Guideline Value for Sri Lakshmi Narasimmar Nagar

Sri Lakshmi Narasimmar Nagar guideline value

The current guideline value of Sri Lakshmi Narasimmar Nagar is Rs 200 per sq.ft, effective from 1 July 2024. This area is located in Sirunallur village and falls under the Madurandakam SRO. The land classification for this street is Residential Special Type - I.

How the guideline value of Sri Lakshmi Narasimmar Nagar has changed

Over the years, the guideline value of Sri Lakshmi Narasimmar Nagar has seen several revisions. In 2007, the guideline value was Rs 40 per sq.ft, which increased significantly to Rs 200 per sq.ft in 2012, marking a remarkable rise of 400%. However, between 2012 and 2017, there was a decrease to Rs 134 per sq.ft, representing a decline of 33%. The value then rose again to Rs 200 per sq.ft in 2023, remaining unchanged in the 2024 revision.

From 2017 to 2023, the guideline value increased by 49%, bringing it back to Rs 200 per sq.ft. Overall, from the 2007 revision to the current 2024 figure, the guideline value has increased by 400%. It is worth noting that the register has no figures for the years 2002 and 2003 for this street.

Guideline values in Sirunallur

In Sirunallur village, there are 16 streets under the Madurandakam SRO that carry a guideline value for 2024, ranging from Rs 100 to Rs 400 per sq.ft. The median value for these streets is Rs 175 per sq.ft, placing Sri Lakshmi Narasimmar Nagar's 2024 value above this median.

• Sri Saraswathi Nagar: Rs 200 per sq.ft (2024)
• Sri Venkateshwara Nagar: Rs 102 per sq.ft (2024)
• Sma Nagar Part-II: Rs 100 per sq.ft (2024)
• Sri Vinayaga Nagar: Rs 150 per sq.ft (2024)
• Srm Nagar: Rs 120 per sq.ft (2024)
• S.R.S.Nagar: Rs 102 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Lakshmi Narasimmar Nagar

For a 1,000 sq.ft plot at the current rate of Rs 200 per sq.ft, the guideline value amounts to Rs 2,00,000. The stamp duty at 7% would be Rs 14,000, and the registration fee at 2% would be Rs 4,000, totaling Rs 18,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sri Lakshmi Narasimmar Nagar?

The Sub Registrar Office that covers Sri Lakshmi Narasimmar Nagar is the Madurandakam Sub Registrar Office, located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Sirunallur. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction. Buyers and sellers must be aware of the current guideline value to ensure compliance with the registration requirements.

When a property is registered, the guideline value is used to calculate the applicable fees. It is essential to understand that the stamp duty is charged based on the higher of the guideline value or the sale price, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Sri Lakshmi Narasimmar Nagar?

The current guideline value of Sri Lakshmi Narasimmar Nagar is Rs 200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2007, the guideline value has increased from Rs 40 per sq.ft to Rs 200 per sq.ft in 2024, marking an overall increase of 400% over the years.

What are the stamp duty and registration fees for property in this area?

For a property valued at Rs 2,00,000, the stamp duty would be Rs 14,000 and the registration fee would be Rs 4,000, totaling Rs 18,000.

Which office handles property registrations in Sri Lakshmi Narasimmar Nagar?

The Madurandakam Sub Registrar Office handles property registrations for Sri Lakshmi Narasimmar Nagar, located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone.

What is the significance of the guideline value for property transactions?

The guideline value is significant as it determines the stamp duty and registration fees during property transactions. It ensures that the appropriate revenue is collected by the government based on the property's assessed value.