Guideline Value for Sri Lakshmi Nagar

Sri Lakshmi Nagar guideline value

The current guideline value of Sri Lakshmi Nagar is Rs 770 per sq.ft, effective from 1 July 2024. This street is located in Manimangalam A village under the Padappai SRO, classified as Residential Class II Type - I.

How the guideline value of Sri Lakshmi Nagar has changed

In the 2017 revision, the guideline value was Rs 469 per sq.ft. This figure increased significantly to Rs 700 per sq.ft in the 2023 revision, marking a 49% rise. The current guideline value for 2024 is Rs 770 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. The register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Manimangalam A

In Manimangalam A, there are 112 streets under the Padappai SRO that carry a 2024 guideline value, ranging from Rs 550 to Rs 2,500 per sq.ft. The median value is Rs 880 per sq.ft, which means the guideline value of Sri Lakshmi Nagar is below this median.

• Sri Lakshmi Nagar Extn: Rs 770 per sq.ft (2024)
• Sri Meenakshi Nagar: Rs 880 per sq.ft (2024)
• Sri Jayalakshmi Nagar: Rs 880 per sq.ft (2024)
• Sri Gajalakshmi Nagar Extension: Rs 1,430 per sq.ft (2024)
• Sri Gajalakshmi Nagar Annex I to III: Rs 1,430 per sq.ft (2024)
• Sri Rajagopala Swamy Sannathi Street: Rs 880 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 770 per sq.ft, the total guideline value amounts to Rs 7,70,000. The stamp duty at 7% would be Rs 53,900, and the registration fee at 2% would be Rs 15,400, totaling Rs 69,300. Duty is charged on the guideline value or the sale price, whichever is higher. You can also use our 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 Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions as it determines the minimum value at which a property can be registered. When buying or selling property in Manimangalam A, the guideline value is used to calculate the stamp duty and registration fees payable at the time of registration.

It is essential 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 property is registered at the correct guideline value helps in maintaining transparency and legality in property dealings.

Frequently asked questions

What is the current guideline value of Sri Lakshmi Nagar?

The current guideline value of Sri Lakshmi Nagar is Rs 770 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since the 2017 revision, the guideline value has increased by 64%. It was Rs 469 per sq.ft in 2017, Rs 700 per sq.ft in 2023, and is now Rs 770 per sq.ft in 2024.

What is the land classification of Sri Lakshmi Nagar?

Sri Lakshmi Nagar is classified as Residential Class II Type - I. This classification indicates the type of development permissible in the area.

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

For a property valued at Rs 7,70,000, the stamp duty is Rs 53,900 and the registration fee is Rs 15,400, totaling Rs 69,300. These fees are calculated based on the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Sri Lakshmi Nagar?

The Padappai Sub Registrar Office covers Sri Lakshmi Nagar and is located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.