Guideline Value for Sri Lakshmi Street

Sri Lakshmi Street guideline value

The current guideline value of Sri Lakshmi Street in Thalakanancherry village is Rs 4,400 per sq.ft, effective from 1 July 2024. This street falls under the Alandur SRO and is classified as Residential Class I Type - II.

How the guideline value of Sri Lakshmi Street has changed

The guideline value for Sri Lakshmi Street has undergone several revisions over the years. In 2007, the value was Rs 1,700 per sq.ft, which increased significantly to Rs 4,000 per sq.ft in 2012, marking a 135% rise. However, it saw a decrease to Rs 2,680 per sq.ft in 2017, a drop of 33%. The value then surged to Rs 4,000 per sq.ft in 2023, reflecting a 49% increase. The most recent revision in 2024 set the value at Rs 4,400 per sq.ft, representing a 10% increase from the previous year.

There are no figures available for the revisions in 2002 and 2003 for Sri Lakshmi Street. Overall, from 2007 to 2024, the guideline value has increased by 159%.

Guideline values in Thalakanancherry

In Thalakanancherry, there are 318 streets under the Alandur SRO that have a 2024 guideline value ranging from Rs 2,200 to Rs 5,500 per sq.ft, with a median value of Rs 3,900 per sq.ft. The guideline value for Sri Lakshmi Street is above this median.

• Sri Ram Colony: Rs 4,400 per sq.ft (2024)
• South Bakthavachalam Nagar 5th Cross Street: Rs 3,900 per sq.ft (2024)
• Sri Venkateshwara Avenue: Rs 4,400 per sq.ft (2024)
• Sri Vidhya Nagar (MMTC Colony): Rs 4,400 per sq.ft (2024)
• State Bank Colony 12th Cross Street: Rs 4,400 per sq.ft (2024)
• State Bank Colony 2nd Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Lakshmi Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, while the registration fee at 2% would be Rs 88,000. Together, these fees total Rs 3,96,000. It is important to note that 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 Street?

The Sub Registrar Office that covers Sri Lakshmi Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for more information.

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

The guideline value is a critical factor during the registration of property transactions in Thalakanancherry. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate stamp duty and registration fees.

When buying or selling property, the guideline value helps in assessing the fair value of the property, which is essential for both buyers and sellers to understand their obligations regarding taxes and fees during the registration process.

Frequently asked questions

What is the current guideline value of Sri Lakshmi Street?

The current guideline value of Sri Lakshmi Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,700 per sq.ft in 2007 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 159% over the years.

What are the other streets in Thalakanancherry with similar guideline values?

Other streets in Thalakanancherry with similar guideline values include Sri Ram Colony, Sri Venkateshwara Avenue, Sri Vidhya Nagar (MMTC Colony), State Bank Colony 12th Cross Street, and State Bank Colony 2nd Street, all valued at Rs 4,400 per sq.ft in 2024.

What is the stamp duty rate for properties in Sri Lakshmi Street?

The stamp duty rate for properties in Sri Lakshmi Street is 7% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Sri Lakshmi Street?

The Sub Registrar Office for Sri Lakshmi Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.