Guideline Value for SRI MAHALAKSHMI NAGAR

Sri Mahalakshmi Nagar guideline value

The current guideline value of Sri Mahalakshmi Nagar is Rs 102 per sq.ft, effective from 1 July 2024. This area falls under the Salavakkam Sub Registrar Office (SRO) and is classified as Residential Class III Type - I.

How the guideline value of Sri Mahalakshmi Nagar has changed

The guideline value for Sri Mahalakshmi Nagar has seen several revisions over the years. The 2012 revision set the value at Rs 50 per sq.ft, which was then reduced to Rs 33 per sq.ft in 2017. However, from 2017 to 2023, there was a significant increase of 203%, raising the value to Rs 100 per sq.ft. The most recent revision in 2024 increased the guideline value by 2%, bringing it to Rs 102 per sq.ft. The register has no figures for the years 2002, 2003, and 2007 for this street.

Overall, from 2012 to 2024, the guideline value has increased by 104%. This reflects the changes in property valuation over the years, highlighting the fluctuations in the real estate market in this area.

Guideline values in Chithapakkam

In Chithapakkam, Sri Mahalakshmi Nagar's guideline value is currently Rs 102 per sq.ft. The area has other streets under the Salavakkam SRO with their respective guideline values as follows:

• Sri Divya Nagar: Rs 100 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 102 per sq.ft, the total guideline value amounts to Rs 1,02,000. The stamp duty, calculated at 7%, would be Rs 7,140, and the registration fee at 2% would be Rs 2,040, bringing the total to Rs 9,180. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sri Mahalakshmi Nagar?

The Sri Mahalakshmi Nagar area is covered by the Salavakkam Sub Registrar Office, located at 2/1a, Thottakkara Street, Salavakkam, 603 107, Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor when buying or selling property in Chithapakkam. It serves as a reference point for calculating the stamp duty and registration fees, which are mandatory during the registration process. Buyers and sellers must be aware of the current guideline value to ensure accurate financial planning.

When a property is registered, the guideline value is compared to the sale price, and the higher amount is used to calculate the applicable fees. This ensures that the government receives the appropriate revenue based on the property's value at the time of sale.

Frequently asked questions

What is the current guideline value of Sri Mahalakshmi Nagar?

The current guideline value of Sri Mahalakshmi Nagar is Rs 102 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 50 per sq.ft in 2012 to Rs 33 per sq.ft in 2017, then increased to Rs 100 per sq.ft in 2023, and finally to Rs 102 per sq.ft in 2024.

What is the stamp duty for property in Sri Mahalakshmi Nagar?

The stamp duty for property in Sri Mahalakshmi Nagar is calculated at 7% of the guideline value or the sale price, whichever is higher.

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

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

What is the land classification for Sri Mahalakshmi Nagar?

Sri Mahalakshmi Nagar is classified as Residential Class III Type - I, indicating its designation for residential use.