Guideline Value for SRI LAKSHMI NAGAR

Sri Lakshmi Nagar guideline value

The current guideline value of Sri Lakshmi Nagar, located in Karumbur village under the Chengleput Joint II SRO, is Rs 500 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class V Type - I.

How the guideline value of Sri Lakshmi Nagar has changed

The guideline value of Sri Lakshmi Nagar has seen several revisions over the years. The most recent revision in 2024 maintains the rate at Rs 500 per sq.ft, which is the same as the 2023 revision. Prior to this, the 2017 revision recorded a value of Rs 335 per sq.ft, marking a significant increase of 49% from 2017 to 2023. The 2012 revision also set the value at Rs 500 per sq.ft, which indicates a decrease of 33% when compared to the 2017 figure. Overall, from 2012 to 2024, the guideline value has remained unchanged at Rs 500 per sq.ft.

It is important to note that there are no recorded figures for the years 2002, 2003, and 2007 for this street. Thus, the revisions only account for 2012, 2017, 2023, and 2024.

Guideline values in Karumbur

In Karumbur village, there are 10 streets under the Chengleput Joint II SRO that have a 2024 guideline value ranging from Rs 350 to Rs 600 per sq.ft. The median value among these streets is Rs 501 per sq.ft, placing Sri Lakshmi Nagar's 2024 figure below this median.

• Sri Rishab Nagar: Rs 600 per sq.ft (2024)
• V.G.P. Green Land: Rs 501 per sq.ft (2024)
• Jayamaruthi Puram: Rs 501 per sq.ft (2024)
• Goldan Royal: Rs 501 per sq.ft (2024)
• Balakirshnan Nagar: Rs 350 per sq.ft (2024)
• Balaji Nagar Phase-II: Rs 500 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Lakshmi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 500 per sq.ft, the total guideline value amounts to Rs 5,00,000. The stamp duty, calculated at 7%, would be Rs 35,000, and the registration fee at 2% would be Rs 10,000, resulting in a total of Rs 45,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sri Lakshmi Nagar?

The Sub Registrar Office that covers Sri Lakshmi Nagar 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 details.

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

The guideline value is a crucial factor when registering property transactions in Karumbur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duties and registration fees.

When buying or selling property, the guideline value will be considered along with the sale price. The higher of the two values will be used to calculate the applicable stamp duty and registration fees during the registration process.

Frequently asked questions

What is the current guideline value of Sri Lakshmi Nagar?

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

How has the guideline value changed over the years?

The guideline value has remained at Rs 500 per sq.ft from 2012 to 2024, with a notable increase from Rs 335 per sq.ft in 2017 to Rs 500 per sq.ft in 2023.

What is the land classification for Sri Lakshmi Nagar?

Sri Lakshmi Nagar is classified as Residential Class V Type - I, indicating its designation for residential purposes.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 5,00,000, the stamp duty would be Rs 35,000 and the registration fee would be Rs 10,000, totaling Rs 45,000.

Where can I find the Sub Registrar Office for Sri Lakshmi Nagar?

The Chengleput Joint II Sub Registrar Office is located at 10, Kancheepuram Main Road, Chengalpattu 603 002. You can find more details through the provided link.