Guideline Value for SRI LAKSHMI NAGAR (CHEN)

Sri Lakshmi Nagar (Chen) guideline value

The current guideline value of Sri Lakshmi Nagar (Chen) is Rs 880 per sq.ft, effective from 1 July 2024. This area falls under Sengundram - 1 village and is classified as Residential Class I Type - I. It is registered with the Chengleput Joint II SRO.

How the guideline value of Sri Lakshmi Nagar (Chen) has changed

The guideline value for Sri Lakshmi Nagar (Chen) has undergone several revisions over the years. The 2024 revision shows a value of Rs 880 per sq.ft, an increase from Rs 800 per sq.ft in the 2023 revision, marking a 10% rise. Prior to that, in 2017, the guideline value was Rs 536 per sq.ft, which indicates a significant increase of 49% to the 2023 figure. The 2012 revision had a guideline value of Rs 800 per sq.ft, which was a decrease of 33% from the 2017 figure.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%. It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Sengundram - 1

In Sengundram - 1, there are 126 streets under the Chengleput Joint II SRO, with the 2024 guideline values ranging from Rs 660 to Rs 3,285 per sq.ft. The median value is Rs 880 per sq.ft, which is equal to the guideline value of Sri Lakshmi Nagar (Chen).

• Sri Nagar Part - II (Chen): Rs 1,100 per sq.ft (2024)
• Srinivasapuram: Rs 880 per sq.ft (2024)
• Sri Ponni Nagar: Rs 1,971 per sq.ft (2024)
• Sri Dharmanathar Avenue (Chen): Rs 1,100 per sq.ft (2024)
• Sri Devi Karumariamman Nagar: Rs 770 per sq.ft (2024)
• Sriram Nagar (Chen): Rs 880 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Lakshmi Nagar (Chen)

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, making the total fees Rs 79,200. 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 Lakshmi Nagar (Chen)?

The Sub Registrar Office that covers Sri Lakshmi Nagar (Chen) is the Chengleput Joint II Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, in the Chengalpattu registration zone. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Sengundram - 1

The guideline value is an important reference point when buying or selling property in Sengundram - 1. It is used to calculate the stamp duty and registration fees that are applicable during the registration process. Buyers and sellers must be aware of the current guideline value to ensure compliance with legal requirements.

When a property is registered, the guideline value is considered to determine the applicable fees. If the sale price is higher than the guideline value, the duty is calculated based on the sale price instead. This ensures that the transaction is properly documented and taxed according to the prevailing regulations.

Frequently asked questions

What is the current guideline value of Sri Lakshmi Nagar (Chen)?

The current guideline value of Sri Lakshmi Nagar (Chen) 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 800 per sq.ft in 2023 to Rs 880 per sq.ft in 2024, an increase of 10%. It was Rs 536 per sq.ft in 2017 and Rs 800 per sq.ft in 2012.

What are the stamp duty and registration fees for properties in Sri Lakshmi Nagar (Chen)?

The stamp duty is calculated at 7% of the guideline value, while the registration fee is 2%. For a 1,000 sq.ft plot, the total fees would amount to Rs 79,200.

Which Sub Registrar Office covers Sri Lakshmi Nagar (Chen)?

The Chengleput Joint II Sub Registrar Office covers Sri Lakshmi Nagar (Chen), located at 10, Kancheepuram Main Road, Chengalpattu 603 002.

What is the land classification of Sri Lakshmi Nagar (Chen)?

Sri Lakshmi Nagar (Chen) is classified as Residential Class I Type - I, indicating its suitability for residential development.