Guideline Value for Mahalakshmi Nagar

Mahalakshmi Nagar guideline value

The current guideline value of Mahalakshmi Nagar is Rs 1,320 per sq.ft, effective from 1 July 2024. This area is located in Padappai village, under the Padappai Sub Registrar Office (SRO). The land classification for this street is 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. In 2003, the value was Rs 40 per sq.ft, which increased to Rs 50 per sq.ft in 2007. Following this, there was a significant rise to Rs 1,200 per sq.ft in 2012, but it decreased to Rs 804 per sq.ft in 2017. The 2023 revision set the value at Rs 1,200 per sq.ft, and the latest revision in 2024 has increased it to Rs 1,320 per sq.ft. The register has no figure for this street in 2002.

Examining the changes between the revisions, the value increased by 10% from 2023 to 2024. From 2017 to 2023, there was a notable increase of 49%. The value dropped by 33% from 2012 to 2017, while the jump from 2007 to 2012 was an extraordinary 2300%. The increase from 2003 to 2007 was 25%, and overall, from 2003 to 2024, the guideline value has risen by 3200%.

Guideline values in Padappai

In Padappai, there are 146 streets under the Padappai SRO that carry a 2024 guideline value, ranging from Rs 440 to Rs 4,000 per sq.ft. The median value for these streets is Rs 830 per sq.ft, placing Mahalakshmi Nagar's 2024 figure above that median.

• Mal Raja Avenue: Rs 3,300 per sq.ft (2024)
• Manish Nagar S.Nos.345/1b1, 1b2, 1b3: Rs 830 per sq.ft (2024)
• Lakshmi Nagar: Rs 990 per sq.ft (2024)
• Mettu Street: Rs 1,320 per sq.ft (2024)
• K.R.Puram: Rs 1,320 per sq.ft (2024)
• M.P.R 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 1,320 per sq.ft, the total guideline value amounts to Rs 13,20,000. The stamp duty at 7% would be Rs 92,400, and the registration fee at 2% would be Rs 26,400, making the total fees together Rs 1,18,800. It is important to note that duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Mahalakshmi Nagar?

The Mahalakshmi Nagar area is covered by 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 Padappai

The guideline value is a crucial factor when registering property transactions in Padappai. It serves as a benchmark for determining the stamp duty and registration fees applicable during the sale or purchase of property.

When a property is bought or sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the state receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Mahalakshmi Nagar?

The current guideline value of Mahalakshmi Nagar is Rs 1,320 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly from Rs 40 per sq.ft in 2003 to Rs 1,320 per sq.ft in 2024, marking an overall increase of 3200% over this period.

What is the land classification for Mahalakshmi Nagar?

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

Where can I find the Padappai Sub Registrar Office?

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

How is the stamp duty calculated for properties in Mahalakshmi Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a property valued at Rs 13,20,000 would incur a stamp duty of Rs 92,400 at the rate of 7%.