Guideline Value for SRI LAKSHMI AVENUE

Sri Lakshmi Avenue guideline value

The current guideline value of Sri Lakshmi Avenue is Rs 550 per sq.ft, effective from 1 July 2024. This street is located in Vallur village under the Thiruvottiyur SRO and is classified as Residential Class I Type - I.

How the guideline value of Sri Lakshmi Avenue has changed

The guideline value for Sri Lakshmi Avenue has seen several revisions over the years. The most recent revision in 2024 set the value at Rs 550 per sq.ft, an increase from Rs 500 per sq.ft in 2023, marking a change of +10%. Prior to that, in 2017, the guideline value was Rs 335 per sq.ft, resulting in a significant increase of +49% from 2017 to 2023. Overall, from 2017 to 2024, the guideline value has risen by +64%.

It is important to note that there are no figures available for the revisions in 2002, 2003, 2007, and 2012 for this street. The available data shows a clear upward trend in the guideline value from Rs 335 per sq.ft in 2017 to the current Rs 550 per sq.ft in 2024.

Guideline values in Vallur

In Vallur, there are 75 streets under the Thiruvottiyur SRO that carry a 2024 guideline value, ranging from Rs 220 to Rs 551 per sq.ft. The median value for these streets is Rs 220 per sq.ft, placing Sri Lakshmi Avenue above this median.

• Sri Lakshmi Nagar: Rs 550 per sq.ft (2024)
• Sri Mahalakshmi Nagar: Rs 220 per sq.ft (2024)
• Sri Malli Nagar: Rs 220 per sq.ft (2024)
• Sri Ganesh Garden: Rs 220 per sq.ft (2024)
• Sri Balaji Nagar: Rs 220 per sq.ft (2024)
• Sri Sakthi Sairam Nagar: Rs 220 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Lakshmi Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 550 per sq.ft, the total guideline value would be Rs 5,50,000. The stamp duty at 7% would amount to Rs 38,500, while the registration fee at 2% would be Rs 11,000, bringing the total charges to Rs 49,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For further details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sri Lakshmi Avenue?

The Sub Registrar Office covering Sri Lakshmi Avenue is the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. You can find your SRO for more information.

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

The guideline value is an essential factor in the registration process when buying or selling property in Vallur. It serves as a reference point for determining the stamp duty and registration fees that must be paid during the transaction.

When a property is sold, the guideline value is used to ensure that the transaction is recorded accurately and that the appropriate taxes are collected. Buyers and sellers should be aware of the current guideline value to understand their financial obligations during the registration process.

Frequently asked questions

What is the current guideline value of Sri Lakshmi Avenue?

The current guideline value of Sri Lakshmi Avenue is Rs 550 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has increased from Rs 335 per sq.ft in 2017 to Rs 550 per sq.ft in 2024, reflecting an overall increase of +64% over this period.

What is the land classification of Sri Lakshmi Avenue?

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

Where can I find the Thiruvottiyur Sub Registrar Office?

The Thiruvottiyur Sub Registrar Office is located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019.

How is stamp duty calculated for properties in Sri Lakshmi Avenue?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 5,50,000, the stamp duty would be Rs 38,500 at a rate of 7%.