Guideline Value for Sri Mahalakshmi Nagar Extn I

Sri Mahalakshmi Nagar Extn I guideline value

The current guideline value of Sri Mahalakshmi Nagar Extn I is Rs 700 per sq.ft, effective from 1 July 2024. This area is located in Keelakazhani village, under the Gooduvancheri SRO, and is classified as Residential Special Type - I.

How the guideline value of Sri Mahalakshmi Nagar Extn I has changed

Over the years, the guideline value for Sri Mahalakshmi Nagar Extn I has seen several revisions. In 2007, the guideline value was Rs 120 per sq.ft, which increased significantly to Rs 700 per sq.ft in 2012. However, this value remained unchanged until the 2017 revision, where it was adjusted to Rs 469 per sq.ft. The next revision in 2023 maintained the value at Rs 700 per sq.ft, which has also been retained in the 2024 revision.

The changes between the revisions indicate fluctuations in the guideline value. From 2007 to 2012, there was a remarkable increase of 483%. However, from 2012 to 2017, the value decreased by 33%. The guideline value then saw a substantial increase of 49% from 2017 to 2023, and it remained stable at Rs 700 per sq.ft from 2023 to 2024, reflecting no change.

Guideline values in Keelakazhani

In Keelakazhani, there are 35 streets under the Gooduvancheri SRO that carry a 2024 guideline value ranging from Rs 500 to Rs 1,000 per sq.ft, with a median value of Rs 700 per sq.ft. The guideline value of Sri Mahalakshmi Nagar Extn I is equal to this median.

• Sri Mahalakshmi Nagar Extension-II: Rs 700 per sq.ft (2024)
• Sri Mahalakshmi Nagar: Rs 700 per sq.ft (2024)
• Sri Meenakshi Nagar: Rs 700 per sq.ft (2024)
• Sri Lakshmi Hayagerivar Nagar: Rs 700 per sq.ft (2024)
• Sri Paramaswamy Nagar: Rs 800 per sq.ft (2024)
• Sri Parvathi Amman Nagar: Rs 600 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Mahalakshmi Nagar Extn I

For a 1,000 sq.ft plot at the current guideline value of Rs 700 per sq.ft, the total guideline value amounts to Rs 7,00,000. The stamp duty at 7% would be Rs 49,000, and the registration fee at 2% would be Rs 14,000, bringing the total to Rs 63,000. 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 Mahalakshmi Nagar Extn I?

The Sri Mahalakshmi Nagar Extn I is covered by the Gooduvancheri Sub Registrar Office located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Keelakazhani. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is registered, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Sri Mahalakshmi Nagar Extn I?

The current guideline value of Sri Mahalakshmi Nagar Extn I is Rs 700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, starting from Rs 120 per sq.ft in 2007 to Rs 700 per sq.ft in 2012, then decreasing to Rs 469 per sq.ft in 2017, and remaining at Rs 700 per sq.ft from 2017 to 2024.

What is the land classification for Sri Mahalakshmi Nagar Extn I?

Sri Mahalakshmi Nagar Extn I is classified as Residential Special Type - I, which indicates its suitability for residential development.

Where can I find the registration office for this area?

The registration office for Sri Mahalakshmi Nagar Extn I is the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone.

How is the stamp duty calculated for properties in Sri Mahalakshmi Nagar Extn I?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 7,00,000, the stamp duty would be Rs 49,000 at 7%.