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Guideline Value

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Guideline Value for Sri Lakshmi Nagar 1st Street

₹3850/sq.ft.

The guideline value for Sri Lakshmi Nagar 1st Street in Valasaravakkam village (Virugambakkam SRO, Chennai zone) is Rs 3850 per sq.ft, effective 1 July 2024. It was Rs 3500 per sq.ft from 1 April 2023, a 10% change. The land classification is Residential Class Ii Type - I. Source: TNReginet guideline value register.

Last updated:

Chennai

Zone

Valasaravakkam

Village

Virugambakkam

SRO

Residential Class II Type - I
History
Period Guideline Value
From 1-7-2024 ₹3850 /sq.ft.
From 1-4-2023 ₹3500 /sq.ft.
From 9-6-2017 To 31-3-2023 ₹2345 /sq.ft.
From 1-4-2012 To 8-6-2017 ₹3500 /sq.ft.
From 1-8-2007 To 31-3-2012 N/A
From 1-4-2003 To 31-7-2007 N/A
From 1-4-2002 To 31-3-2003 N/A
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 Street

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Sri Lakshmi Nagar 1st Street guideline value

The current guideline value of Sri Lakshmi Nagar 1st Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Valasaravakkam village, under the jurisdiction of the Virugambakkam SRO, and is classified as Residential Class II Type - I.

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

The guideline value for Sri Lakshmi Nagar 1st Street has undergone several revisions over the years. The 2012 revision set the value at Rs 3,500 per sq.ft, which was then reduced to Rs 2,345 per sq.ft in the 2017 revision, marking a decrease of 33%. However, the value saw a significant increase to Rs 3,500 per sq.ft in the 2023 revision, followed by a further rise to Rs 3,850 per sq.ft in the 2024 revision, reflecting a 10% increase from the previous year.

From 2017 to 2023, the guideline value rose by 49%. Overall, comparing the 2012 and 2024 revisions, there has been a 10% increase in the guideline value. The register does not provide figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Valasaravakkam

In Valasaravakkam, there are 774 streets under the Virugambakkam SRO, with guideline values ranging from Rs 2,750 to Rs 8,800 per sq.ft. The median guideline value is Rs 3,850 per sq.ft, which is the same as the current value for Sri Lakshmi Nagar 1st Street.

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

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value amounts to Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, while the registration fee at 2% would be Rs 77,000, bringing the total fees to Rs 3,46,500. It is important to note that the 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 detailed calculations.

Which Sub Registrar Office covers Sri Lakshmi Nagar 1st Street?

The Sri Lakshmi Nagar 1st Street falls under the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. To find your SRO, you can visit find your SRO.

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

The guideline value is a critical component in property transactions in Valasaravakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When buying or selling property, it is essential to be aware of the guideline value as it impacts the overall cost of the transaction. Buyers should ensure that the sale price is not lower than the guideline value to avoid any issues during registration.

Frequently asked questions

What is the current guideline value of Sri Lakshmi Nagar 1st Street?

The current guideline value of Sri Lakshmi Nagar 1st Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,500 per sq.ft in 2023 to Rs 3,850 per sq.ft in 2024, reflecting a 10% increase. It was Rs 2,345 per sq.ft in 2017, showing a 49% increase to 2023.

What is the land classification of Sri Lakshmi Nagar 1st Street?

Sri Lakshmi Nagar 1st Street is classified as Residential Class II Type - I, indicating its suitability for residential development.

Where can I find the registration office for properties in this area?

The registration office for properties in Sri Lakshmi Nagar 1st Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is the stamp duty calculated for properties in Sri Lakshmi Nagar 1st Street?

Stamp duty is calculated at 7% of the guideline value or sale price, whichever is higher. For example, a 1,000 sq.ft plot at Rs 3,850 per sq.ft would incur a stamp duty of Rs 2,69,500.