Guideline Value for Sri Lakshmi Nagar Extn

Sri Lakshmi Nagar Extn guideline value

The current guideline value for Sri Lakshmi Nagar Extn is Rs 1,200 per sq.ft, effective from 1 July 2024. This area is located in Madambakkam village and falls under the Gooduvancheri SRO. The land classification for this street is Commercial Special Type - I.

How the guideline value of Sri Lakshmi Nagar Extn has changed

The guideline value for Sri Lakshmi Nagar Extn has seen several revisions over the years. In 2007, the value was Rs 253 per sq.ft, which increased significantly to Rs 1,200 per sq.ft in 2012. However, in 2017, the value dropped to Rs 804 per sq.ft. The most recent revisions in 2023 and 2024 have maintained the guideline value at Rs 1,200 per sq.ft, showing no change from the previous year.

From 2017 to 2023, there was a notable increase of 49%, while the period from 2012 to 2017 saw a decrease of 33%. The increase from 2007 to 2012 was substantial at 374%. Overall, from 2007 to 2024, the guideline value has increased by 374%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Madambakkam

In Madambakkam, there are 110 streets under the Gooduvancheri SRO that carry a 2024 guideline value ranging from Rs 800 to Rs 2,000 per sq.ft, with a median value of Rs 1,200 per sq.ft. The guideline value for Sri Lakshmi Nagar Extn is equal to this median.

• Sri Lakshmi Narayana Nagar: Rs 1,200 per sq.ft (2024)
• Sri Lakshmi Narayan Perumal Avenue: Rs 1,200 per sq.ft (2024)
• Sri Lakshmi Nagar: Rs 1,200 per sq.ft (2024)
• Sri Karumari Amman Nagar: Rs 1,200 per sq.ft (2024)
• Sri Kamakotti Nagar: Rs 1,200 per sq.ft (2024)
• Srinivasa Nagar: Rs 1,200 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Lakshmi Nagar Extn

For a 1,000 sq.ft plot at the current guideline value of Rs 1,200 per sq.ft, the total guideline value would be Rs 12,00,000. The stamp duty at 7% would amount to Rs 84,000, and the registration fee at 2% would be Rs 24,000, bringing the total fees to Rs 1,08,000. It is important to note that duty is charged on the higher of the guideline value and the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sri Lakshmi Nagar Extn?

The Sub Registrar Office that covers Sri Lakshmi Nagar Extn is the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone.

You can find your SRO for more information.

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

The guideline value is a critical reference point when registering property transactions in Madambakkam. It serves as the minimum value for which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value impacts the overall transaction costs, including the stamp duty and registration fees. Buyers should be aware that these fees are calculated based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of Sri Lakshmi Nagar Extn?

The current guideline value of Sri Lakshmi Nagar Extn is Rs 1,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, with the most recent revisions in 2023 and 2024 maintaining the value at Rs 1,200 per sq.ft. The value was Rs 804 per sq.ft in 2017 and Rs 1,200 per sq.ft in 2012.

What is the land classification for Sri Lakshmi Nagar Extn?

The land classification for Sri Lakshmi Nagar Extn is Commercial Special Type - I, which indicates its intended use for commercial activities.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7%, while the registration fee is 2% of the guideline value or sale price, whichever is higher. For example, a 1,000 sq.ft plot at Rs 1,200 per sq.ft incurs total fees of Rs 1,08,000.

Which Sub Registrar Office covers the area?

The Gooduvancheri Sub Registrar Office covers Sri Lakshmi Nagar Extn, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone.