Guideline Value for SRI MAHALAKSHMI NAGAR

Sri Mahalakshmi Nagar guideline value

The current guideline value of Sri Mahalakshmi Nagar, located in Polambakkam village under the Madurandakam SRO, is Rs 275 per sq.ft, effective from 1 July 2024. The land classification for this area is Mixed Type - I.

How the guideline value of Sri Mahalakshmi Nagar has changed

Over the years, the guideline value of Sri Mahalakshmi Nagar has seen several revisions. The 2012 revision set the value at Rs 275 per sq.ft, which remained unchanged until the 2017 revision when it dropped to Rs 184 per sq.ft. This was a decrease of 33%. However, the value rebounded to Rs 275 per sq.ft in the 2023 revision, maintaining the same figure in the 2024 revision, indicating no change from the previous year.

From the 2017 revision to the 2023 revision, there was a significant increase of 49%. Overall, comparing the 2012 revision to the 2024 revision, the guideline value remains unchanged at Rs 275 per sq.ft.

Guideline values in Polambakkam

In Polambakkam, there are 14 streets under the Madurandakam SRO that carry a 2024 guideline value ranging from Rs 100 to Rs 400 per sq.ft, with a median value of Rs 200 per sq.ft. Sri Mahalakshmi Nagar's current guideline value is above this median.

• Sri Lakshmi Nagar: Rs 100 per sq.ft (2024)
• Sri Pandurangan Nagar Phaseh -I: Rs 100 per sq.ft (2024)
• Sri Pandurangan Nagar Phaseh -II: Rs 100 per sq.ft (2024)
• Sri Jaya Avenue: Rs 275 per sq.ft (2024)
• Sri Ganapathy Nagar: Rs 103 per sq.ft (2024)
• Thillai Nagar: Rs 200 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Mahalakshmi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 275 per sq.ft, the total guideline value amounts to Rs 2,75,000. The stamp duty at 7% would be Rs 19,250, and the registration fee at 2% would be Rs 5,500, bringing the total fees to Rs 24,750. It is important to note that 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 Mahalakshmi Nagar?

The Sub Registrar Office that covers Sri Mahalakshmi 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 Polambakkam

The guideline value plays a crucial role during the registration of property transactions in Polambakkam. It is used to determine the stamp duty and registration fees that must be paid when buying or selling property in the area.

When a property is registered, the higher value between the guideline value and the sale price is considered for calculating the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Sri Mahalakshmi Nagar?

The current guideline value of Sri Mahalakshmi Nagar is Rs 275 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained at Rs 275 per sq.ft since 2012, with a drop to Rs 184 per sq.ft in 2017, before returning to Rs 275 per sq.ft in 2023 and 2024.

What is the land classification for Sri Mahalakshmi Nagar?

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

What are the stamp duty and registration fees for property in Sri Mahalakshmi Nagar?

For a property valued at Rs 2,75,000, the stamp duty is Rs 19,250 and the registration fee is Rs 5,500, totaling Rs 24,750.

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

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