Guideline Value for Shri Mahalakshmi Nagar

Shri Mahalakshmi Nagar guideline value

The current guideline value of Shri Mahalakshmi Nagar is Rs 1,500 per sq.ft, effective from 1 July 2024. This area is located in Nandhivaram village, under the Gooduvancheri SRO, and is classified as Residential Special Type - I.

How the guideline value of Shri Mahalakshmi Nagar has changed

The guideline value for Shri Mahalakshmi Nagar has seen several revisions over the years. In 2002, the guideline value was Rs 114 per sq.ft, which increased significantly to Rs 667 per sq.ft in 2007. The following revision in 2012 saw the value rise to Rs 1,500 per sq.ft, marking a 125% increase from the previous figure. However, in 2017, the value decreased to Rs 1,005 per sq.ft, a decline of 33%. The value then rose again to Rs 1,500 per sq.ft in 2023, remaining unchanged in the 2024 revision.

Overall, from 2002 to 2024, the guideline value has increased by 1216%. It is important to note that there is no figure available for the year 2003 in the register for this street.

Guideline values in Nandhivaram

Nandhivaram village has a total of 169 streets under the Gooduvancheri SRO, with the 2024 guideline values ranging from Rs 1,000 to Rs 3,500 per sq.ft. The median value for these streets is Rs 1,500 per sq.ft, which is equal to the current guideline value of Shri Mahalakshmi Nagar.

• Sheela Nagar: Rs 1,000 per sq.ft (2024)
• Siva Avenue: Rs 1,000 per sq.ft (2024)
• Sivamurugan Nagar: Rs 1,000 per sq.ft (2024)
• Senthil Nagar: Rs 3,500 per sq.ft (2024)
• Sengazhi Amman Kovil Street: Rs 1,000 per sq.ft (2024)
• Selva Vinayagar Nagar: Rs 1,200 per sq.ft (2024)

Stamp duty and registration fee for property in Shri Mahalakshmi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,500 per sq.ft, the total guideline value would be Rs 15,00,000. The stamp duty at 7% would amount to Rs 1,05,000, and the registration fee at 2% would be Rs 30,000. Together, these would total Rs 1,35,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Shri Mahalakshmi Nagar?

The Sub Registrar Office that covers Shri Mahalakshmi Nagar is the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nandhivaram, Guduvancheri-603202, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Nandhivaram. It is used to determine the stamp duty and registration fees that are applicable when buying or selling property. Buyers and sellers must be aware of the current guideline value to ensure compliance with local regulations during the registration process.

When a property is sold, the guideline value is compared to the sale price. The higher of the two is used to calculate the applicable stamp duty and registration fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Shri Mahalakshmi Nagar?

The current guideline value of Shri Mahalakshmi Nagar is Rs 1,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed multiple times, starting from Rs 114 per sq.ft in 2002 to Rs 1,500 per sq.ft in 2024, reflecting an overall increase of 1216% over this period.

What is the land classification for Shri Mahalakshmi Nagar?

Shri Mahalakshmi Nagar is classified as Residential Special Type - I, indicating its suitability for residential development.

Where can I find the registration office for properties in Shri Mahalakshmi Nagar?

The registration office for properties in Shri Mahalakshmi Nagar is the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nandhivaram, Guduvancheri-603202, Chengalpattu registration zone.

How is stamp duty calculated for properties in Nandhivaram?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. The current rate for stamp duty is 7%, and the registration fee is 2% of the guideline value or sale price.