Guideline Value for Sri Lakshmi Nagar

Sri Lakshmi Nagar guideline value

The current guideline value of Sri Lakshmi Nagar is Rs 830 per sq.ft, effective from 1 July 2024. This area is located in Padappai village and falls under the Padappai SRO. The land classification for this street is Residential Class III 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. The 2012 revision set the value at Rs 750 per sq.ft, which was then reduced to Rs 502 per sq.ft in the 2017 revision. Following this, the value increased to Rs 750 per sq.ft in the 2023 revision, and finally, it rose to Rs 830 per sq.ft in the 2024 revision, marking an increase of 11% from the previous year.

From 2012 to 2024, the overall change in guideline value is +11%. The 2017 revision had a significant increase of 49% from the 2017 figure to the 2023 figure. It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Padappai

In Padappai, there are 146 streets under the Padappai SRO that carry a 2024 guideline value ranging from Rs 440 to Rs 4,000 per sq.ft. The median value is Rs 830 per sq.ft, which is equal to the guideline value of Sri Lakshmi Nagar.

• Sri Lakshmi Nagar Extension: Rs 990 per sq.ft (2024)
• Sri Mahalakshmi Nagar: Rs 830 per sq.ft (2024)
• Sri Karthikeyan Nagr: Rs 830 per sq.ft (2024)
• Sri Karthikeyan Nagar Phase VI Extn: Rs 830 per sq.ft (2024)
• Sri Karthikeyan Nagar Phase VI: Rs 955 per sq.ft (2024)
• Sri Karthikeyan Nagar Phase V: Rs 830 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 830 per sq.ft, the total guideline value amounts to Rs 8,30,000. The stamp duty at 7% would be Rs 58,100, and the registration fee at 2% would be Rs 16,600, bringing the total charges to Rs 74,700. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Sri Lakshmi Nagar?

The Sri Lakshmi Nagar area is covered by 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 Padappai

The guideline value is a key factor in determining the stamp duty and registration fees when buying or selling property in Padappai. It serves as a benchmark for the transaction value, ensuring that the property is registered at a value that reflects the current market conditions as set by the government.

When a buyer or seller proceeds with a transaction, the guideline value is used to calculate the necessary fees and duties. This ensures that all transactions are conducted transparently and that the government receives the appropriate revenue from property sales.

Frequently asked questions

What is the current guideline value of Sri Lakshmi Nagar?

The current guideline value of Sri Lakshmi Nagar is Rs 830 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 750 per sq.ft in 2012 to Rs 502 per sq.ft in 2017, then to Rs 750 per sq.ft in 2023, and finally to Rs 830 per sq.ft in 2024.

What is the land classification for Sri Lakshmi Nagar?

Sri Lakshmi Nagar is classified as Residential Class III Type - I.

Where can I find the Padappai Sub Registrar Office?

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

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

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current rate, the total guideline value is Rs 8,30,000, leading to a stamp duty of Rs 58,100.