Guideline Value for Sri Lakshmi Nagar

Sri Lakshmi Nagar guideline value

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

How the guideline value of Sri Lakshmi Nagar has changed

Over the years, the guideline value for Sri Lakshmi Nagar has seen several revisions. The 2012 revision set the value at Rs 700 per sq.ft, which was then reduced to Rs 469 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 700 per sq.ft in the 2023 revision, and finally, it rose to Rs 770 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

From 2012 to 2017, the guideline value experienced a decrease of 33%. However, from 2017 to 2023, there was a notable increase of 49%. Overall, from 2012 to 2024, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Panapakkam

In Panapakkam village, there are 28 streets under the Padappai SRO that carry a 2024 guideline value ranging from Rs 550 to Rs 990 per sq.ft, with the median value being Rs 770 per sq.ft. Sri Lakshmi Nagar's 2024 figure aligns with this median.

• Sri Krishna Nagar: Rs 550 per sq.ft (2024)
• Srinivasa Perumal Nagar: Rs 660 per sq.ft (2024)
• Sri Sai Garden: Rs 880 per sq.ft (2024)
• Sri Vadapalani Murugan Nagar: Rs 770 per sq.ft (2024)
• Sindhu Enclave: Rs 990 per sq.ft (2024)
• Thanigai Nagar: Rs 770 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, bringing the total charges to Rs 69,300. Duty is charged on the guideline value or the sale price, whichever is higher. You can use our 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 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 Panapakkam

The guideline value is a crucial factor during the registration of property transactions in Panapakkam. It serves as the benchmark for determining the stamp duty and registration fees that need to be paid when buying or selling property in the area.

When a property is sold, the guideline value ensures that the transaction is recorded at a fair value, preventing undervaluation. Buyers and sellers must be aware of the current guideline value to ensure compliance with registration requirements.

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 has the guideline value changed over the years?

The guideline value has changed from Rs 700 per sq.ft in 2012 to Rs 469 per sq.ft in 2017, then increased to Rs 700 per sq.ft in 2023, and finally to Rs 770 per sq.ft in 2024.

What is the land classification for Sri Lakshmi Nagar?

Sri Lakshmi Nagar is classified as Residential Class I Type - I, which indicates its designation for residential purposes.

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

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

How is the stamp duty calculated for properties 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 Rs 770 per sq.ft, the total guideline value would be Rs 7,70,000, with stamp duty and registration fees calculated accordingly.