Guideline Value for Mahalakshmi Nagar

Mahalakshmi Nagar guideline value

The current guideline value of Mahalakshmi Nagar, located in Madanandapuram village under the Kunrathur SRO, is Rs 3,960 per sq.ft, effective from 1 July 2024. This area is classified as Residential Special Type - I.

How the guideline value of Mahalakshmi Nagar has changed

The guideline value for Mahalakshmi Nagar has seen significant changes over the years. In 2007, the value was Rs 400 per sq.ft, which increased dramatically to Rs 3,600 per sq.ft in 2012. However, it then decreased to Rs 2,412 per sq.ft in 2017. Following this, the value rose to Rs 3,600 per sq.ft in 2023, and most recently, it has reached Rs 3,960 per sq.ft in the 2024 revision. The register has no figure for this street in 2002 and 2003.

Between the revisions, the changes are notable: from 2007 to 2012, there was an increase of 800%; from 2012 to 2017, a decrease of 33%; from 2017 to 2023, an increase of 49%; and from 2023 to 2024, an increase of 10%. Overall, the guideline value has increased by 890% from 2007 to 2024.

Guideline values in Madanandapuram

Madanandapuram village has a total of 94 streets under the Kunrathur SRO that carry a 2024 guideline value ranging from Rs 2,530 to Rs 5,830 per sq.ft. The median guideline value in this area is Rs 3,520 per sq.ft, placing Mahalakshmi Nagar's current value above this median.

• Mahalakshmi Nagar Annuxe/ Extension: Rs 3,520 per sq.ft (2024)
• Madha Nagar Extension V: Rs 3,960 per sq.ft (2024)
• Madha Nagar Extension IV: Rs 3,960 per sq.ft (2024)
• Madha Nagar Extension III: Rs 3,960 per sq.ft (2024)
• Madha Nagar Extension II: Rs 3,960 per sq.ft (2024)
• Madha Nagar Extension I: Rs 3,960 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 3,960 per sq.ft, the total guideline value amounts to Rs 39,60,000. The stamp duty at 7% would be Rs 2,77,200, and the registration fee at 2% would be Rs 79,200, bringing the total fees to Rs 3,56,400. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mahalakshmi Nagar?

The Mahalakshmi Nagar area falls under the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Madanandapuram. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid, which are calculated based on the guideline value or the sale price, whichever is higher.

When engaging in property transactions, it is essential to be aware of the guideline value as it directly influences the overall costs associated with the registration process. Buyers and sellers should ensure they are informed about the current guideline value to avoid any unexpected expenses during the transaction.

Frequently asked questions

What is the current guideline value of Mahalakshmi Nagar?

The current guideline value of Mahalakshmi Nagar is Rs 3,960 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly, from Rs 400 per sq.ft in 2007 to Rs 3,960 per sq.ft in 2024, marking an overall increase of 890%.

What is the land classification of Mahalakshmi Nagar?

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

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

For a 1,000 sq.ft plot at the current rate, the total guideline value is Rs 39,60,000, with a stamp duty of Rs 2,77,200 and a registration fee of Rs 79,200, totaling Rs 3,56,400.

Which office handles registrations for Mahalakshmi Nagar?

The Kunrathur Sub Registrar Office handles registrations for Mahalakshmi Nagar, located at No.59, Road Street, Kundrathur, Chennai -600 069.