Guideline Value for Mahalakshmi Nagar

Mahalakshmi Nagar guideline value

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

How the guideline value of Mahalakshmi Nagar has changed

The guideline value for Mahalakshmi Nagar has seen significant changes over the years. In the 2017 revision, the value was Rs 1,675 per sq.ft, which increased to Rs 2,500 per sq.ft in the 2023 revision. The latest revision in 2024 raised it further to Rs 2,750 per sq.ft, marking a 10% increase from the previous year. Overall, from 2017 to 2024, the guideline value has increased by 64%.

It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2012 for this street. Therefore, the only revisions available are from 2017, 2023, and the current 2024 figures.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value for this area is Rs 2,750 per sq.ft, which is the same as the current value for Mahalakshmi Nagar.

• Mahalakshi Nagar, Bharathiar Salai: Rs 2,750 per sq.ft (2024)
• Mahalakhsmi Nagar 9th Street: Rs 2,750 per sq.ft (2024)
• Mahakavi Bharathi Nagar, Mahalakshmi Nagar 2nd Street: Rs 2,750 per sq.ft (2024)
• Mahakavi Barathi Nagar: Rs 2,200 per sq.ft (2024)
• Mahalakshmi Nagar 1st Street: Rs 2,750 per sq.ft (2024)
• Mahalakshmi Nagar 2nd Street: Rs 2,750 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 amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total fees to 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.

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

Which Sub Registrar Office covers Mahalakshmi Nagar?

The Mahalakshmi Nagar area falls under the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a critical factor during the registration of property transactions in Madipakkam-1. It serves as the basis for calculating the stamp duty and registration fees, which are mandatory for legal property transfers.

When a buyer or seller engages in a property transaction, the guideline value ensures that the transaction is recorded at a fair value as determined by the government. This helps maintain transparency and accountability in real estate dealings.

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 much has the guideline value changed since 2017?

Since 2017, the guideline value has increased from Rs 1,675 per sq.ft to Rs 2,750 per sq.ft in 2024, marking an overall increase of 64%.

What are the stamp duty and registration fees for 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.

Which office registers properties in Mahalakshmi Nagar?

The Velacheri Sub Registrar Office is responsible for registering properties in Mahalakshmi Nagar, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the land classification for Mahalakshmi Nagar?

Mahalakshmi Nagar is classified as Residential Class I Type - III, indicating its suitability for residential purposes.