Guideline Value for SRI LAKSHMI NAGAR PHASE-II

Sri Lakshmi Nagar Phase-II guideline value

The current guideline value of Sri Lakshmi Nagar Phase-II is Rs 103 per sq.ft, effective from 1 July 2024. This area is located in Vasanthavaadi village under the Madurandakam Sub Registrar Office (SRO) and is classified as Residential Special Type - I.

How the guideline value of Sri Lakshmi Nagar Phase-II has changed

The guideline value for Sri Lakshmi Nagar Phase-II has seen several revisions over the years. In 2012, the value was set at Rs 100 per sq.ft, which then decreased to Rs 67 per sq.ft in 2017. Following this, the value increased to Rs 100 per sq.ft in 2023, and finally, it rose to Rs 103 per sq.ft in 2024, marking a 3% increase from the previous year. The register has no figures for the years 2002, 2003, and 2007 for this street.

From 2012 to 2017, there was a decrease of 33%, followed by a significant increase of 49% from 2017 to 2023. Overall, from 2012 to 2024, the guideline value has increased by 3%.

Guideline values in Vasanthavaadi

In Vasanthavaadi, there are five streets under the Madurandakam SRO that carry a 2024 guideline value, ranging from Rs 103 to Rs 200 per sq.ft, with the median value being Rs 103 per sq.ft. Sri Lakshmi Nagar Phase-II's current value aligns with this median.

• Sri Lakshmi Nagar: Rs 103 per sq.ft (2024)
• Muthu Nagar: Rs 103 per sq.ft (2024)
• Iswarya Garden: Rs 200 per sq.ft (2024)
• Gubera Lakshmi Nagar: Rs 103 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Lakshmi Nagar Phase-II

For a 1,000 sq.ft plot at the current rate of Rs 103 per sq.ft, the guideline value amounts to Rs 1,03,000. The stamp duty at 7% would be Rs 7,210, and the registration fee at 2% would be Rs 2,060, bringing the total to Rs 9,270. It is important to note that duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sri Lakshmi Nagar Phase-II?

The Madurandakam Sub Registrar Office covers Sri Lakshmi Nagar Phase-II. The office is 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 Vasanthavaadi

The guideline value is a crucial factor in property transactions in Vasanthavaadi, as it determines the minimum value at which a property can be registered. When buying or selling property, the guideline value ensures transparency and standardization in the registration process.

Additionally, the guideline value influences the stamp duty and registration fees that are applicable during the transaction. Buyers must be aware of these values to ensure they comply with the legal requirements while completing their property transactions.

Frequently asked questions

What is the current guideline value of Sri Lakshmi Nagar Phase-II?

The current guideline value of Sri Lakshmi Nagar Phase-II is Rs 103 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 100 per sq.ft in 2012 to Rs 67 per sq.ft in 2017, then to Rs 100 per sq.ft in 2023, and finally to Rs 103 per sq.ft in 2024.

What is the stamp duty for property in Sri Lakshmi Nagar Phase-II?

The stamp duty for property in Sri Lakshmi Nagar Phase-II is charged at 7% of the guideline value or the sale price, whichever is higher.

Which office handles property registrations for Sri Lakshmi Nagar Phase-II?

The Madurandakam Sub Registrar Office handles property registrations for Sri Lakshmi Nagar Phase-II, located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone.

What is the land classification for Sri Lakshmi Nagar Phase-II?

Sri Lakshmi Nagar Phase-II is classified as Residential Special Type - I, indicating its designation for residential purposes.