Guideline Value for Sri Mahalakshmi Nagar

Sri Mahalakshmi Nagar guideline value

The current guideline value of Sri Mahalakshmi Nagar is Rs 100 per sq.ft, effective from 1 July 2024. This area is located in Kaavaathur village, under the Madurandakam Sub Registrar Office (SRO). The land classification for this street is Residential Class I Type - I.

How the guideline value of Sri Mahalakshmi Nagar has changed

The guideline value for Sri Mahalakshmi Nagar has undergone several revisions over the years. The earliest recorded revision was in 2007, where the value was Rs 25 per sq.ft. This increased to Rs 80 per sq.ft in 2012, followed by a decrease to Rs 54 per sq.ft in 2017. The most recent revisions in 2023 and 2024 have maintained the value at Rs 100 per sq.ft, showing no change between these two years.

From 2017 to 2023, the guideline value increased by 85%. The significant jump occurred from 2007 to 2012, with a 220% increase, while the value decreased by 33% from 2012 to 2017. Overall, from 2007 to 2024, the guideline value has increased by 300%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Kaavaathur

In Kaavaathur, there are seven streets under the Madurandakam SRO that carry a guideline value for 2024, ranging from Rs 100 to Rs 250 per sq.ft. The median value for these streets is Rs 100 per sq.ft, which is equal to the 2024 figure for Sri Mahalakshmi Nagar.

• Sri Sai Nagar: Rs 250 per sq.ft (2024)
• Sai Sadhasiva Garden & Extension: Rs 120 per sq.ft (2024)
• B.L. Avenue: Rs 100 per sq.ft (2024)
• B.B. Avenue II: Rs 100 per sq.ft (2024)
• B.B. Avenue: Rs 100 per sq.ft (2024)
• Mullai Nagar Avenue- I: Rs 100 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Mahalakshmi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 100 per sq.ft, the total guideline value amounts to Rs 1,00,000. The stamp duty at 7% would be Rs 7,000, and the registration fee at 2% would be Rs 2,000, totaling Rs 9,000. 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 details.

Which Sub Registrar Office covers Sri Mahalakshmi Nagar?

The Sri Mahalakshmi Nagar area is covered by the Madurandakam Sub Registrar Office, located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Kaavaathur. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction. Buyers and sellers must consider the guideline value to ensure compliance with legal requirements during property registration.

When a property is sold, the guideline value is used to calculate the applicable fees, ensuring that both parties are aware of the financial implications of the transaction. It is essential to refer to the latest guideline values to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Sri Mahalakshmi Nagar?

The current guideline value of Sri Mahalakshmi Nagar is Rs 100 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 25 per sq.ft in 2007 to Rs 100 per sq.ft in 2024, with various increases and decreases in between.

What is the land classification for Sri Mahalakshmi Nagar?

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

Where can I find the Madurandakam Sub Registrar Office?

The Madurandakam Sub Registrar Office is located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone.

How is the stamp duty calculated for properties in Sri Mahalakshmi Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property with a guideline value of Rs 1,00,000 would incur a stamp duty of Rs 7,000 at 7%.