Guideline Value for SRI LAKSHMI NAGAR

Sri Lakshmi Nagar guideline value

The current guideline value of Sri Lakshmi Nagar, located in Mogalivakkam village under the Kunrathur SRO, is Rs 3,520 per sq.ft, effective from 1 July 2024. The land classification for this area is Mixed 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 3,200 per sq.ft, which then decreased to Rs 2,144 per sq.ft in the 2017 revision. The value increased significantly to Rs 3,200 per sq.ft in the 2023 revision, and finally rose to Rs 3,520 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

From 2017 to 2023, the guideline value increased by 49%. The overall change from the 2012 revision to the 2024 revision is a 10% increase. The register does not have figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Mogalivakkam

In Mogalivakkam, there are 98 streets under the Kunrathur SRO that carry a 2024 guideline value ranging from Rs 2,530 to Rs 6,600 per sq.ft. The median value for these streets is Rs 2,970 per sq.ft, placing Sri Lakshmi Nagar's 2024 figure above the median.

• Sri Bhagavathi Avenue: Rs 2,860 per sq.ft (2024)
• Sri Balaji Nagar: Rs 2,970 per sq.ft (2024)
• Sri Ranga Avenue: Rs 2,530 per sq.ft (2024)
• Sri Thirumurugan nagar: Rs 2,970 per sq.ft (2024)
• Sivakami Nagar: Rs 2,970 per sq.ft (2024)
• Subhasri Nagar: Rs 2,970 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 3,520 per sq.ft, the total guideline value amounts to Rs 35,20,000. The stamp duty at 7% would be Rs 2,46,400, and the registration fee at 2% would be Rs 70,400, making the total fees together Rs 3,16,800. 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?

The Sub Registrar Office that covers Sri Lakshmi Nagar is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Mogalivakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value during the registration process to ensure compliance with local regulations.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees. This ensures that the fees are based on a standardized value, which helps maintain transparency in property transactions.

Frequently asked questions

What is the current guideline value of Sri Lakshmi Nagar?

The current guideline value of Sri Lakshmi Nagar is Rs 3,520 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,200 per sq.ft in 2012 to Rs 2,144 per sq.ft in 2017, then increased to Rs 3,200 per sq.ft in 2023, and finally to Rs 3,520 per sq.ft in 2024.

What is the land classification for Sri Lakshmi Nagar?

The land classification for Sri Lakshmi Nagar is Mixed Special Type - I.

Where can I find the registration office for Sri Lakshmi Nagar?

The registration office for Sri Lakshmi Nagar is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069.

How is the stamp duty calculated for properties in Sri Lakshmi Nagar?

Stamp duty for properties in Sri Lakshmi Nagar is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value incurs a total fee of Rs 3,16,800.