Guideline Value for Sri Lakshmi Garden

Sri Lakshmi Garden guideline value

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

How the guideline value of Sri Lakshmi Garden has changed

The guideline value for Sri Lakshmi Garden has seen several revisions over the years. The earliest recorded revision was in 2007, where the value was Rs 300 per sq.ft. This increased to Rs 400 per sq.ft in 2012, but then saw a significant decrease to Rs 268 per sq.ft in 2017. Following this, the value rose sharply to Rs 400 per sq.ft in 2023, and most recently, it has increased to Rs 440 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 47%. Notably, there are no recorded figures for the years 2002 and 2003 for this street.

Guideline values in Sothupakkam

In Sothupakkam, there are 49 streets under the Redhills SRO that have a guideline value for 2024, ranging from Rs 330 to Rs 1,150 per sq.ft. The median value is Rs 440 per sq.ft, which is equal to the guideline value of Sri Lakshmi Garden.

• Sri Moogambigai Nagar: Rs 440 per sq.ft (2024)
• Sri Moogambigai Nagar Annex: Rs 440 per sq.ft (2024)
• Sri Jayadurga Nagar Annex: Rs 440 per sq.ft (2024)
• Sri Jaya Durga Nagar: Rs 440 per sq.ft (2024)
• Sri Bhavani Amman Nagar: Rs 440 per sq.ft (2024)
• Sri Balaji Nagar Part-II: 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 rate of Rs 440 per sq.ft, the guideline value would be Rs 4,40,000. The stamp duty at 7% would amount to Rs 30,800, while the registration fee at 2% would be Rs 8,800, bringing the total to Rs 39,600. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can calculate your fees using the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sri Lakshmi Garden?

Sri Lakshmi Garden 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 Sothupakkam

The guideline value is an essential factor in the registration process of property transactions in Sothupakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the sale or purchase of property.

When a property is sold, the buyer and seller must ensure that the transaction is registered at the appropriate Sub Registrar Office. The guideline value helps in assessing the legitimate value of the property, ensuring compliance with local regulations.

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 has the guideline value changed over the years?

The guideline value has changed from Rs 300 per sq.ft in 2007 to Rs 440 per sq.ft in 2024, with various fluctuations in between, including a drop to Rs 268 per sq.ft in 2017.

What is the stamp duty for properties in Sri Lakshmi Garden?

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

Which Sub Registrar Office covers Sri Lakshmi Garden?

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

What is the land classification of Sri Lakshmi Garden?

Sri Lakshmi Garden is classified as Residential Class II Type - I, indicating its suitability for residential development.