Guideline Value for Mahalakshmi Nagar

Mahalakshmi Nagar guideline value

The current guideline value of Mahalakshmi Nagar is Rs 440 per sq.ft, effective from 1 July 2024. This area is located in Grandlyon village, under the Redhills SRO, and is classified as Residential Class III Type - I.

How the guideline value of Mahalakshmi Nagar has changed

Over the years, the guideline value for Mahalakshmi Nagar has seen several revisions. The 2007 revision set the rate at Rs 200 per sq.ft, which increased to Rs 400 per sq.ft in 2012. However, in 2017, the value dropped to Rs 268 per sq.ft, before rising to Rs 400 per sq.ft in 2023. The most recent revision in 2024 has further increased the guideline value to Rs 440 per sq.ft. It is worth noting that the register has no figures for the years 2002 and 2003 for this street.

From 2017 to 2023, the guideline value increased by 49%. The jump from 2023 to 2024 represents a 10% increase. Overall, from 2007 to 2024, the guideline value has risen by 120%.

Guideline values in Grandlyon

In Grandlyon, there are 82 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 440 to Rs 1,500 per sq.ft, with a median value of Rs 660 per sq.ft. Mahalakshmi Nagar's 2024 figure is below this median.

• Maharaja Nagar: Rs 880 per sq.ft (2024)
• Madhavaram Redhills Road: Rs 880 per sq.ft (2024)
• Manonmani Street: Rs 660 per sq.ft (2024)
• M.C. Devaraj Nagar: Rs 880 per sq.ft (2024)
• M.G.R. Street: Rs 660 per sq.ft (2024)
• Krishna Nagar-II: Rs 660 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 440 per sq.ft, the total guideline value would be Rs 4,40,000. The stamp duty, charged at 7%, would amount to Rs 30,800, while the registration fee at 2% would be Rs 8,800. Together, these fees total Rs 39,600. It is important to note that 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 more information.

Which Sub Registrar Office covers Mahalakshmi Nagar?

The Sub Registrar Office that covers Mahalakshmi Nagar is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more details.

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

The guideline value is a crucial factor during the registration of property transactions. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duty and registration fees.

When buying or selling property in Grandlyon, the guideline value will influence the total costs involved in the transaction. Buyers should be aware that the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of Mahalakshmi Nagar?

The current guideline value of Mahalakshmi Nagar is Rs 440 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 200 per sq.ft in 2007 to Rs 440 per sq.ft in 2024, marking an overall increase of 120% over the period.

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

For a property valued at Rs 4,40,000, the stamp duty would be Rs 30,800 and the registration fee would be Rs 8,800, totaling Rs 39,600.

Which office handles property registrations in Mahalakshmi Nagar?

The Redhills Sub Registrar Office handles property registrations for Mahalakshmi Nagar, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

What is the significance of the guideline value in property transactions?

The guideline value is used as a minimum benchmark for property registration, affecting the calculation of stamp duty and registration fees during transactions.