Guideline Value for Sri Lakshmi Nagar

Sri Lakshmi Nagar guideline value

The current guideline value of Sri Lakshmi Nagar, located in Pidarithangal village under the Poonamallee SRO, is Rs 550 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class I Type - I land classification.

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 2012 revision set the value at Rs 500 per sq.ft, which saw a decrease to Rs 335 per sq.ft in the 2017 revision. However, the following revisions marked a significant increase, with the 2023 value rising to Rs 500 per sq.ft and the current 2024 revision bringing it up to Rs 550 per sq.ft, representing a 10% increase from the previous year.

From the 2017 revision to 2023, there was a notable increase of 49%. Overall, from the 2012 revision to the 2024 revision, 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 Pidarithangal

In Pidarithangal, there are six streets under the Poonamallee SRO carrying a 2024 guideline value ranging from Rs 550 to Rs 4,875 per sq.ft, with a median value of Rs 1,600 per sq.ft. The guideline value for Sri Lakshmi Nagar is below this median.

• S.P.E Mono City: Rs 1,100 per sq.ft (2024)
• Spe Metro City: Rs 4,875 per sq.ft (2024)
• Dhanalakshmi Nagar: Rs 550 per sq.ft (2024)
• Pav Green Park: Rs 2,100 per sq.ft (2024)
• Varsha Masilamani Garden: Rs 4,875 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 550 per sq.ft, the total guideline value amounts to Rs 5,50,000. The stamp duty at 7% would be Rs 38,500, and the registration fee at 2% would be Rs 11,000, bringing the total fees together to Rs 49,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Sri Lakshmi Nagar?

Sri Lakshmi Nagar falls under the jurisdiction of the Poonamallee Sub Registrar Office, located at No.332 U + 9cc Malma Nagar Poonamallee Chennai - 600056. For more information, you can find your SRO.

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

The guideline value is a crucial factor when registering property transactions in Pidarithangal. It serves as a benchmark for determining the stamp duty and registration fees applicable during the sale or purchase of property.

When a property is sold, the guideline value is considered to ensure that the appropriate taxes are levied based on the value of the property. This helps maintain transparency and standardization in property transactions within the region.

Frequently asked questions

What is the current guideline value of Sri Lakshmi Nagar?

The current guideline value of Sri Lakshmi Nagar is Rs 550 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 500 per sq.ft in 2012 to Rs 335 per sq.ft in 2017, then to Rs 500 per sq.ft in 2023, and finally to Rs 550 per sq.ft in 2024.

What is the land classification for Sri Lakshmi Nagar?

Sri Lakshmi Nagar is classified under Residential Class I Type - I land classification.

Where is the Poonamallee Sub Registrar Office located?

The Poonamallee Sub Registrar Office is located at No.332 U + 9cc Malma Nagar Poonamallee Chennai - 600056.

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

Stamp duty for properties in Sri Lakshmi Nagar is calculated at 7% of the guideline value or the sale price, whichever is higher. Additionally, a registration fee of 2% is also applicable.