Guideline Value for Sri Mahalakshmi Nagar

Sri Mahalakshmi Nagar guideline value

The current guideline value of Sri Mahalakshmi Nagar, located in Kandular village under the Chengleput Joint II SRO, is Rs 600 per sq.ft. This value is effective from 1 July 2024 and is classified as Residential Special Type - I.

How the guideline value of Sri Mahalakshmi Nagar has changed

The guideline value for Sri Mahalakshmi Nagar has undergone several revisions over the years. In 2007, the value was Rs 175 per sq.ft, which increased significantly to Rs 600 per sq.ft in 2012, marking a rise of 243%. However, from 2012 to 2017, the value decreased to Rs 402 per sq.ft, a drop of 33%. The value then rose again to Rs 600 per sq.ft in 2023, maintaining the same rate in 2024, resulting in a cumulative increase of 49% from 2017 to 2023.

There are no figures available for the years 2002 and 2003 in the register for this street. Overall, from 2007 to 2024, the guideline value has increased by 243%, with the current value remaining stable since 2023.

Guideline values in Kandular

In Kandular village, there are 20 streets under the Chengleput Joint II SRO that have a 2024 guideline value ranging from Rs 600 to Rs 650 per sq.ft. The median value is Rs 600 per sq.ft, which is the same as the current value for Sri Mahalakshmi Nagar.

• Sree Mahalakshmi Nagar Phase - VII: Rs 600 per sq.ft (2024)
• Sree Mahalakshmi Nagar Phase - VI: Rs 600 per sq.ft (2024)
• Sree Mahalakshmi Nagar Phase - V: Rs 600 per sq.ft (2024)
• Sree Mahalakshmi Nagar Phase - IV: Rs 600 per sq.ft (2024)
• Sree Mahalakshmi Nagar Phase-II&iii: Rs 600 per sq.ft (2024)
• Sree Mahalakshmi Nagar Phase - I: Rs 600 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Mahalakshmi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 600 per sq.ft, the total guideline value would be Rs 6,00,000. The stamp duty at 7% would amount to Rs 42,000, and the registration fee at 2% would be Rs 12,000, bringing the total fees to Rs 54,000. Duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sri Mahalakshmi Nagar?

Sri Mahalakshmi Nagar falls under the Chengleput Joint II Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process of property transactions in Kandular. It serves as a benchmark for determining the stamp duty and registration fees that must be paid when a property is bought or sold.

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

Frequently asked questions

What is the current guideline value of Sri Mahalakshmi Nagar?

The current guideline value of Sri Mahalakshmi Nagar is Rs 600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen various changes, from Rs 175 per sq.ft in 2007 to Rs 600 per sq.ft in 2012, then decreasing to Rs 402 per sq.ft in 2017, and remaining stable at Rs 600 per sq.ft since 2023.

What is the land classification for Sri Mahalakshmi Nagar?

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

Where can I find the Chengleput Joint II Sub Registrar Office?

The Chengleput Joint II Sub Registrar Office is located at 10, Kancheepuram Main Road, Chengalpattu 603 002, in the Chengalpattu registration zone.

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

Stamp duty is calculated based on the higher value between the guideline value and the sale price of the property. For example, a property valued at Rs 6,00,000 would incur a stamp duty of Rs 42,000 at a rate of 7%.