Guideline Value for SRI LAKSHMI NAGAR

Sri Lakshmi Nagar guideline value

The current guideline value of Sri Lakshmi Nagar, located in Nelli village under the Salavakkam SRO, is Rs 103 per sq.ft, effective from 1 July 2024. This area 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 seen several revisions over the years. The 2012 revision set the value at Rs 100 per sq.ft, which was then reduced to Rs 67 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 100 per sq.ft, and the most recent 2024 revision has set the value at Rs 103 per sq.ft, marking a 3% increase from the previous year.

From the 2017 revision to 2023, the guideline value increased by 49%. Overall, from 2012 to 2024, the guideline value has increased by 3%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Nelli

In Nelli village, there are 25 streets under the Salavakkam SRO that carry a 2024 guideline value ranging from Rs 101 to Rs 103 per sq.ft, with the median being Rs 103 per sq.ft. The guideline value for Sri Lakshmi Nagar matches this median.

• Sri Bhuvaneshwari Amman Nagar: Rs 103 per sq.ft (2024)
• Sri Sai Baba Nagar: Rs 103 per sq.ft (2024)
• Thirumalai Nagar: Rs 103 per sq.ft (2024)
• Sai Narasimma Garden Phase-7: Rs 103 per sq.ft (2024)
• Sai Narasimma Garden Phase-6: Rs 103 per sq.ft (2024)
• Sai Narasimma Garden Phase -5: 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 would be Rs 1,03,000. The stamp duty at 7% would amount to Rs 7,210, and the registration fee at 2% would be Rs 2,060, making the total cost Rs 9,270. It is important to note that the 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 calculations.

Which Sub Registrar Office covers Sri Lakshmi Nagar?

Sri Lakshmi Nagar falls under the jurisdiction of the Salavakkam Sub Registrar Office, located at 2/1a, Thottakkara Street, Salavakkam, 603 107, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Nelli. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the government receives the appropriate revenue from property transactions in the area.

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 back 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, indicating its designation for residential purposes.

Where can I find the Salavakkam Sub Registrar Office?

The Salavakkam Sub Registrar Office is located at 2/1a, Thottakkara Street, Salavakkam, 603 107, Chengalpattu registration zone.

How is stamp duty calculated in Sri Lakshmi Nagar?

Stamp duty in Sri Lakshmi Nagar is calculated based on the higher of the guideline value or the sale price of the property. For example, on a plot of 1,000 sq.ft at Rs 103 per sq.ft, the total guideline value would be Rs 1,03,000, leading to a stamp duty of Rs 7,210.