Guideline Value for SRI MAHALAKSHMI NAGAR

Sri Mahalakshmi Nagar guideline value

The current guideline value of Sri Mahalakshmi Nagar, located in Nadukuthagai village under the Avadi SRO, is Rs 880 per sq.ft as per the 2024 revision effective from 1 July 2024. This area falls under the Residential Class I Type - IV land classification.

How the guideline value of Sri Mahalakshmi Nagar has changed

In the 2017 revision, the guideline value was Rs 971 per sq.ft. This figure increased to Rs 1,450 per sq.ft in the 2023 revision, marking a 49% rise. However, in the latest 2024 revision, the guideline value saw a significant decrease to Rs 880 per sq.ft, which is a 39% drop from the previous year. The register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

Overall, from the 2017 revision to the 2024 revision, there has been a 9% decrease in the guideline value. The fluctuations reflect changes in the local property market and the valuation processes in place.

Guideline values in Nadukuthagai

Nadukuthagai village has 35 streets under the Avadi SRO that carry a 2024 guideline value, ranging from Rs 330 to Rs 1,980 per sq.ft. The median guideline value for these streets is Rs 880 per sq.ft, which is equal to the current guideline value of Sri Mahalakshmi Nagar.

• Sri Guberan Nagar: Rs 660 per sq.ft (2024)
• Sri Ragavendra Nagar: Rs 440 per sq.ft (2024)
• Sun City: Rs 1,100 per sq.ft (2024)
• Thirumalai Nagar / Sri Thirumalai Nagar: Rs 440 per sq.ft (2024)
• Santhi Nagar: Rs 440 per sq.ft (2024)
• Victoria Elise George Garden: Rs 880 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 880 per sq.ft, the total guideline value amounts to Rs 8,80,000. The stamp duty at 7% would be Rs 61,600, and the registration fee at 2% would be Rs 17,600, bringing the total cost for these fees to Rs 79,200. 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 Mahalakshmi Nagar?

Sri Mahalakshmi Nagar falls under the jurisdiction of the Avadi Sub Registrar Office, located at Plot No.145, Vii Street, Modern City, Thandurai Village, Avadi Taluk, Tiruvallur District, Chennai registration zone. To find your specific SRO, visit find your SRO.

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

The guideline value plays a crucial role in property transactions in Nadukuthagai. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating the sale price to ensure compliance with legal requirements.

When registering a property, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Sri Mahalakshmi Nagar?

The current guideline value of Sri Mahalakshmi Nagar is Rs 880 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 971 per sq.ft in 2017 to Rs 1,450 per sq.ft in 2023, and then decreased to Rs 880 per sq.ft in 2024, reflecting a 39% drop from the previous year.

What is the land classification of Sri Mahalakshmi Nagar?

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

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

For a property valued at Rs 8,80,000, the stamp duty would be Rs 61,600 and the registration fee would be Rs 17,600, totaling Rs 79,200 for these fees.

Which office handles registrations for Sri Mahalakshmi Nagar?

The Avadi Sub Registrar Office handles registrations for Sri Mahalakshmi Nagar, located at Plot No.145, Vii Street, Modern City, Thandurai Village, Avadi Taluk, Tiruvallur District, Chennai registration zone.