Guideline Value for SRI LAKSHMI NAGAR

Sri Lakshmi Nagar guideline value

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

How the guideline value of Sri Lakshmi Nagar has changed

The guideline value for Sri Lakshmi Nagar has undergone several revisions over the years. The 2012 revision set the value at Rs 100 per sq.ft, which then decreased to Rs 67 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 100 per sq.ft in the 2023 revision, and finally rose to Rs 103 per sq.ft in the 2024 revision, marking a 3% increase from the previous year.

From 2017 to 2023, the guideline value increased by 49%, while the overall change from 2012 to 2024 shows a marginal increase of 3%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Vasanthavaadi

In Vasanthavaadi, five streets under the Madurandakam SRO have a 2024 guideline value ranging from Rs 103 to Rs 200 per sq.ft. The median value for these streets is Rs 103 per sq.ft, which aligns with the guideline value for Sri Lakshmi Nagar.

• Sri Lakshmi Nagar Phase-II: 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

For a 1,000 sq.ft plot at the current guideline value of Rs 103 per sq.ft, the total 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 charges to Rs 9,270. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use our stamp duty and registration fee calculator for further assistance.

Which Sub Registrar Office covers Sri Lakshmi Nagar?

The Sub Registrar Office that covers Sri Lakshmi Nagar is 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 Vasanthavaadi

The guideline value is a crucial factor during property transactions in Vasanthavaadi, as it determines the minimum value at which properties can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations and to accurately calculate applicable fees.

When registering a property, the guideline value is used to calculate the stamp duty and registration fees. It is essential for both parties to be aware of the current guideline value to avoid discrepancies 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 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 land classification of Sri Lakshmi Nagar?

Sri Lakshmi Nagar is classified as Residential Special Type - I under the guideline value register.

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

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot at the current rate, the total charges amount to Rs 9,270.

Where is the Sub Registrar Office for Sri Lakshmi Nagar located?

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