Guideline Value for Sri Lakshmi Narayana Nagar

Sri Lakshmi Narayana Nagar guideline value

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

How the guideline value of Sri Lakshmi Narayana Nagar has changed

Over the years, the guideline value for Sri Lakshmi Narayana Nagar has seen several revisions. The 2007 revision recorded a guideline value of Rs 245 per sq.ft, which then increased significantly to Rs 1,200 per sq.ft in the 2012 revision, marking a rise of 390%. However, in the 2017 revision, the value decreased to Rs 804 per sq.ft, a drop of 33%. The value then saw a substantial increase to Rs 1,200 per sq.ft in both the 2023 and 2024 revisions, showing no change between these two years.

The register does not have figures for the years 2002 and 2003 for this street. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 390%.

Guideline values in Madambakkam

In Madambakkam, there are 110 streets under the Gooduvancheri SRO that carry a 2024 guideline value ranging from Rs 800 to Rs 2,000 per sq.ft. The median value is Rs 1,200 per sq.ft, which is equal to the guideline value for Sri Lakshmi Narayana Nagar.

• Sri Lakshmi Narayan Perumal Avenue: Rs 1,200 per sq.ft (2024)
• Sri Lakshmi Nagar Extn: Rs 1,200 per sq.ft (2024)
• Sri Lakshmi Nagar: Rs 1,200 per sq.ft (2024)
• Sri Karumari Amman Nagar: Rs 1,200 per sq.ft (2024)
• Srinivasa Nagar: Rs 1,200 per sq.ft (2024)
• Srinivasa Nagar Extn: Rs 1,200 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 1,200 per sq.ft, the total guideline value amounts to Rs 12,00,000. The stamp duty at 7% would be Rs 84,000, and the registration fee at 2% would be Rs 24,000, bringing the total fees to Rs 1,08,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sri Lakshmi Narayana Nagar?

Sri Lakshmi Narayana Nagar falls under the jurisdiction of the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone.

To find your SRO, you can visit find your SRO.

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

The guideline value plays a crucial role in the registration process of property transactions in Madambakkam. When a property is bought or sold, the guideline value is used to determine the applicable stamp duty and registration fees, ensuring that these costs are calculated based on the official rates set by the government.

Buyers and sellers must be aware that the guideline value is the minimum value considered for registration, and it serves as a benchmark for the transaction value. This helps maintain transparency and uniformity in property dealings within the region.

Frequently asked questions

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

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

How has the guideline value changed over the years?

The guideline value has undergone several revisions, with significant changes noted from Rs 245 per sq.ft in 2007 to Rs 1,200 per sq.ft in 2012. The value then decreased to Rs 804 per sq.ft in 2017, before returning to Rs 1,200 per sq.ft in 2023 and 2024.

What is the land classification for Sri Lakshmi Narayana Nagar?

Sri Lakshmi Narayana Nagar is classified as Commercial Special Type - I, indicating its suitability for commercial activities.

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

For a property valued at Rs 12,00,000, the stamp duty would be Rs 84,000 and the registration fee would be Rs 24,000, totaling Rs 1,08,000. These fees are calculated based on the higher of the guideline value or the sale price.

Which office handles registrations for Sri Lakshmi Narayana Nagar?

The Gooduvancheri Sub Registrar Office handles registrations for Sri Lakshmi Narayana Nagar, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone.