Guideline Value for Sri Lakshmi Garden

Sri Lakshmi Garden guideline value

The current guideline value of Sri Lakshmi Garden in Grandlyon village, under the Redhills SRO, is Rs 440 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class III Type - I.

How the guideline value of Sri Lakshmi Garden has changed

Since the 2003 revision, the guideline value has seen a significant increase. Starting from Rs 36 per sq.ft in 2003, it rose to Rs 200 per sq.ft in 2007, marking a 456% increase. The value then increased to Rs 400 per sq.ft in 2012, which was a 100% increase from the previous revision. However, it dropped to Rs 268 per sq.ft in 2017, reflecting a decrease of 33%. The subsequent revision in 2023 saw it rise to Rs 400 per sq.ft, followed by another increase to Rs 440 per sq.ft in 2024, which is a 10% rise from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by 1122%. The register has no figure for the year 2002 for this street.

Guideline values in Grandlyon

In Grandlyon, there are 82 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 440 to Rs 1,500 per sq.ft. The median value for these streets is Rs 660 per sq.ft, placing Sri Lakshmi Garden's 2024 figure below that median.

• Sri Krishna Nagar Annex-I: Rs 660 per sq.ft (2024)
• Sri Krishna Nagar Annex Extension - III: Rs 660 per sq.ft (2024)
• Sri Krishna Nagar Annexe: Rs 660 per sq.ft (2024)
• Sri Krishna Nagar: Rs 660 per sq.ft (2024)
• Sri Jayamohan Nagar: Rs 880 per sq.ft (2024)
• Sri Paleeswarar Nagar: Rs 440 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Lakshmi Garden

For a 1,000 sq.ft plot at the current guideline value of Rs 440 per sq.ft, the total guideline value would be Rs 4,40,000. The stamp duty at 7% would amount to Rs 30,800, and the registration fee at 2% would be Rs 8,800, making the total cost for these fees Rs 39,600. 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 Lakshmi Garden?

The Sub Registrar Office that covers Sri Lakshmi Garden is 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 Grandlyon

The guideline value is a critical factor in property transactions in Grandlyon. It serves as a benchmark for determining the minimum value at which a property can be registered. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are essential for the legal transfer of property ownership.

It is important for buyers and sellers to be aware of the current guideline value, as it can affect the overall cost of the transaction. Ensuring that the sale price is aligned with the guideline value can help avoid complications during the registration process.

Frequently asked questions

What is the current guideline value of Sri Lakshmi Garden?

The current guideline value of Sri Lakshmi Garden is Rs 440 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since 2003, the guideline value has increased from Rs 36 per sq.ft to Rs 440 per sq.ft in 2024, reflecting an overall increase of 1122% over the years.

What is the land classification of Sri Lakshmi Garden?

Sri Lakshmi Garden is classified as Residential Class III Type - I.

Where is the Sub Registrar Office for Sri Lakshmi Garden located?

The Sub Registrar Office for Sri Lakshmi Garden is located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

How are stamp duty and registration fees calculated in Sri Lakshmi Garden?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. The registration fee is charged at 2% of the same value.