Guideline Value for Sri Lakshmi Nagar

Sri Lakshmi Nagar guideline value

The current guideline value of Sri Lakshmi Nagar is Rs 2,650 per sq.ft, effective from 1 July 2024. This area is located in Moulivakkam village and falls under the Kunrathur SRO. The land classification for this street is Mixed Special Type - I.

How the guideline value of Sri Lakshmi Nagar has changed

The guideline value for Sri Lakshmi Nagar has seen significant changes over the years. In 2003, the value was Rs 110 per sq.ft, which increased to Rs 500 per sq.ft in 2007. This marked a substantial rise of 355%. The value then surged to Rs 2,400 per sq.ft in 2012, reflecting an increase of 380%. However, it dropped to Rs 1,608 per sq.ft in 2017, a decrease of 33%. The value then rose to Rs 2,400 per sq.ft in 2023, before reaching the current rate of Rs 2,650 per sq.ft in 2024, an increase of 10%.

Overall, from 2003 to 2024, the guideline value has increased by 2309%. It is important to note that the register has no figure for this street in 2002.

Guideline values in Moulivakkam

In Moulivakkam, there are 44 streets under the Kunrathur SRO carrying a 2024 guideline value ranging from Rs 2,000 to Rs 3,900 per sq.ft, with a median value of Rs 2,450 per sq.ft. The guideline value for Sri Lakshmi Nagar is above this median.

• Sri Murugan Nagar: Rs 2,450 per sq.ft (2024)
• Sri Kamatchi Amman Nagar: Rs 2,450 per sq.ft (2024)
• Sri Kamakshi Nagar: Rs 2,450 per sq.ft (2024)
• Srinivasapuram: Rs 2,450 per sq.ft (2024)
• Sri Ranga Nagar: Rs 2,450 per sq.ft (2024)
• Sri Sairam Avenue , Sathyanarayanapuram: Rs 2,450 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 rate, the guideline value is Rs 26,50,000. The stamp duty at 7% would be Rs 1,85,500, and the registration fee at 2% would be Rs 53,000, totaling Rs 2,38,500. Duty is charged on the guideline value or the sale price, whichever is higher. For more details, 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 Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more information.

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

The guideline value is a crucial component in the registration process of property transactions in Moulivakkam. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that these charges are based on the official valuation of the property.

When buying or selling property, the guideline value helps both parties understand the minimum value at which the property should be registered. This ensures transparency and compliance with legal requirements during the transaction.

Frequently asked questions

What is the current guideline value of Sri Lakshmi Nagar?

The current guideline value of Sri Lakshmi Nagar is Rs 2,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 110 per sq.ft in 2003 to Rs 2,650 per sq.ft in 2024, marking an overall increase of 2309%.

What is the land classification for Sri Lakshmi Nagar?

Sri Lakshmi Nagar is classified as Mixed Special Type - I, which indicates the type of development permitted in the area.

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

The stamp duty is 7% and the registration fee is 2% of the guideline value. For a property valued at Rs 26,50,000, the total fees would be Rs 2,38,500.

Which office handles registrations for Sri Lakshmi Nagar?

The Kunrathur Sub Registrar Office handles registrations for Sri Lakshmi Nagar, located at No.59, Road Street, Kundrathur, Chennai -600 069.