Guideline Value for Shree Mahalakshmi Nagar

Shree Mahalakshmi Nagar guideline value

The current guideline value of Shree Mahalakshmi Nagar in Agraharam Vada village is Rs 880 per sq.ft, effective from 1 July 2024. This area falls under the Poonamallee SRO and is classified as Residential Special Type - I.

How the guideline value of Shree Mahalakshmi Nagar has changed

The guideline value for Shree Mahalakshmi Nagar has undergone several revisions over the years. The earliest recorded revision was in 2012, where the guideline value was Rs 1,000 per sq.ft. This decreased to Rs 670 per sq.ft in 2017, marking a decline of 33%. The value then increased to Rs 800 per sq.ft in 2023, a rise of 19%, and further increased to Rs 880 per sq.ft in 2024, which is a 10% increase from the previous year.

There are no recorded figures for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has decreased by 12%.

Guideline values in Agraharam Vada

In Agraharam Vada, there are 17 streets under the Poonamallee SRO that carry a 2024 guideline value ranging from Rs 660 to Rs 1,650 per sq.ft. The median value is Rs 880 per sq.ft, which matches the guideline value for Shree Mahalakshmi Nagar. Below are the guideline values for other streets in Agraharam Vada:

• Sri Ambal Avenue: Rs 880 per sq.ft (2024)
• Sri Ambal Nagar Kamachi Avenue: Rs 660 per sq.ft (2024)
• Sri Srinivasa Nagar: Rs 850 per sq.ft (2024)
• Ramachandran Nagar: Rs 850 per sq.ft (2024)
• Pilliyar Koil Street: Rs 850 per sq.ft (2024)
• Padmavathy Nagar Extension: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Shree Mahalakshmi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 880 per sq.ft, the total guideline value would be Rs 8,80,000. The stamp duty at 7% would amount to Rs 61,600, and the registration fee at 2% would be Rs 17,600, bringing the total fees to Rs 79,200. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Shree Mahalakshmi Nagar?

The Sub Registrar Office that covers Shree Mahalakshmi Nagar is the Poonamallee Sub Registrar Office, located at No.332 U + 9cc Malma Nagar, Poonamallee, Chennai - 600056. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Agraharam Vada

The guideline value is a crucial factor when registering property transactions in Agraharam Vada. It serves as a benchmark for determining the stamp duty and registration fees that are payable during the purchase or sale of property.

When a property is sold, the guideline value is compared to the sale price. The higher of the two values is used to calculate the applicable stamp duty and registration fees, ensuring that the government receives the correct dues based on the property's value.

Frequently asked questions

What is the current guideline value of Shree Mahalakshmi Nagar?

The current guideline value of Shree Mahalakshmi Nagar is Rs 880 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,000 per sq.ft in 2012 to Rs 670 per sq.ft in 2017, then increased to Rs 800 per sq.ft in 2023, and finally to Rs 880 per sq.ft in 2024.

What is the land classification for Shree Mahalakshmi Nagar?

Shree Mahalakshmi Nagar is classified as Residential Special Type - I.

Which office handles registrations for Shree Mahalakshmi Nagar?

The Poonamallee Sub Registrar Office handles registrations for Shree Mahalakshmi Nagar, located at No.332 U + 9cc Malma Nagar, Poonamallee, Chennai - 600056.

How is stamp duty calculated for properties in Agraharam Vada?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. This ensures that the correct amount of duty is paid during the registration process.