Guideline Value for Mahalakshmi Nagar

Mahalakshmi Nagar guideline value

The current guideline value of Mahalakshmi Nagar, located in Puzhal village under the Redhills SRO, is Rs 1,100 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class II Type - I land classification.

How the guideline value of Mahalakshmi Nagar has changed

The guideline value for Mahalakshmi Nagar has undergone several revisions over the years. In 2007, the value was Rs 300 per sq.ft, which increased significantly to Rs 800 per sq.ft in 2012, marking a 167% rise. However, this was followed by a decrease to Rs 536 per sq.ft in 2017, a drop of 33%. The value then rose to Rs 1,000 per sq.ft in 2023, reflecting an 87% increase, and currently stands at Rs 1,100 per sq.ft from the 2024 revision, which is a 10% increase from the previous year.

The register has no figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 267%.

Guideline values in Puzhal

Puzhal village has a total of 270 streets under the Redhills SRO, with guideline values ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median guideline value for these streets is Rs 1,102 per sq.ft, placing Mahalakshmi Nagar's 2024 figure below that median.

• Mahalakshmi Nagar Annex: Rs 1,100 per sq.ft (2024)
• Mahalakshmi Nagar Extention: Rs 1,100 per sq.ft (2024)
• Maharaja Nagar: Rs 1,102 per sq.ft (2024)
• Madhavaram-Redhills Salai: Rs 1,650 per sq.ft (2024)
• Mahaveer Garden: Rs 1,650 per sq.ft (2024)
• Mahaveer Garden Annex-1: Rs 1,650 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 1,100 per sq.ft, the total guideline value amounts to Rs 11,00,000. The stamp duty, charged at 7%, would be Rs 77,000, and the registration fee at 2% would be Rs 22,000, bringing the total fees together to Rs 99,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

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 Puzhal

The guideline value plays a crucial role during the registration process when buying or selling property in Puzhal. It is used to determine the stamp duty and registration fees that must be paid, ensuring that the transaction is recorded accurately in the government registry.

When a buyer or seller approaches the registration office, the guideline value is assessed to calculate the applicable fees based on the property's size and the current rate per sq.ft. This ensures transparency and compliance with local regulations.

Frequently asked questions

What is the current guideline value of Mahalakshmi Nagar?

The current guideline value of Mahalakshmi Nagar is Rs 1,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 300 per sq.ft in 2007 to Rs 1,100 per sq.ft in 2024, reflecting an overall increase of 267% over the years.

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

For a property valued at Rs 11,00,000, the stamp duty would be Rs 77,000 and the registration fee would be Rs 22,000, totaling Rs 99,000.

Which Sub Registrar Office covers Mahalakshmi Nagar?

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

What is the land classification of Mahalakshmi Nagar?

Mahalakshmi Nagar is classified as Residential Class II Type - I, indicating its designation for residential use.