Guideline Value for Mahalakshmi Nagar

Mahalakshmi Nagar guideline value

The current guideline value of Mahalakshmi Nagar is Rs 880 per sq.ft, effective from 1 July 2024. This area is located in Manimangalam A village under the Padappai SRO and is classified as Residential Class I Type - I.

How the guideline value of Mahalakshmi Nagar has changed

The guideline value for Mahalakshmi Nagar has seen several revisions over the years. The 2017 revision set the value at Rs 536 per sq.ft, which increased to Rs 800 per sq.ft in 2023. The latest revision in 2024 raised the guideline value to Rs 880 per sq.ft, marking a 10% increase from the previous year. Overall, from 2017 to 2024, the guideline value has increased by 64%.

It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2012 for this street. The significant increase from 2017 to 2023 was 49%, reflecting a substantial change in the guideline value over this period.

Guideline values in Manimangalam A

In Manimangalam A, there are 112 streets under the Padappai SRO that carry a 2024 guideline value ranging from Rs 550 to Rs 2,500 per sq.ft. The median value is Rs 880 per sq.ft, which is equal to the guideline value of Mahalakshmi Nagar.

• Mada Veethi ( East, West, North and South ): Rs 880 per sq.ft (2024)
• Manavalan Nagar: Rs 880 per sq.ft (2024)
• Mangalam Nagar: Rs 1,430 per sq.ft (2024)
• Lenin Nagar Phase I: Rs 880 per sq.ft (2024)
• Lenin Garden: Rs 880 per sq.ft (2024)
• Lakshmi Nagar Extn: Rs 770 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 880 per sq.ft, the total guideline value amounts to Rs 8,80,000. The stamp duty at 7% would be Rs 61,600, and the registration fee at 2% would be Rs 17,600, resulting in a total of Rs 79,200. 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 Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is an essential factor in property transactions in Manimangalam A, as it determines the minimum value at which properties can be registered. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees that must be paid during the registration process.

It is crucial for buyers and sellers to be aware of the current guideline value, as it affects the overall cost of the transaction. The registration office will refer to the guideline value to ensure that all fees are appropriately calculated based on the property's value.

Frequently asked questions

What is the current guideline value of Mahalakshmi Nagar?

The current guideline value of Mahalakshmi Nagar is Rs 880 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed since 2017?

Since 2017, the guideline value has increased from Rs 536 per sq.ft to Rs 880 per sq.ft in 2024, which is an overall increase of 64%.

What are the stamp duty rates for properties in Mahalakshmi Nagar?

The stamp duty rate for properties in Mahalakshmi Nagar is 7%, and the registration fee is 2% of the guideline value or sale price, whichever is higher.

Which Sub Registrar Office handles registrations for Mahalakshmi Nagar?

The Padappai Sub Registrar Office handles registrations for Mahalakshmi Nagar, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.

Are there other streets with the same guideline value in Manimangalam A?

Yes, several other streets in Manimangalam A have the same guideline value of Rs 880 per sq.ft, including Mada Veethi, Manavalan Nagar, Lenin Nagar Phase I, and Lenin Garden.