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Guideline Value

Corporate

Guideline Value for Sri Lakshmi Nagar 1st Cross Lane

₹2200/sq.ft.

The guideline value for Sri Lakshmi Nagar 1st Cross Lane in Nerkundram village (Virugambakkam SRO, Chennai zone) is Rs 2200 per sq.ft, effective 1 July 2024. It was Rs 2000 per sq.ft from 1 April 2023, a 10% change. The land classification is Residential Class Iv Type - I. Source: TNReginet guideline value register.

Last updated:

Chennai

Zone

Nerkundram

Village

Virugambakkam

SRO

Residential Class IV Type - I
History
Period Guideline Value
From 1-7-2024 ₹2200 /sq.ft.
From 1-4-2023 ₹2000 /sq.ft.
From 9-6-2017 To 31-3-2023 ₹1340 /sq.ft.
From 1-4-2012 To 8-6-2017 ₹2000 /sq.ft.
From 1-8-2007 To 31-3-2012 ₹350 /sq.ft.
From 1-4-2003 To 31-7-2007 ₹104 /sq.ft.
From 1-4-2002 To 31-3-2003 ₹94 /sq.ft.
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 Cross Lane

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Sri Lakshmi Nagar 1st Cross Lane guideline value

The current guideline value of Sri Lakshmi Nagar 1st Cross Lane is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Nerkundram village and falls under the Virugambakkam SRO, classified as Residential Class IV Type - I.

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

The guideline value for Sri Lakshmi Nagar 1st Cross Lane has seen several revisions over the years. In 2002, the guideline value was Rs 94 per sq.ft. This increased to Rs 104 per sq.ft in 2003, marking an 11% rise. The value then surged significantly to Rs 350 per sq.ft in 2007, reflecting a 237% increase. By 2012, the value adjusted to Rs 2,000 per sq.ft, which was a substantial 471% increase compared to 2007.

From 2012 to 2017, the guideline value saw a decrease to Rs 1,340 per sq.ft, a drop of 33%. This was followed by a notable increase to Rs 2,000 per sq.ft in 2023, representing a 49% rise. The most recent revision in 2024 set the guideline value at Rs 2,200 per sq.ft, which is a 10% increase from the previous year.

Guideline values in Nerkundram

Nerkundram village has a total of 476 streets under the Virugambakkam SRO, with the 2024 guideline values ranging from Rs 1,650 to Rs 6,600 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, which is the same as the current guideline value for Sri Lakshmi Nagar 1st Cross Lane.

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

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. 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 accurate calculations.

Which Sub Registrar Office covers Sri Lakshmi Nagar 1st Cross Lane?

The Sub Registrar Office that covers Sri Lakshmi Nagar 1st Cross Lane is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for any further inquiries.

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

The guideline value plays a crucial role in property transactions in Nerkundram. 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, ensuring that these costs are based on an official valuation.

During the registration process, the buyer must pay the applicable stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the correct revenue from property transactions.

Frequently asked questions

What is the current guideline value for Sri Lakshmi Nagar 1st Cross Lane?

The current guideline value for Sri Lakshmi Nagar 1st Cross Lane is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Over the years, the guideline value has changed significantly, moving from Rs 94 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, which is an overall increase of 2240%.

What is the stamp duty rate for properties in this area?

The stamp duty rate for properties in Sri Lakshmi Nagar 1st Cross Lane is 7% of the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for this street?

The Sub Registrar Office for Sri Lakshmi Nagar 1st Cross Lane is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is the guideline value determined for properties in Nerkundram?

The guideline value for properties in Nerkundram is determined by the Registration Department and is based on various factors, including location and land classification. It is revised periodically to reflect changes in the real estate market.