Guideline Value for Sri Lakshmi Nagar (ward 5)

Sri Lakshmi Nagar (ward 5) guideline value

The current guideline value for Sri Lakshmi Nagar (ward 5) is Rs 2,750 per sq.ft, effective from 1 July 2024. This area is located in Kerugambakkam village and falls under the Pammal Sub Registrar Office (SRO). The land classification for this street is Residential Class I Type - I.

How the guideline value of Sri Lakshmi Nagar (ward 5) has changed

The guideline value for Sri Lakshmi Nagar (ward 5) has seen several revisions over the years. The 2017 revision set the value at Rs 1,675 per sq.ft, which increased to Rs 2,500 per sq.ft in the 2023 revision. The most recent revision in 2024 raised the value to Rs 2,750 per sq.ft, marking a 10% increase from the previous year. Overall, from 2017 to 2024, the guideline value has increased by 64%.

There are no figures available for the revisions in 2002, 2003, 2007, and 2012 for this street. The increase from 2017 to 2023 was 49%, showcasing a significant rise in the guideline value over that period.

Guideline values in Kerugambakkam

In Kerugambakkam, there are 144 streets under the Pammal SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 4,800 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, placing Sri Lakshmi Nagar's 2024 figure above that median.

• Sri Lakshmi Nagar Extn.: Rs 2,750 per sq.ft (2024)
• Sri Kumaran Nagar: Rs 1,980 per sq.ft (2024)
• Sri Kamaladevi Nagar: Rs 1,650 per sq.ft (2024)
• Sri Puram: Rs 1,980 per sq.ft (2024)
• Smk Maansarovar Nagar: Rs 2,200 per sq.ft (2024)
• Sri Venkata Narayana Nagar: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Lakshmi Nagar (ward 5)

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total fees to Rs 2,47,500. It is important to note that duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sri Lakshmi Nagar (ward 5)?

The Sub Registrar Office that covers Sri Lakshmi Nagar (ward 5) is the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Kerugambakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the government receives the correct amount of revenue based on the property's value.

Frequently asked questions

What is the current guideline value for Sri Lakshmi Nagar (ward 5)?

The current guideline value for Sri Lakshmi Nagar (ward 5) is Rs 2,750 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has increased from Rs 1,675 per sq.ft in 2017 to Rs 2,750 per sq.ft in 2024, marking a total increase of 64% over this period.

Which Sub Registrar Office should I visit for property transactions in Sri Lakshmi Nagar?

The Pammal Sub Registrar Office covers Sri Lakshmi Nagar (ward 5). It is located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075.

What are the stamp duty and registration fees for properties in Sri Lakshmi Nagar?

For a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500, and the registration fee would be Rs 55,000, totaling Rs 2,47,500.

How is the guideline value determined for properties in Kerugambakkam?

The guideline value is determined by the Registration Department and is based on various factors, including land classification and market conditions. It serves as a reference for calculating stamp duty and registration fees during property transactions.