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_B village under the Sriperumpudur SRO and is classified as Residential Special Type - I.

How the guideline value of Sri Lakshmi Nagar has changed

The guideline value for Sri Lakshmi Nagar has undergone several revisions over the years. The most recent revision in 2024 set the value at Rs 400 per sq.ft, which is the same as the 2023 revision. Prior to that, in 2017, the value was Rs 268 per sq.ft, marking a significant increase of 49% from 2017 to 2023, and the overall change from 2017 to 2024 is also +49%.

It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2012 in the register for this street. Thus, the only revisions that affect the current guideline value are from 2017, 2023, and 2024.

Guideline values in Somangalam_B

In Somangalam_B, there are 79 streets under the Sriperumpudur SRO that carry a 2024 guideline value ranging from Rs 150 to Rs 2,500 per sq.ft. The median value for these streets is Rs 250 per sq.ft, placing Sri Lakshmi Nagar's 2024 figure 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, making the total fees together Rs 36,000. It is essential to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, 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 Sriperumpudur Sub Registrar Office, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions, as it determines the minimum value at which properties can be registered. When buying or selling property in Somangalam_B, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory for the legal transfer of property ownership.

It is important for buyers and sellers to be aware of the current guideline value, as it directly impacts the overall cost of the transaction. Ensuring that the sale price meets or exceeds the guideline value is essential to avoid any legal complications during the registration process.

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 268 per sq.ft in 2017 to Rs 400 per sq.ft in 2024, representing a 49% increase over this period. The value remained the same between 2023 and 2024.

What is the land classification of Sri Lakshmi Nagar?

Sri Lakshmi Nagar is classified as Residential Special Type - I, indicating its suitability for residential development.

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

For a property valued at Rs 4,00,000, the stamp duty would be Rs 28,000 and the registration fee would be Rs 8,000, totaling Rs 36,000. These fees are calculated based on the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Sri Lakshmi Nagar located?

The Sub Registrar Office for Sri Lakshmi Nagar is located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone.