Guideline Value for Mahalakshmi Nagar

Mahalakshmi Nagar guideline value

The current guideline value of Mahalakshmi Nagar is Rs 720 per sq.ft, effective from 1 July 2024. This area is located in Nandambakkam village and falls under the Padappai Sub Registrar Office (SRO). The land classification for this street is Residential Class III Type - I.

How the guideline value of Mahalakshmi Nagar has changed

The guideline value of Mahalakshmi Nagar has seen several revisions over the years. In 2007, the guideline value was Rs 50 per sq.ft, which increased significantly to Rs 650 per sq.ft in 2012. However, there was a decrease to Rs 435 per sq.ft in 2017. The value then rose to Rs 650 per sq.ft in 2023, and the latest revision in 2024 has set the guideline value at Rs 720 per sq.ft. The register has no figure for this street in 2002 and 2003.

Looking at the changes, from 2007 to 2012, there was a remarkable increase of 1200%. However, from 2012 to 2017, the value decreased by 33%. The guideline value then increased by 49% from 2017 to 2023, followed by an 11% rise from 2023 to 2024. Overall, from 2007 to 2024, the guideline value has increased by 1340%.

Guideline values in Nandambakkam

Nandambakkam village has 94 streets under the Padappai SRO that carry a 2024 guideline value ranging from Rs 440 to Rs 2,300 per sq.ft, with a median value of Rs 880 per sq.ft. The guideline value for Mahalakshmi Nagar is below this median.

• Mahalakshmi Nagar Extn I and II: Rs 990 per sq.ft (2024)
• Mallika Nagar: Rs 990 per sq.ft (2024)
• Lakshmi Nagar Entn: Rs 990 per sq.ft (2024)
• Lakshmi Nagar: Rs 880 per sq.ft (2024)
• Kumaran Nagar: Rs 990 per sq.ft (2024)
• Krishna Nagar: Rs 990 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 720 per sq.ft, the total guideline value would be Rs 7,20,000. The stamp duty at 7% would amount to Rs 50,400, and the registration fee at 2% would be Rs 14,400, making the total cost for these charges Rs 64,800. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for further calculations.

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 details.

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

The guideline value plays a crucial role during property transactions in Nandambakkam. It is used to determine the stamp duty and registration fees that need to be paid when buying or selling property. Buyers and sellers must consider the guideline value to ensure compliance with legal requirements.

When a property is registered, the guideline value is assessed to establish the official value of the property for taxation purposes. This value is essential for both buyers and sellers to understand the financial implications of their transactions.

Frequently asked questions

What is the current guideline value of Mahalakshmi Nagar?

The current guideline value of Mahalakshmi Nagar is Rs 720 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2007, the guideline value has increased significantly, from Rs 50 per sq.ft to Rs 720 per sq.ft in 2024, marking an overall increase of 1340%.

What is the land classification for Mahalakshmi Nagar?

The land classification for Mahalakshmi Nagar is Residential Class III Type - I.

Where is the Padappai Sub Registrar Office located?

The Padappai Sub Registrar Office is located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.

How is stamp duty calculated in Mahalakshmi Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a plot valued at Rs 7,20,000, the stamp duty would be Rs 50,400 at a rate of 7%.