Guideline Value for SRI LAKSHMI NARAYANA NAGAR

Sri Lakshmi Narayana Nagar guideline value

The current guideline value of Sri Lakshmi Narayana Nagar is Rs 400 per sq.ft, effective from 1 July 2024. This area is located in Venkatapuram village and falls under the Chengleput Joint II SRO. The land classification for this street is Residential Class I Type - I.

How the guideline value of Sri Lakshmi Narayana Nagar has changed

The guideline value for Sri Lakshmi Narayana Nagar has seen several revisions over the years. The earliest recorded figure is from 2007, where the guideline value was Rs 50 per sq.ft. This value increased significantly to Rs 400 per sq.ft in 2012, marking a 700% rise. However, it then decreased to Rs 268 per sq.ft in 2017, a drop of 33%. From 2017 to 2023, the value rose again to Rs 400 per sq.ft, reflecting a 49% increase. The guideline value has remained unchanged at Rs 400 per sq.ft from 2023 to 2024.

The register has no figure for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 700%.

Guideline values in Venkatapuram

In Venkatapuram, there are 29 streets under the Chengleput Joint II SRO that have a 2024 guideline value ranging from Rs 400 to Rs 2,500 per sq.ft. The median guideline value is Rs 400 per sq.ft, which is the same as the current figure for Sri Lakshmi Narayana Nagar.

• St.John Colony: Rs 400 per sq.ft (2024)
• Sathiya Narayana Nagar: Rs 400 per sq.ft (2024)
• Sapthagiri Nagar: Rs 400 per sq.ft (2024)
• Sairam Nagar Extn: Rs 500 per sq.ft (2024)
• Sairam Nagar Extension II: Rs 1,200 per sq.ft (2024)
• Sairam Nagar: Rs 500 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Lakshmi Narayana Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 400 per sq.ft, the total guideline value amounts to Rs 4,00,000. The stamp duty at 7% would be Rs 28,000, and the registration fee at 2% would be Rs 8,000, bringing the total fees to Rs 36,000. It is important to note that duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Sri Lakshmi Narayana Nagar?

The Sub Registrar Office that covers Sri Lakshmi Narayana Nagar is the Chengleput Joint II Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor in property transactions in Venkatapuram, as it determines the minimum value at which a property can be registered. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, ensuring that these costs are based on a standardized valuation.

It is essential for buyers and sellers to be aware of the current guideline value to understand the financial implications of their transaction. This value serves as a reference point for both parties involved in the sale, ensuring transparency and compliance with local regulations.

Frequently asked questions

What is the current guideline value of Sri Lakshmi Narayana Nagar?

The current guideline value of Sri Lakshmi Narayana Nagar is Rs 400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, with the most recent revision in 2024 maintaining the value at Rs 400 per sq.ft. Notably, it increased from Rs 268 per sq.ft in 2017 to Rs 400 per sq.ft in 2023.

What is the land classification for Sri Lakshmi Narayana Nagar?

Sri Lakshmi Narayana Nagar is classified as Residential Class I Type - I, indicating its suitability for residential development.

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

The Chengleput Joint II Sub Registrar Office covers Sri Lakshmi Narayana Nagar and is located at 10, Kancheepuram Main Road, Chengalpattu 603 002.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at Rs 400 per sq.ft, the total guideline value would be Rs 4,00,000, leading to a stamp duty of Rs 28,000 and a registration fee of Rs 8,000.