Guideline Value for Mahalakshmi nagar

Mahalakshmi nagar guideline value

The current guideline value of Mahalakshmi nagar is Rs 1,100 per sq.ft, effective from 1 July 2024. This area is located in Athur B Block village and falls under the Chengleput Joint II SRO. The land classification for this street is Mixed Special Type - II.

How the guideline value of Mahalakshmi nagar has changed

The guideline value for Mahalakshmi nagar has experienced several revisions over the years. In 2007, the guideline value was Rs 165 per sq.ft. This figure saw a significant increase in 2012, rising to Rs 1,000 per sq.ft, marking a remarkable growth of 506%. However, in 2017, the value decreased to Rs 670 per sq.ft, reflecting a decline of 33%. The value then increased to Rs 1,000 per sq.ft in 2023, which was a 49% rise from the previous revision. The most recent revision in 2024 set the guideline value at Rs 1,100 per sq.ft, representing a 10% increase from 2023.

It is important to note that there are no figures available for the years 2002 and 2003 in the register for this street. Overall, from 2007 to 2024, the guideline value has increased by 567%.

Guideline values in Athur B Block

Athur B Block has a total of 79 streets under the Chengleput Joint II SRO that carry a 2024 guideline value, ranging from Rs 268 to Rs 1,525 per sq.ft. The median value for these streets is Rs 700 per sq.ft, placing Mahalakshmi nagar's 2024 figure above this median.

• Kuberan Nagar: Rs 500 per sq.ft (2024)
• Krishna Nagar Extn - I: Rs 700 per sq.ft (2024)
• Krishna Garden: Rs 700 per sq.ft (2024)
• M.N. Nagar: Rs 500 per sq.ft (2024)
• Mountain View: Rs 500 per sq.ft (2024)
• Mullai Nagar: Rs 800 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 would be Rs 11,00,000. The stamp duty at 7% would amount to Rs 77,000, while the registration fee at 2% would be Rs 22,000, bringing the total 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.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Mahalakshmi nagar?

The Sub Registrar Office that covers Mahalakshmi nagar is the Chengleput Joint II Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, in the Chengalpattu registration zone. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Athur B Block

The guideline value is a crucial factor in property transactions within Athur B Block. It serves as a benchmark for determining the minimum value for registration purposes. When a property is sold, the guideline value is used to calculate the stamp duty and registration fees, ensuring that both the buyer and seller are aware of the financial obligations involved.

Additionally, the guideline value helps in establishing a transparent pricing mechanism for properties in the area, aiding in fair transactions. Buyers and sellers should always refer to the latest guideline value to ensure compliance with registration norms.

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 significantly, from Rs 165 per sq.ft in 2007 to Rs 1,100 per sq.ft in 2024, an overall increase of 567%.

What is the land classification for Mahalakshmi nagar?

The land classification for Mahalakshmi nagar is Mixed Special Type - II.

What are the stamp duty and registration fees for 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.

Where is the Sub Registrar Office for Mahalakshmi nagar located?

The Chengleput Joint II Sub Registrar Office is located at 10, Kancheepuram Main Road, Chengalpattu 603 002.