Guideline Value for Sri Mahalakshmi Nagar

Sri Mahalakshmi Nagar guideline value

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

How the guideline value of Sri Mahalakshmi Nagar has changed

Over the years, the guideline value of Sri Mahalakshmi Nagar has seen several revisions. The earliest recorded revision was in 2007, where the guideline value was Rs 120 per sq.ft. This figure increased significantly in 2012 to Rs 700 per sq.ft, marking an increase of 483%. However, in 2017, the value dropped to Rs 469 per sq.ft, a decrease of 33%. The 2023 revision maintained the value at Rs 700 per sq.ft, and the current 2024 revision also holds this figure, indicating no change from the previous year.

The guideline value has remained stable at Rs 700 per sq.ft from 2023 to 2024, reflecting a 49% increase from the 2017 revision. The overall increase from the 2007 revision to the 2024 revision stands at 483%, demonstrating significant growth over the years.

Guideline values in Keelakazhani

In Keelakazhani, there are 35 streets 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. Sri Mahalakshmi Nagar's 2024 guideline value aligns perfectly with this median.

• Sri Mahalakshmi Nagar Extension-II: Rs 700 per sq.ft (2024)
• Sri Mahalakshmi Nagar Extn I: 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 Kallazhagar City Phase I: Rs 800 per sq.ft (2024)
• Sri Paramaswamy Nagar: Rs 800 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 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 cost for these fees to Rs 63,000. 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 Mahalakshmi Nagar?

The Sub Registrar Office that covers Sri Mahalakshmi Nagar is the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvanchery-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 critical factor in property transactions in Keelakazhani, as it determines the minimum value at which a property can be registered. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, ensuring that both parties adhere to the legal requirements set by the government.

It is essential for buyers and sellers to be aware of the guideline value to avoid any discrepancies during the registration process. The guideline value reflects the market conditions and helps in establishing a fair transaction between the buyer and seller.

Frequently asked questions

What is the current guideline value of Sri Mahalakshmi Nagar?

The current guideline value of Sri Mahalakshmi Nagar 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 significantly over the years, with the most notable increase occurring from Rs 120 per sq.ft in 2007 to Rs 700 per sq.ft in 2012. The value remained at Rs 700 per sq.ft from 2012 to 2017, dropped to Rs 469 per sq.ft in 2017, and returned to Rs 700 per sq.ft in 2023 and 2024.

What is the stamp duty rate for properties in Sri Mahalakshmi Nagar?

The stamp duty rate for properties in Sri Mahalakshmi Nagar is 7% of the guideline value or the sale price, whichever is higher. This is applicable during the registration of the property.

Where is the Gooduvancheri Sub Registrar Office located?

The Gooduvancheri Sub Registrar Office is located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvanchery-603202, Chengalpattu registration zone.

How can I calculate the registration fees for a property?

You can calculate the registration fees for a property using the stamp duty and registration fee calculator. This tool will help you determine the fees based on the guideline value and the sale price.