

Mahalakshmi Nagar guideline value

The current guideline value of Mahalakshmi Nagar is Rs 1,500 per sq.ft, effective from 1 July 2024. This area is located in Kathirvedu village, under the Ambattur Sub Registrar Office (SRO). The land classification for this street is Residential Class II Type - II.

How the guideline value of Mahalakshmi Nagar has changed

The guideline value for Mahalakshmi Nagar has undergone several revisions over the years. In 2002, the value was Rs 78 per sq.ft, which increased to Rs 100 per sq.ft in 2003. By 2007, the value rose significantly to Rs 300 per sq.ft, and in 2012, it was recorded at Rs 1,400 per sq.ft. However, this figure saw a decrease to Rs 938 per sq.ft in 2017. The value then increased to Rs 1,400 per sq.ft in 2023, and finally, it reached Rs 1,500 per sq.ft in the 2024 revision.

Between the revisions, there were notable changes. From 2002 to 2003, the increase was +28%. The rise from 2003 to 2007 was +200%, while the jump from 2007 to 2012 was +367%. The value decreased by -33% from 2012 to 2017. However, from 2017 to 2023, the increase was +49%, and from 2023 to 2024, it rose by +7%. Overall, from 2002 to 2024, the guideline value has increased by +1823%.

Guideline values in Kathirvedu

Kathirvedu village has a total of 78 streets under the Ambattur SRO, with guideline values for 2024 ranging from Rs 1,100 to Rs 6,000 per sq.ft. The guideline value for Mahalakshmi Nagar is equal to the median value of Rs 1,500 per sq.ft. Below are the guideline values for other streets in Kathirvedu:

• Lakshmi Kandammal Nagar: Rs 2,000 per sq.ft (2024)
• Mathew Street: Rs 1,100 per sq.ft (2024)
• K.V.R.Nagar: Rs 2,000 per sq.ft (2024)
• Moorthy Nagar: Rs 1,900 per sq.ft (2024)
• Mugambekai Nagar: Rs 1,800 per sq.ft (2024)
• Kiruba Nagar: Rs 1,300 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 1,500 per sq.ft, the total guideline value would be Rs 15,00,000. The stamp duty at 7% would amount to Rs 1,05,000, and the registration fee at 2% would be Rs 30,000, bringing the total to Rs 1,35,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Mahalakshmi Nagar?

The Sub Registrar Office that covers Mahalakshmi Nagar is the Ambattur Sub Registrar Office, located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur-600 053, Chennai registration zone. For more details, you can find your SRO.

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

The guideline value plays a crucial role in property transactions in Kathirvedu. It is used to determine the stamp duty and registration fees payable when a property is bought or sold. Buyers must ensure that the transaction is registered at the Sub Registrar Office, where the guideline value is referenced to calculate these fees.

When selling a property, the seller must also be aware of the guideline value, as it can affect the overall transaction process. The guideline value serves as a benchmark for the minimum value at which properties in the area are registered, ensuring transparency in property dealings.

Frequently asked questions

What is the current guideline value of Mahalakshmi Nagar?

The current guideline value of Mahalakshmi Nagar is Rs 1,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed multiple times, starting from Rs 78 per sq.ft in 2002 to Rs 1,500 per sq.ft in 2024, with significant fluctuations in between.

What is the land classification for Mahalakshmi Nagar?

The land classification for Mahalakshmi Nagar is Residential Class II Type - II.

Where is the Sub Registrar Office for Mahalakshmi Nagar located?

The Ambattur Sub Registrar Office is located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur-600 053, Chennai 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, a 1,000 sq.ft plot at the current guideline value would incur a total stamp duty of Rs 1,05,000.