Guideline Value for Mahalakshmi nagar

Mahalakshmi nagar guideline value

The current guideline value of Mahalakshmi Nagar in Karunilam village is Rs 501 per sq.ft, effective from 1 July 2024. This area falls under the Chengleput Joint II SRO and is classified as Mixed Type - I land.

How the guideline value of Mahalakshmi nagar has changed

In the 2012 revision, the guideline value was set at Rs 500 per sq.ft. This figure remained unchanged until the 2017 revision, where it decreased to Rs 335 per sq.ft, marking a decline of 33%. The value then increased significantly to Rs 500 per sq.ft in the 2023 revision, and it has now been revised to Rs 501 per sq.ft in 2024, showing no change from the previous year.

From the 2017 revision to the 2023 revision, the guideline value increased by 49%. Overall, from 2012 to 2024, the guideline value has remained stable, with no net change during this period. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Karunilam

In Karunilam, there are 35 streets under the Chengleput Joint II SRO that carry a 2024 guideline value ranging from Rs 400 to Rs 1,200 per sq.ft. The median value is Rs 501 per sq.ft, which is equal to the current figure for Mahalakshmi Nagar.

• Mahalakshmi Nagar Phase - I: Rs 700 per sq.ft (2024)
• Mahalakshmi Nagar Phase - II: Rs 700 per sq.ft (2024)
• Mahalakshmi Nagar Phase - III: Rs 700 per sq.ft (2024)
• Mahalakshmi Nagar Phase - IV: Rs 700 per sq.ft (2024)
• Mahalakshmi Nagar Phase - V: Rs 700 per sq.ft (2024)
• Metro Elite Home: Rs 700 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 501 per sq.ft, the total guideline value would be Rs 5,01,000. The stamp duty at 7% would amount to Rs 35,070, and the registration fee at 2% would be Rs 10,020, making the total fees Rs 45,090. 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 is covered by 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 Karunilam

The guideline value is a crucial factor in the registration process for properties in Karunilam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is documented at a fair value.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory for the legal transfer of property ownership. This ensures transparency and compliance with the regulations set forth by the Registration Department.

Frequently asked questions

What is the current guideline value of Mahalakshmi Nagar?

The current guideline value of Mahalakshmi Nagar is Rs 501 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen various changes, with the most recent revision in 2024 showing no change from the previous year. From 2012 to 2017, it decreased from Rs 500 to Rs 335 per sq.ft, then increased to Rs 500 in 2023.

What is the land classification of Mahalakshmi Nagar?

Mahalakshmi Nagar is classified as Mixed Type - I land, which is relevant for determining the guideline value and other regulatory considerations.

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

The stamp duty is charged at 7% of the guideline value, while the registration fee is 2%. For a 1,000 sq.ft plot at the current rate, the total fees would amount to Rs 45,090.

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. This office handles all registrations for properties in Mahalakshmi Nagar.