Guideline Value for Mahalakshmi Nagar

Mahalakshmi Nagar guideline value

The current guideline value of Mahalakshmi Nagar, located in Noombal village under the Kunrathur SRO, is Rs 2,090 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 of Mahalakshmi Nagar has seen significant changes over the years. In the 2003 revision, the guideline value was Rs 160 per sq.ft. This increased dramatically to Rs 1,273 per sq.ft in the 2017 revision, marking a change of +696%. The subsequent 2023 revision set the value at Rs 1,900 per sq.ft, reflecting a +49% increase from 2017. The most recent revision in 2024 raised the guideline value to Rs 2,090 per sq.ft, a +10% increase from the previous year.

There are no figures available for the years 2002, 2007, and 2012 for this street. Overall, from the 2003 revision to the 2024 revision, the guideline value has increased by +1206%.

Guideline values in Noombal

Noombal village has a total of 164 streets under the Kunrathur SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 6,500 per sq.ft. The median guideline value for these streets is Rs 2,090 per sq.ft, which is equal to the current guideline value of Mahalakshmi Nagar.

• Mahalakshmi Nagar 2nd Main Road: Rs 2,090 per sq.ft (2024)
• Mahalakshmi Nagar 3rd Main Road: Rs 2,090 per sq.ft (2024)
• Mahalakshmi Nagar 4th Main Road: Rs 2,090 per sq.ft (2024)
• Mahalakshmi Nagar 5th Main Road: Rs 2,090 per sq.ft (2024)
• Mahalakshmi Nagar 6th Main Road: Rs 2,090 per sq.ft (2024)
• Mahalakshmi Nagar Ist Main Road: Rs 2,090 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 2,090 per sq.ft, the total guideline value amounts to Rs 20,90,000. The stamp duty at 7% would be Rs 1,46,300, while the registration fee at 2% would be Rs 41,800, bringing the total cost to Rs 1,88,100. 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 falls under 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 Noombal

The guideline value is a crucial factor during property registration in Noombal. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when a property is bought or sold.

When buyers and sellers engage in a transaction, the guideline value ensures that the property is valued appropriately for tax purposes. This helps in maintaining transparency and fairness in property dealings.

Frequently asked questions

What is the current guideline value of Mahalakshmi Nagar?

The current guideline value of Mahalakshmi Nagar is Rs 2,090 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased significantly from Rs 160 per sq.ft in 2003 to Rs 2,090 per sq.ft in 2024, marking an overall increase of +1206%.

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

For a property valued at Rs 20,90,000, the stamp duty would be Rs 1,46,300, and the registration fee would be Rs 41,800, totaling Rs 1,88,100.

Which Sub Registrar Office covers Mahalakshmi Nagar?

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

What is the land classification of Mahalakshmi Nagar?

Mahalakshmi Nagar is classified as Residential Special Type - I.