Guideline Value for Mahalakshmi Nagar

Mahalakshmi Nagar guideline value

The current guideline value of Mahalakshmi Nagar, located in Pullilyon village under the Redhills SRO, is Rs 440 per sq.ft. This value is effective from 1 July 2024 and is classified as Residential Class III 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 value was Rs 23 per sq.ft, which increased to Rs 200 per sq.ft in 2007. Following this, the value doubled to Rs 400 per sq.ft in 2012, but then dropped by 33% to Rs 268 per sq.ft in 2017. The value rose again to Rs 400 per sq.ft in 2023, and most recently, it has increased by 10% to Rs 440 per sq.ft in 2024.

Overall, from 2003 to 2024, the guideline value has increased by 1813%. The register has no figure for the year 2002 for this street.

Guideline values in Pullilyon

In Pullilyon, there are 77 streets under the Redhills SRO with a 2024 guideline value ranging from Rs 440 to Rs 2,200 per sq.ft. The median value for these streets is Rs 700 per sq.ft, placing Mahalakshmi Nagar's 2024 figure below that median.

• Madhavaram-Redhills Salai: Rs 770 per sq.ft (2024)
• Manikandan Nagar: Rs 440 per sq.ft (2024)
• Moogambigai Nagar: Rs 770 per sq.ft (2024)
• Kistammal Nagar: Rs 440 per sq.ft (2024)
• Kamatchi Amman Nagar: Rs 440 per sq.ft (2024)
• New Redhills haroon Ullasa City: 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 440 per sq.ft, the total guideline value amounts to Rs 4,40,000. The stamp duty at 7% would be Rs 30,800, and the registration fee at 2% would be Rs 8,800, together totaling Rs 39,600. Duty is charged on the guideline value or the sale price, whichever is higher. 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 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 Pullilyon

The guideline value is an essential factor in the registration process of property transactions in Pullilyon. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property in Mahalakshmi Nagar, the guideline value will influence the financial obligations of both parties. It is crucial for buyers to be aware of this value to understand the costs associated with the transaction, including stamp duty and registration fees.

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 much has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 23 per sq.ft in 2003 to Rs 440 per sq.ft in 2024, marking an overall increase of 1813% over this period.

What is the median guideline value for streets in Pullilyon?

The median guideline value for streets in Pullilyon is Rs 700 per sq.ft, with Mahalakshmi Nagar's value being below this median.

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

For a 1,000 sq.ft plot at the current guideline value, the total 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 for 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.