Guideline Value for Mahalakshmi Nagar

Mahalakshmi Nagar guideline value

The current guideline value of Mahalakshmi Nagar is Rs 2,450 per sq.ft, effective from 1 July 2024. This area is located in Moulivakkam village under the Kunrathur SRO and is classified as Residential Special Type - I.

How the guideline value of Mahalakshmi Nagar has changed

The guideline value of Mahalakshmi Nagar has seen several revisions over the years. Starting from Rs 142 per sq.ft in 2003, it increased significantly to Rs 750 per sq.ft in 2007. The value then rose to Rs 2,200 per sq.ft in 2012, before dropping to Rs 1,474 per sq.ft in 2017. The 2023 revision set the value at Rs 2,200 per sq.ft, which was then increased to Rs 2,450 per sq.ft in 2024.

Between the revisions, notable changes include a 428% increase from 2003 to 2007, followed by a 193% increase from 2007 to 2012. However, the value dropped by 33% from 2012 to 2017. The most recent change from 2023 to 2024 reflects an 11% increase. Overall, from 2003 to 2024, the guideline value has increased by 1625%.

Guideline values in Moulivakkam

In Moulivakkam, there are 44 streets under the Kunrathur SRO with a 2024 guideline value ranging from Rs 2,000 to Rs 3,900 per sq.ft. The median value is Rs 2,450 per sq.ft, which is the same as the guideline value for Mahalakshmi Nagar.

• Madha Nagar: Rs 2,650 per sq.ft (2024)
• L.T. Avenue: Rs 2,650 per sq.ft (2024)
• Mangadu Road: Rs 2,650 per sq.ft (2024)
• Lakshmi Nagar: Rs 2,650 per sq.ft (2024)
• Mawlieswarar Nagar: Rs 2,650 per sq.ft (2024)
• Mettu Street: Rs 2,450 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 2,450 per sq.ft, the total guideline value amounts to Rs 24,50,000. The stamp duty at 7% would be Rs 1,71,500, and the registration fee at 2% would be Rs 49,000, making the total fees Rs 2,20,500. 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 Sub Registrar Office that covers Mahalakshmi Nagar is 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 Moulivakkam

The guideline value is a crucial factor when buying or selling property in Moulivakkam. It serves as a reference point for determining the stamp duty and registration fees that need to be paid during the transaction. Buyers and sellers should be aware that the guideline value can influence the overall cost of property registration.

When registering a property, the guideline value ensures that the transaction is recorded at a fair value, which helps in maintaining transparency in property dealings. It is essential for both parties to understand the implications of the guideline value on their financial obligations during the registration process.

Frequently asked questions

What is the current guideline value of Mahalakshmi Nagar?

The current guideline value of Mahalakshmi Nagar is Rs 2,450 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 142 per sq.ft in 2003 to Rs 2,450 per sq.ft in 2024, with several revisions in between, including a drop in value from 2012 to 2017.

What is the median guideline value in Moulivakkam?

The median guideline value in Moulivakkam is Rs 2,450 per sq.ft, which is the same as the guideline value for Mahalakshmi Nagar in 2024.

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

For a property valued at Rs 24,50,000, the stamp duty would be Rs 1,71,500, and the registration fee would be Rs 49,000, totaling Rs 2,20,500.

Where is the Sub Registrar Office for Mahalakshmi Nagar located?

The Kunrathur Sub Registrar Office is located at No.59, Road Street, Kundrathur, Chennai - 600 069, which covers Mahalakshmi Nagar.