Guideline Value for Mahalakshmi Nagar

Mahalakshmi Nagar guideline value

The current guideline value of Mahalakshmi Nagar, located in Mudichur village under the Padappai SRO, is Rs 1,760 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - I.

How the guideline value of Mahalakshmi Nagar has changed

Looking at the historical revisions, the guideline value for Mahalakshmi Nagar has seen several changes. In 2012, the value was Rs 1,600 per sq.ft. This dropped to Rs 1,072 per sq.ft in 2017, marking a decrease of 33%. However, from 2017 to 2023, it increased significantly to Rs 1,600 per sq.ft, representing a rise of 49%. The most recent revision in 2024 set the value at Rs 1,760 per sq.ft, an increase of 10% from the previous year.

The register does not contain figures for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Mudichur

Mahalakshmi Nagar's guideline value of Rs 1,760 per sq.ft is below the median guideline value of Rs 2,200 per sq.ft for the 135 streets in Mudichur under the Padappai SRO, which range from Rs 880 to Rs 4,000 per sq.ft.

• Mahalakshmi Street: Rs 1,760 per sq.ft (2024)
• Madhanapuram: Rs 2,200 per sq.ft (2024)
• M.A.M Nagar: Rs 3,630 per sq.ft (2024)
• Lingam Nagar: Rs 2,200 per sq.ft (2024)
• Lal Bahadur Sasthiri Street: Rs 3,630 per sq.ft (2024)
• Lakshmi Nagar Extn: Rs 3,630 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. Duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Mahalakshmi Nagar?

The Mahalakshmi Nagar area falls under 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 Mudichur

The guideline value is an essential factor during property transactions in Mudichur. It serves as a benchmark for determining the stamp duty and registration fees applicable when buying or selling property. The relevant authorities use this value to ensure that the transaction is registered correctly and that the appropriate taxes are collected.

When you are ready to register a property, the guideline value will be compared to the sale price. The higher of the two will be used to calculate the stamp duty and registration fees, ensuring compliance with local regulations.

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?

The guideline value has changed from Rs 1,600 per sq.ft in 2012 to Rs 1,072 per sq.ft in 2017, then to Rs 1,600 per sq.ft in 2023, and finally to Rs 1,760 per sq.ft in 2024.

What is the land classification of Mahalakshmi Nagar?

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

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

The stamp duty is charged at 7%, and the registration fee is charged at 2% of the guideline value or sale price, whichever is higher.

Which 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.