Guideline Value for Mahalakshmi Nagar

Mahalakshmi Nagar guideline value

The current guideline value of Mahalakshmi Nagar, located in Padiyanallur village under the Redhills SRO, is Rs 2,750 per sq.ft, effective from 1 July 2024. This area is classified as Commercial Class I Type - I.

How the guideline value of Mahalakshmi Nagar has changed

The guideline value for Mahalakshmi Nagar has seen significant changes over the years. In 2003, the guideline value was Rs 47 per sq.ft, which increased to Rs 700 per sq.ft in 2007, marking a substantial rise of 1389%. The value then rose to Rs 2,500 per sq.ft in 2012, representing an increase of 257%. However, between 2012 and 2017, the value decreased to Rs 1,675 per sq.ft, a drop of 33%. From 2017 to 2023, the value increased to Rs 2,500 per sq.ft, reflecting a 49% rise. The most recent revision in 2024 saw the guideline value rise to Rs 2,750 per sq.ft, a 10% increase from the previous year.

It is important to note that there is no figure available for the year 2002 in the register for this street.

Guideline values in Padiyanallur

Padiyanallur village has 132 streets under the Redhills SRO, with the 2024 guideline values ranging from Rs 385 to Rs 2,750 per sq.ft. The median guideline value for these streets is Rs 770 per sq.ft, placing Mahalakshmi Nagar's 2024 figure above this median.

• Mahalakshmi Nagar 3rd Street: Rs 660 per sq.ft (2024)
• Mahameru Nagar: Rs 660 per sq.ft (2024)
• Mahameru Nagar Extn.: Rs 660 per sq.ft (2024)
• M.A.Nagar Varadarasanar Street: Rs 770 per sq.ft (2024)
• Lal Bahadur Shastri Street: Rs 770 per sq.ft (2024)
• Maraimalai Adigal Street: Rs 770 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 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, while the registration fee at 2% would be Rs 55,000. Together, the total cost for these fees would be Rs 2,47,500. It is important to note that the 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 more details.

Which Sub Registrar Office covers Mahalakshmi Nagar?

The Mahalakshmi Nagar area falls under the jurisdiction of 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 information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Padiyanallur. It serves as a benchmark for determining the stamp duty and registration fees, which 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 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, from Rs 47 per sq.ft in 2003 to Rs 2,750 per sq.ft in 2024, reflecting a total increase of 5751% over the years.

What is the median guideline value in Padiyanallur?

The median guideline value for the streets in Padiyanallur is Rs 770 per sq.ft, with Mahalakshmi Nagar's value being above this median.

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

For a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500 and the registration fee would be Rs 55,000, totaling Rs 2,47,500.

Where is the Sub Registrar Office for Mahalakshmi Nagar located?

The Redhills Sub Registrar Office, which covers Mahalakshmi Nagar, is located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.