Guideline Value for SRI MAHALAKSHMI NAGAR

Sri Mahalakshmi Nagar guideline value

The current guideline value for Sri Mahalakshmi Nagar is Rs 830 per sq.ft, effective from 1 July 2024. This area is located in Padappai village under the Padappai 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 750 per sq.ft, which then dropped to Rs 502 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 750 per sq.ft, and the most recent 2024 revision has set it at Rs 830 per sq.ft, marking an increase of 11% from the previous year. The register has no figure for this street for the years 2002, 2003, and 2007.

From 2012 to 2017, the guideline value decreased by 33%. However, from 2017 to 2023, there was a significant increase of 49%. Overall, from 2012 to 2024, the guideline value has increased by 11%.

Guideline values in Padappai

In Padappai, there are 146 streets under the Padappai SRO that carry a guideline value for 2024, ranging from Rs 440 to Rs 4,000 per sq.ft. The median value is Rs 830 per sq.ft, which is equal to the current guideline value of Sri Mahalakshmi Nagar.

• Sri Lakshmi Nagar Extension: Rs 990 per sq.ft (2024)
• Sri Murugathamman Nagar Phase II: Rs 830 per sq.ft (2024)
• Sri Lakshmi Nagar: Rs 830 per sq.ft (2024)
• Sri Karthikeyan Nagar Phase VI: Rs 955 per sq.ft (2024)
• Sri Karthikeyan Nagar Phase VI Extn: Rs 830 per sq.ft (2024)
• Sri Karthikeyan Nagr: Rs 830 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 830 per sq.ft, the total guideline value would be Rs 8,30,000. The stamp duty is charged at 7%, amounting to Rs 58,100, and the registration fee is 2%, which totals Rs 16,600. Together, the total cost for stamp duty and registration fees would be Rs 74,700. Duty is charged on the guideline value or the sale price, whichever is higher. You can also 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 Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Padappai. It determines the amount of stamp duty and registration fees that need to be paid, ensuring that these costs are calculated based on a standardized value.

When a property transaction occurs, the guideline value helps to establish a baseline for the property's worth, which is essential for both buyers and sellers. This value is used to protect the interests of the government and the parties involved in the transaction.

Frequently asked questions

What is the current guideline value of Sri Mahalakshmi Nagar?

The current guideline value of Sri Mahalakshmi Nagar is Rs 830 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 750 per sq.ft in 2012 to Rs 502 per sq.ft in 2017, then back to Rs 750 per sq.ft in 2023, and finally to Rs 830 per sq.ft in 2024.

What is the land classification of Sri Mahalakshmi Nagar?

Sri Mahalakshmi Nagar is classified as Residential Class III Type - I.

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

For a 1,000 sq.ft plot valued at Rs 8,30,000, the stamp duty would be Rs 58,100 and the registration fee would be Rs 16,600, totaling Rs 74,700.

Which office handles registrations for properties in Sri Mahalakshmi Nagar?

The Padappai Sub Registrar Office handles registrations for properties in Sri Mahalakshmi Nagar, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.