Guideline Value for SRI LAKSHMI NARAYANAGAR PHASE -II

Sri Lakshmi Narayanagar Phase -II guideline value

The current guideline value for Sri Lakshmi Narayanagar Phase -II is Rs 300 per sq.ft. This area is located in Maele Manapakkam village and falls under the Chengleput Joint II SRO. The land classification for this area is Residential Class II Type - III.

How the guideline value of Sri Lakshmi Narayanagar Phase -II has changed

Over the years, the guideline value for Sri Lakshmi Narayanagar Phase -II has seen several revisions. The 2012 revision set the value at Rs 300 per sq.ft, which remained unchanged until the 2017 revision, where it decreased to Rs 201 per sq.ft. Following this, the 2023 revision brought the value back to Rs 300 per sq.ft, and the 2024 revision maintained this figure at Rs 300 per sq.ft. There are no figures available for the years 2002, 2003, and 2007 in the register for this street.

From 2017 to 2023, there was a significant increase of 49%, while from 2012 to 2017, the guideline value experienced a decrease of 33%. Overall, comparing the 2012 and 2024 revisions, the guideline value remains unchanged at Rs 300 per sq.ft.

Guideline values in Maele Manapakkam

In Maele Manapakkam, there are 14 streets under the Chengleput Joint II SRO that carry a 2024 guideline value ranging from Rs 200 to Rs 450 per sq.ft. The median value for these streets is Rs 301 per sq.ft, indicating that the guideline value for Sri Lakshmi Narayanagar Phase -II is below this median.

• Sri Lakshmi Narayana Nagar Phase -I: Rs 300 per sq.ft (2024)
• Sri Jayalakshmi Nagar: Rs 301 per sq.ft (2024)
• Sri Ragavendra Nagar: Rs 301 per sq.ft (2024)
• Sri Ganapathi Nagar: Rs 200 per sq.ft (2024)
• Sri Balaji Avenue: Rs 301 per sq.ft (2024)
• Sri Arunachala City: Rs 301 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Lakshmi Narayanagar Phase -II

For a 1,000 sq.ft plot at the current guideline value of Rs 300 per sq.ft, the total guideline value would be Rs 3,00,000. The stamp duty at 7% would amount to Rs 21,000, and the registration fee at 2% would be Rs 6,000, making the total fees Rs 27,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can also use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Sri Lakshmi Narayanagar Phase -II?

The Sub Registrar Office that covers Sri Lakshmi Narayanagar Phase -II 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 information.

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

The guideline value plays a crucial role when buying or selling property in Maele Manapakkam. It is used to determine the stamp duty and registration fees that need to be paid at the time of registration. Buyers should be aware that the guideline value is set by the government and can vary between different areas and streets.

When a property is sold, the sale price is compared to the guideline value. The higher of the two values will be used to calculate the applicable stamp duty and registration fees. This ensures that the fees reflect the market conditions and the value of the property being transferred.

Frequently asked questions

What is the current guideline value for Sri Lakshmi Narayanagar Phase -II?

The current guideline value for Sri Lakshmi Narayanagar Phase -II is Rs 300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained at Rs 300 per sq.ft since the 2023 revision. It was Rs 201 per sq.ft in 2017 and Rs 300 per sq.ft in 2012. There are no figures available for the years 2002, 2003, and 2007 for this street.

What is the land classification for Sri Lakshmi Narayanagar Phase -II?

The land classification for Sri Lakshmi Narayanagar Phase -II is Residential Class II Type - III, indicating its suitability for residential development.

Where can I find the Chengleput Joint II SRO?

The Chengleput Joint II Sub Registrar Office is located at 10, Kancheepuram Main Road, Chengalpattu 603 002, Chengalpattu registration zone.

How is the stamp duty calculated for properties in this area?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a 1,000 sq.ft plot at Rs 300 per sq.ft, the total guideline value would be Rs 3,00,000, leading to stamp duty and registration fees based on this amount.