Guideline Value for Sri Lakshmi Nagar 2nd Cross Street

Sri Lakshmi Nagar 2nd Cross Street guideline value

The current guideline value of Sri Lakshmi Nagar 2nd Cross Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Valasaravakkam village under the Virugambakkam SRO, classified as Residential Class II Type - I.

How the guideline value of Sri Lakshmi Nagar 2nd Cross Street has changed

The guideline value for Sri Lakshmi Nagar 2nd Cross Street has seen several revisions over the years. The earliest recorded figure is from 2007, where it was Rs 500 per sq.ft. This figure increased significantly to Rs 3,500 per sq.ft in 2012, marking a 600% increase. However, the value then dropped to Rs 2,345 per sq.ft in 2017, a decrease of 33% from the previous revision.

In 2023, the guideline value rose to Rs 3,500 per sq.ft, and then further increased by 10% to the current value of Rs 3,850 per sq.ft from 2024. Overall, from 2007 to 2024, the guideline value has increased by 670%.

Guideline values in Valasaravakkam

In Valasaravakkam, there are 774 streets under the Virugambakkam SRO with a 2024 guideline value ranging from Rs 2,750 to Rs 8,800 per sq.ft. The median value is Rs 3,850 per sq.ft, which is equal to the current guideline value of Sri Lakshmi Nagar 2nd Cross Street.

• Sri Lakshmi Nagar 1st Street: Rs 3,850 per sq.ft (2024)
• Sri Lakshmi Nagar 2nd Main Road: Rs 3,850 per sq.ft (2024)
• Sri Lakshmi Nagar 1st Main Road: Rs 3,850 per sq.ft (2024)
• Sri Lakshmi Nagar 2nd Street: Rs 3,850 per sq.ft (2024)
• Sri Lakshmi Nagar 1st Cross Street: Rs 3,850 per sq.ft (2024)
• Sri Lakshmi Nagar 3rd Cross Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Lakshmi Nagar 2nd Cross 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, and the registration fee at 2% would be Rs 77,000, making the total cost Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Sri Lakshmi Nagar 2nd Cross Street?

The Sri Lakshmi Nagar 2nd Cross Street falls under the jurisdiction of 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 Valasaravakkam

The guideline value plays a crucial role in the registration process of property transactions in Valasaravakkam. It is used to determine the stamp duty and registration fees that need to be paid when a property is bought or sold.

When a buyer or seller approaches the Sub Registrar Office for registration, the guideline value is considered to ensure that the appropriate fees are collected based on the property's value. This helps in maintaining transparency in property transactions.

Frequently asked questions

What is the current guideline value of Sri Lakshmi Nagar 2nd Cross Street?

The current guideline value of Sri Lakshmi Nagar 2nd Cross 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 500 per sq.ft in 2007 to Rs 3,850 per sq.ft in 2024, marking an overall increase of 670% over the years.

What is the stamp duty rate for properties in Sri Lakshmi Nagar 2nd Cross Street?

The stamp duty rate for properties in Sri Lakshmi Nagar 2nd Cross Street is 7% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office located for this area?

The Virugambakkam Sub Registrar Office is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the land classification of Sri Lakshmi Nagar 2nd Cross Street?

Sri Lakshmi Nagar 2nd Cross Street is classified as Residential Class II Type - I.