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Guideline Value

Corporate

Guideline Value for Sri Lakshmi Nagar 1st Cross Road

₹2200/sq.ft.

The guideline value for Sri Lakshmi Nagar 1st Cross Road in Nerkundram village (Virugambakkam SRO, Chennai zone) is Rs 2200 per sq.ft, effective 1 July 2024. It was Rs 2000 per sq.ft from 1 April 2023, a 10% change. The land classification is Residential Class Iv Type - I. Source: TNReginet guideline value register.

Last updated:

Chennai

Zone

Nerkundram

Village

Virugambakkam

SRO

Residential Class IV Type - I
History
Period Guideline Value
From 1-7-2024 ₹2200 /sq.ft.
From 1-4-2023 ₹2000 /sq.ft.
From 9-6-2017 To 31-3-2023 ₹1340 /sq.ft.
From 1-4-2012 To 8-6-2017 ₹2000 /sq.ft.
From 1-8-2007 To 31-3-2012 ₹350 /sq.ft.
From 1-4-2003 To 31-7-2007 ₹104 /sq.ft.
From 1-4-2002 To 31-3-2003 ₹94 /sq.ft.
Guideline Value Timeline
Guideline Value Comparison

SRO (Sub Registrar Office)

No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037
044-23641794
[email protected]

DRO (District Registrar Office)

Integrated Building For Offices Of The Commercial Taxes And Registration Department, Fanepet, Nandhanam, Chennai - 35.
044-22505552
[email protected], [email protected]

DIG (Deputy Inspector General)

Integrated Building For Offices Of The Commercial Taxes And Registration, Department Fanepet, Nandanam, Chennai - 600 035.
044-29510527
[email protected]
Records for a plot on Sri Lakshmi Nagar 1st Cross Road

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Sri Lakshmi Nagar 1st Cross Road guideline value

The current guideline value for Sri Lakshmi Nagar 1st Cross Road is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Nerkundram village and falls under the Virugambakkam SRO. The land classification for this area is Residential Class IV Type - I.

How the guideline value of Sri Lakshmi Nagar 1st Cross Road has changed

Over the years, the guideline value for Sri Lakshmi Nagar 1st Cross Road has seen significant changes. The earliest recorded figure is from 2002, with a guideline value of Rs 94 per sq.ft. This value increased to Rs 104 per sq.ft in 2003, marking an 11% rise. The next revision in 2007 saw a substantial jump to Rs 350 per sq.ft, which is a 237% increase. In 2012, the value was Rs 2,000 per sq.ft, reflecting a 471% increase from 2007. However, from 2012 to 2017, the value decreased by 33% to Rs 1,340 per sq.ft. The subsequent revisions showed an increase to Rs 2,000 per sq.ft in 2023, followed by a 10% rise to the current value of Rs 2,200 per sq.ft in 2024.

Between 2017 and 2023, the guideline value increased by 49%. Overall, from 2002 to 2024, there has been a remarkable increase of 2240% in the guideline value.

Guideline values in Nerkundram

Nerkundram village has a total of 476 streets under the Virugambakkam SRO, with guideline values ranging from Rs 1,650 to Rs 6,600 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, which aligns with the current guideline value for Sri Lakshmi Nagar 1st Cross Road.

Stamp duty and registration fee for property in Sri Lakshmi Nagar 1st Cross Road

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty charged at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total cost for these fees to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use our stamp duty and registration fee calculator for more precise calculations.

Which Sub Registrar Office covers Sri Lakshmi Nagar 1st Cross Road?

The Sub Registrar Office that covers Sri Lakshmi Nagar 1st Cross Road is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value plays a crucial role when buying or selling property in Nerkundram. It serves as a benchmark for calculating the stamp duty and registration fees, which are mandatory during the property registration process. Buyers and sellers must be aware of the current guideline value to ensure compliance with local regulations.

When a property transaction occurs, the guideline value is used to determine the minimum value at which the property can be registered. This ensures that the government receives the appropriate revenue from property transactions, maintaining transparency in the real estate market.

Frequently asked questions

What is the current guideline value for Sri Lakshmi Nagar 1st Cross Road?

The current guideline value for Sri Lakshmi Nagar 1st Cross Road is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 94 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 2240% over the years.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Which office handles property registrations for Sri Lakshmi Nagar 1st Cross Road?

The Virugambakkam Sub Registrar Office handles property registrations for Sri Lakshmi Nagar 1st Cross Road, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How does the guideline value affect property transactions?

The guideline value is used to calculate the stamp duty and registration fees during property transactions. It ensures that properties are registered at a minimum value, which helps maintain transparency in the real estate market.