Guideline Value for Mahalakshmi Nagar

Mahalakshmi Nagar guideline value

The current guideline value of Mahalakshmi Nagar, located in Thirumudivakkam village under the Padappai SRO, is Rs 1,320 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 for Mahalakshmi Nagar has seen several revisions over the years. The 2012 revision set the value at Rs 1,200 per sq.ft, which was then reduced to Rs 804 per sq.ft in the 2017 revision. Following this, the value increased to Rs 1,200 per sq.ft in the 2023 revision, and finally, it has been revised to Rs 1,320 per sq.ft in 2024. The register has no figures for the years 2002, 2003, and 2007 for this street.

From 2012 to 2017, there was a decrease of 33%. However, from 2017 to 2023, the guideline value increased by 49%. The overall change from 2012 to 2024 shows an increase of 10% from the 2012 value.

Guideline values in Thirumudivakkam

In Thirumudivakkam, there are 56 streets under the Padappai SRO with a 2024 guideline value ranging from Rs 660 to Rs 3,860 per sq.ft. The median guideline value is Rs 1,320 per sq.ft, which is the same as the current guideline value for Mahalakshmi Nagar.

• Mahalakshmi Avenue: Rs 1,320 per sq.ft (2024)
• Maha Kavi Bharathi Nagar: Rs 1,320 per sq.ft (2024)
• Mahadevan Street: Rs 1,320 per sq.ft (2024)
• Mangalapuri: Rs 1,320 per sq.ft (2024)
• Lakshmi Nagar: Rs 660 per sq.ft (2024)
• Lakshmi Avenue: Rs 1,320 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 would be Rs 13,20,000. The stamp duty at 7% would amount to Rs 92,400, and the registration fee at 2% would be Rs 26,400, bringing the total fees together to 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 our stamp duty and registration fee calculator for more details.

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 Thirumudivakkam

The guideline value is a crucial factor in the registration process for property transactions in Thirumudivakkam. It serves as a benchmark for determining the stamp duty and registration fees that must be paid when a property is bought or sold.

When engaging in a property transaction, buyers and sellers should be aware that the guideline value will influence the overall costs involved. It is advisable to check the latest guideline values to ensure accurate budgeting for these expenses.

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 has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, then to Rs 1,200 per sq.ft in 2023, and finally to Rs 1,320 per sq.ft in 2024.

What is the land classification for Mahalakshmi Nagar?

Mahalakshmi Nagar is classified as Residential Special Type - I.

Where can I find the registration office for Mahalakshmi Nagar?

The registration office for Mahalakshmi Nagar is the Padappai Sub Registrar Office, 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 1,000 sq.ft plot at the guideline value of Rs 1,320 per sq.ft would incur a stamp duty of Rs 92,400.