Guideline Value for Sri Mahalakshmi Nagar

Sri Mahalakshmi Nagar guideline value

The current guideline value of Sri Mahalakshmi Nagar in Kolapakkam village is Rs 2,750 per sq.ft, effective from 1 July 2024. This area falls under the Pammal SRO and is classified as Residential Class I Type - I.

How the guideline value of Sri Mahalakshmi Nagar has changed

The guideline value for Sri Mahalakshmi Nagar has seen several revisions over the years. The earliest recorded revision in 2017 set the value at Rs 1,675 per sq.ft. This figure increased to Rs 2,500 per sq.ft in 2023, marking a significant rise of 49%. The latest revision in 2024 has further increased the guideline value to Rs 2,750 per sq.ft, reflecting a change of 10% from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. It is important to note that there are no figures available for the revisions in 2002, 2003, 2007, and 2012 for this street.

Guideline values in Kolapakkam

In Kolapakkam, there are 111 streets under the Pammal SRO that carry a 2024 guideline value, ranging from Rs 1,650 to Rs 6,850 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, placing the guideline value of Sri Mahalakshmi Nagar above this median.

• Sri Narayana Nagar: Rs 2,750 per sq.ft (2024)
• Srinivasa Nagar (ward 5): Rs 2,200 per sq.ft (2024)
• Sri Ganesh Nagar: Rs 2,750 per sq.ft (2024)
• Sri Dhalakshmi Nagar: Rs 3,740 per sq.ft (2024)
• Sri Balaji Nagar: Rs 1,650 per sq.ft (2024)
• Sri Arunagiriyar Street: Rs 1,650 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 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total cost for these fees to Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Sri Mahalakshmi Nagar?

The Pammal Sub Registrar Office covers Sri Mahalakshmi Nagar. The office is located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property in Kolapakkam. It is used to determine the stamp duty and registration fees that buyers and sellers must pay during the transaction process.

When a property is sold, the guideline value ensures that the transaction is recorded at a fair value, which helps in maintaining transparency in real estate dealings. This value is essential for both buyers and sellers to understand their financial obligations during the registration process.

Frequently asked questions

What is the current guideline value of Sri Mahalakshmi Nagar?

The current guideline value of Sri Mahalakshmi Nagar is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,675 per sq.ft in 2017 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of 64% over this period.

What is the median guideline value for streets in Kolapakkam?

The median guideline value for streets in Kolapakkam is Rs 2,200 per sq.ft, with Sri Mahalakshmi Nagar's value being above this median.

What are the stamp duty and registration fees for a property in Sri Mahalakshmi Nagar?

For a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500 and the registration fee would be Rs 55,000, totaling Rs 2,47,500.

Where is the Sub Registrar Office for Sri Mahalakshmi Nagar located?

The Pammal Sub Registrar Office is located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone.