Guideline Value for Sri Lakshmi Nagar

Sri Lakshmi Nagar guideline value

The current guideline value of Sri Lakshmi Nagar in Madambakkam village is Rs 1,200 per sq.ft, effective from 1 July 2024. This area falls under the Gooduvancheri SRO and is classified as Commercial Special Type - I.

How the guideline value of Sri Lakshmi Nagar has changed

Looking at the historical guideline values, the 2007 revision listed the value at Rs 253 per sq.ft. This saw a significant increase in the 2012 revision, where it rose to Rs 1,200 per sq.ft, marking a 374% increase. However, from 2012 to 2017, the value decreased to Rs 804 per sq.ft, reflecting a decline of 33%. The 2017 revision then brought it back up to Rs 1,200 per sq.ft in 2023, maintaining that figure through to the 2024 revision, resulting in no percentage change from 2023 to 2024.

The register has no figure for the years 2002 and 2003 for this street. Overall, the guideline value has increased by 374% from 2007 to 2024.

Guideline values in Madambakkam

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

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

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 to Rs 1,08,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Sri Lakshmi Nagar?

The Sub Registrar Office that covers Sri Lakshmi Nagar 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 details.

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

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

When a property is registered, the guideline value ensures that the transaction is recorded at a fair value, reflecting the current market conditions as determined by the government. This helps maintain transparency and consistency in property transactions.

Frequently asked questions

What is the current guideline value of Sri Lakshmi Nagar?

The current guideline value of Sri Lakshmi Nagar 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 seen various changes, with the most recent revision in 2024 maintaining the value at Rs 1,200 per sq.ft. From 2007 to 2012, it increased significantly, then decreased until 2017, before stabilizing at Rs 1,200 per sq.ft in subsequent revisions.

What is the land classification for Sri Lakshmi Nagar?

Sri Lakshmi Nagar is classified as Commercial Special Type - I, which is relevant for determining its guideline value and usage.

Where can I find the registration office for Sri Lakshmi Nagar?

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

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

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 12,00,000 would incur a stamp duty of Rs 84,000 at 7% and a registration fee of Rs 24,000 at 2%.