Guideline Value for Sri Lakshmi Nagar

Sri Lakshmi Nagar guideline value

The current guideline value of Sri Lakshmi Nagar is Rs 400 per sq.ft, effective from 1 July 2024. This area is located in Somangalam village under the Sriperumpudur SRO, classified as Residential Special Type - I.

How the guideline value of Sri Lakshmi Nagar has changed

The guideline value for Sri Lakshmi Nagar has seen several revisions over the years. In 2007, the value was Rs 50 per sq.ft, which increased significantly to Rs 400 per sq.ft in 2012. However, it dropped to Rs 268 per sq.ft in 2017, before returning to Rs 400 per sq.ft in both the 2023 and 2024 revisions. Notably, there are no figures available for the years 2002 and 2003 for this street.

From 2017 to 2023, the guideline value increased by 49%, while there was a substantial increase of 700% from 2007 to 2012. Overall, from 2007 to 2024, the guideline value has risen by 700%.

Guideline values in Somangalam

In Somangalam, there are 86 streets under the Sriperumpudur SRO that carry a 2024 guideline value ranging from Rs 150 to Rs 800 per sq.ft, with a median value of Rs 350 per sq.ft. Sri Lakshmi Nagar's 2024 guideline value of Rs 400 per sq.ft is above this median.

• Sri Kumaran Nagar: Rs 400 per sq.ft (2024)
• Sri Gayathri Doctors Nest Ph.II: Rs 500 per sq.ft (2024)
• Sri Gayathiri Doctor's Nest: Rs 400 per sq.ft (2024)
• Srinivasapuram: Rs 200 per sq.ft (2024)
• Sri Ganapathi Nagar: Rs 200 per sq.ft (2024)
• Sri City: Rs 350 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 400 per sq.ft, the total guideline value amounts to Rs 4,00,000. The stamp duty at 7% would be Rs 28,000, and the registration fee at 2% would be Rs 8,000, totaling Rs 36,000. 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 further calculations.

Which Sub Registrar Office covers Sri Lakshmi Nagar?

The Sub Registrar Office that covers Sri Lakshmi Nagar is the Sriperumpudur Sub Registrar Office, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Somangalam. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is sold, the guideline value is compared with the sale price, and the duty is charged on the higher of the two. This ensures that the government receives the appropriate fees based on the property's assessed value.

Frequently asked questions

What is the current guideline value of Sri Lakshmi Nagar?

The current guideline value of Sri Lakshmi Nagar is Rs 400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 50 per sq.ft in 2007 to Rs 400 per sq.ft in 2012, then decreased to Rs 268 per sq.ft in 2017, and returned to Rs 400 per sq.ft in 2023 and 2024.

What is the land classification of Sri Lakshmi Nagar?

Sri Lakshmi Nagar is classified as Residential Special Type - I under the Sriperumpudur SRO.

What are the guideline values of other streets in Somangalam?

Other streets in Somangalam have varying guideline values, ranging from Rs 150 to Rs 800 per sq.ft. Sri Lakshmi Nagar's value of Rs 400 per sq.ft is above the median of Rs 350 per sq.ft.

How is stamp duty calculated for property in Sri Lakshmi Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a 1,000 sq.ft plot at Rs 400 per sq.ft has a guideline value of Rs 4,00,000, resulting in a total stamp duty and registration fee of Rs 36,000.