Guideline Value for Mahalakshmi Nagar

Mahalakshmi Nagar guideline value

The current guideline value of Mahalakshmi Nagar is Rs 1,760 per sq.ft, effective from 1 July 2024. This area is located in Kunrathour-B village, under the Kunrathur SRO, and is classified as Mixed Special Type - III.

How the guideline value of Mahalakshmi Nagar has changed

The guideline value for Mahalakshmi Nagar has seen significant changes over the years. In the 2017 revision, the guideline value was Rs 1,072 per sq.ft. This increased to Rs 1,600 per sq.ft in the 2023 revision, marking a 49% rise. The most recent 2024 revision set the guideline value at Rs 1,760 per sq.ft, which is a 10% increase from the previous year.

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 64%.

Guideline values in Kunrathour-B

In Kunrathour-B, there are 325 streets under the Kunrathur SRO that carry a 2024 guideline value ranging from Rs 660 to Rs 5,130 per sq.ft. The median guideline value for the village is Rs 1,540 per sq.ft, placing Mahalakshmi Nagar's 2024 figure above this median.

• Magizham Extension: Rs 1,430 per sq.ft (2024)
• Magizham Enclave Phase II: Rs 1,540 per sq.ft (2024)
• Makizham Enclave Phase - I: Rs 1,760 per sq.ft (2024)
• Malai Koil Street: Rs 1,760 per sq.ft (2024)
• Malaiyadivaram Kulakarai: Rs 1,760 per sq.ft (2024)
• Malaiyadivaram Murugan Koil: Rs 1,760 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 1,760 per sq.ft, the total guideline value would be Rs 17,60,000. The stamp duty at 7% would amount to Rs 1,23,200, and the registration fee at 2% would be Rs 35,200, bringing the total to Rs 1,58,400. It is important to note that 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 Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Kunrathour-B

The guideline value plays a crucial role in property transactions in Kunrathour-B. When buying or selling property, the guideline value is used to determine the applicable stamp duty and registration fees, which are calculated based on this value or the sale price, whichever is higher.

It is essential for buyers and sellers to be aware of the current guideline value, as it directly impacts the overall cost involved in the registration process. Understanding these values ensures that all parties are informed and prepared for the financial aspects of the transaction.

Frequently asked questions

What is the current guideline value of Mahalakshmi Nagar?

The current guideline value of Mahalakshmi Nagar is Rs 1,760 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2017, the guideline value has increased from Rs 1,072 per sq.ft to Rs 1,760 per sq.ft in 2024. This represents an overall increase of 64% over the seven-year period.

What is the land classification of Mahalakshmi Nagar?

Mahalakshmi Nagar is classified as Mixed Special Type - III. This classification can affect the types of developments allowed in the area.

Where can I find the registration office for Mahalakshmi Nagar?

The registration office for Mahalakshmi Nagar is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 17,60,000, the stamp duty would be Rs 1,23,200 and the registration fee would be Rs 35,200.