Guideline Value for SRI MAHALAKSHMI NAGAR

Sri Mahalakshmi Nagar guideline value

The current guideline value of Sri Mahalakshmi Nagar is Rs 720 per sq.ft, effective from 1 July 2024. This area is located in Nandambakkam village under the Padappai SRO, 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 2017 revision set the value at Rs 435 per sq.ft, which then increased to Rs 650 per sq.ft in the 2023 revision, marking a 49% increase. The most recent 2024 revision raised the value to Rs 720 per sq.ft, reflecting an 11% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 66%. The register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Nandambakkam

Nandambakkam has 94 streets under the Padappai SRO with a 2024 guideline value ranging from Rs 440 to Rs 2,300 per sq.ft, where the median value is Rs 880 per sq.ft. The guideline value of Sri Mahalakshmi Nagar is below this median.

• Sri Mari Nagar: Rs 990 per sq.ft (2024)
• Sri Lakshmi Nagar: Rs 880 per sq.ft (2024)
• Srinivasa Nagar: Rs 770 per sq.ft (2024)
• Sriperumbudur Kundrathur Road: Rs 990 per sq.ft (2024)
• Sridevi Nagar: Rs 720 per sq.ft (2024)
• SriDevi Karumari Nagar: Rs 990 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 720 per sq.ft, the total guideline value would be Rs 7,20,000. The stamp duty at 7% would be Rs 50,400, and the registration fee at 2% would be Rs 14,400, making the total cost for these charges Rs 64,800. Duty is charged on the guideline value or the sale price, whichever is higher. 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 covering 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 further assistance.

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

The guideline value is a crucial factor during the registration of property transactions in Nandambakkam. It determines the amount of stamp duty and registration fees that need to be paid, as these charges are calculated based on the guideline value or the sale price, whichever is higher.

When buying or selling property, it is essential to be aware of the guideline value, as it directly impacts the overall cost of the transaction. Buyers should ensure that the sale price is in line with the guideline value to avoid any discrepancies during registration.

Frequently asked questions

What is the current guideline value of Sri Mahalakshmi Nagar?

The current guideline value of Sri Mahalakshmi Nagar is Rs 720 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed from Rs 435 per sq.ft in 2017 to Rs 720 per sq.ft in 2024, marking a total increase of 66% over this period.

What are the other streets in Nandambakkam and their guideline values?

Other streets in Nandambakkam include Sri Mari Nagar at Rs 990 per sq.ft, Sri Lakshmi Nagar at Rs 880 per sq.ft, and Srinivasa Nagar at Rs 770 per sq.ft, among others.

What fees are associated with buying property in Sri Mahalakshmi Nagar?

When buying property in Sri Mahalakshmi Nagar, the stamp duty is 7% of the guideline value, and the registration fee is 2%. These fees are calculated based on the higher of the guideline value or the sale price.

Where can I find the Sub Registrar Office for Sri Mahalakshmi Nagar?

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