Guideline Value for Sri Lakshmi Nagar

Sri Lakshmi Nagar guideline value

The current guideline value of Sri Lakshmi Nagar is Rs 100 per sq.ft, effective from 1 July 2024. This area is located in Polambakkam village, under the jurisdiction of the Madurandakam SRO. The land classification for this street is Residential Class I Type - I.

How the guideline value of Sri Lakshmi Nagar has changed

The guideline value of Sri Lakshmi Nagar has undergone several revisions over the years. In the 2007 revision, the value was set at Rs 25 per sq.ft, which increased to Rs 70 per sq.ft in 2012. However, from 2012 to 2017, the value decreased by 33% to Rs 47 per sq.ft. The 2017 revision saw a significant increase of 113%, bringing the value to Rs 100 per sq.ft in 2023, which remained unchanged in the 2024 revision.

Notably, there are no figures available for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 300%.

Guideline values in Polambakkam

In Polambakkam, there are 14 streets under the Madurandakam SRO that carry a 2024 guideline value ranging from Rs 100 to Rs 400 per sq.ft, with a median value of Rs 200 per sq.ft. Sri Lakshmi Nagar's 2024 guideline value is below this median.

• Sri Mahalakshmi Nagar: Rs 275 per sq.ft (2024)
• Sri Jaya Avenue: Rs 275 per sq.ft (2024)
• Sri Ganapathy Nagar: Rs 103 per sq.ft (2024)
• Sri Pandurangan Nagar Phaseh -I: Rs 100 per sq.ft (2024)
• Sri Pandurangan Nagar Phaseh -II: Rs 100 per sq.ft (2024)
• Thillai Nagar: Rs 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 100 per sq.ft, the total guideline value amounts to Rs 1,00,000. The stamp duty, charged at 7%, would be Rs 7,000, and the registration fee, charged at 2%, would be Rs 2,000, bringing the total fees to Rs 9,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use our stamp duty and registration fee calculator for more precise calculations.

Which Sub Registrar Office covers Sri Lakshmi Nagar?

Sri Lakshmi Nagar is covered by the Madurandakam Sub Registrar Office, located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions within Polambakkam. It is used to determine the stamp duty and registration fees applicable during the buying or selling process. Buyers should be aware that the guideline value may differ from the actual sale price, and the higher amount will be used for calculating the applicable fees.

When registering a property, it is essential to refer to the guideline value to ensure compliance with local regulations. This value helps in establishing a standard for property transactions in the area, aiding both buyers and sellers in understanding their obligations.

Frequently asked questions

What is the current guideline value of Sri Lakshmi Nagar?

The current guideline value of Sri Lakshmi Nagar is Rs 100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions, with the most significant increase occurring from Rs 47 per sq.ft in 2017 to Rs 100 per sq.ft in 2023, which remained unchanged in 2024.

What is the land classification of Sri Lakshmi Nagar?

Sri Lakshmi Nagar is classified as Residential Class I Type - I, indicating its designation for residential use.

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

For a property valued at Rs 1,00,000, the stamp duty would be Rs 7,000 and the registration fee would be Rs 2,000, totaling Rs 9,000 in fees.

Which office handles registrations for Sri Lakshmi Nagar?

The Madurandakam Sub Registrar Office handles registrations for Sri Lakshmi Nagar, located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone.