Guideline Value for Sri Ashtalakshmi Nagar

Sri Ashtalakshmi Nagar guideline value

The current guideline value of Sri Ashtalakshmi Nagar is Rs 220 per sq.ft, effective from 1 July 2024. This area is located in Perungavur village, under the jurisdiction of the Redhills SRO. The land classification for this street is Residential Class III Type - I.

How the guideline value of Sri Ashtalakshmi Nagar has changed

The guideline value for Sri Ashtalakshmi Nagar has seen several revisions over the years. The earliest available figure is from 2007, when the value was Rs 100 per sq.ft. This increased to Rs 200 per sq.ft in 2012, but then decreased to Rs 134 per sq.ft in 2017. Following this, the value rose significantly to Rs 200 per sq.ft in 2023, and currently stands at Rs 220 per sq.ft from the 2024 revision, marking a 10% increase from the previous year.

From 2007 to 2024, the overall increase in the guideline value is 120%. The register does not have figures for the years 2002 and 2003 for this street.

Guideline values in Perungavur

In Perungavur, there are 79 streets under the Redhills SRO that carry a guideline value for 2024, ranging from Rs 220 to Rs 1,500 per sq.ft, with a median value of Rs 275 per sq.ft. Sri Ashtalakshmi Nagar's 2024 guideline value is below this median.

• Sri Avenue: Rs 220 per sq.ft (2024)
• Sri Amman Nagar: Rs 220 per sq.ft (2024)
• Sri Balaji Nagar: Rs 385 per sq.ft (2024)
• Sree Subha Amman Nagar: Rs 900 per sq.ft (2024)
• Sri Bhagawathi Nagar: Rs 275 per sq.ft (2024)
• Sri Dhanalakshmi Nagar Phase I: Rs 220 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Ashtalakshmi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 220 per sq.ft, the total guideline value amounts to Rs 2,20,000. The stamp duty at 7% would be Rs 15,400, and the registration fee at 2% would be Rs 4,400, making the total cost for these fees Rs 19,800. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Sri Ashtalakshmi Nagar?

Sri Ashtalakshmi Nagar falls under the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process for property transactions in Perungavur. It determines the minimum value at which a property can be registered, ensuring that the transaction is documented at an official rate set by the government.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory costs associated with the transfer of property ownership. These fees are based on the higher of the guideline value or the sale price, ensuring compliance with legal requirements.

Frequently asked questions

What is the current guideline value of Sri Ashtalakshmi Nagar?

The current guideline value of Sri Ashtalakshmi Nagar is Rs 220 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 100 per sq.ft in 2007 to Rs 220 per sq.ft in 2024, with notable changes in between, including a decrease in 2017 and an increase in 2023.

What is the stamp duty rate for properties in Sri Ashtalakshmi Nagar?

The stamp duty rate for properties in Sri Ashtalakshmi Nagar is 7% of the guideline value or the sale price, whichever is higher.

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

The Sub Registrar Office covering Sri Ashtalakshmi Nagar is located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

What is the land classification for Sri Ashtalakshmi Nagar?

The land classification for Sri Ashtalakshmi Nagar is Residential Class III Type - I.