Guideline Value for Mahaveer Nagar

Mahaveer Nagar guideline value

The current guideline value of Mahaveer Nagar is Rs 1,650 per sq.ft, effective from 1 July 2024. This area is located in Puzhal village under the Redhills SRO and is classified as Residential Class I Type - I.

How the guideline value of Mahaveer Nagar has changed

The guideline value for Mahaveer Nagar has seen several revisions over the years. In 2002, the value was Rs 426 per sq.ft, which increased to Rs 44 per sq.ft in 2003. The value then rose significantly to Rs 200 per sq.ft in 2007, followed by a substantial jump to Rs 1,500 per sq.ft in 2012. However, it decreased to Rs 1,005 per sq.ft in 2017. The guideline value then increased to Rs 1,500 per sq.ft in 2023 and has now reached Rs 1,650 per sq.ft in 2024.

Between the revisions, there have been notable changes. From 2002 to 2024, the overall increase is 287%. The most significant jump occurred from 2007 to 2012, with a rise of 650%. The value saw a decrease of 33% from 2012 to 2017, followed by a 49% increase from 2017 to 2023. The latest revision from 2023 to 2024 shows a 10% increase.

Guideline values in Puzhal

In Puzhal, there are 270 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 6,000 per sq.ft, with a median value of Rs 1,102 per sq.ft. Mahaveer Nagar's 2024 figure of Rs 1,650 per sq.ft is above this median.

• Mahaveer Garden Annex 4: Rs 1,650 per sq.ft (2024)
• Mahaveer Garden Annex 2&3: Rs 1,650 per sq.ft (2024)
• Mahaveer Garden Annex-1: Rs 1,650 per sq.ft (2024)
• Mahaveer Garden: Rs 1,650 per sq.ft (2024)
• Maharaja Nagar: Rs 1,102 per sq.ft (2024)
• Mahalakshmi Nagar Extention: Rs 1,100 per sq.ft (2024)

Stamp duty and registration fee for property in Mahaveer Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value amounts to Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, resulting in a total of Rs 1,48,500. 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 Mahaveer Nagar?

The Sub Registrar Office that covers Mahaveer 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 is a crucial factor during the registration of property transactions in Puzhal. 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, the guideline value helps both parties understand the official valuation of the property. It is essential for buyers to be aware of this value to ensure they are paying a fair price and fulfilling their legal obligations during the registration process.

Frequently asked questions

What is the current guideline value of Mahaveer Nagar?

The current guideline value of Mahaveer Nagar is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, starting from Rs 426 per sq.ft in 2002 to Rs 1,650 per sq.ft in 2024, with various increases and decreases along the way.

What is the land classification of Mahaveer Nagar?

Mahaveer Nagar is classified as Residential Class I Type - I, indicating its suitability for residential development.

Where is the Sub Registrar Office for Mahaveer Nagar located?

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

How is the stamp duty calculated for properties in Mahaveer Nagar?

The stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 16,50,000, the stamp duty would be Rs 1,15,500 at a rate of 7%.