Guideline Value for Sri Mahalakshmi Nagar

Sri Mahalakshmi Nagar guideline value

The current guideline value of Sri Mahalakshmi Nagar is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is located in Thiruneermalai village under the Pammal SRO, classified as Residential Class I Type - II.

How the guideline value of Sri Mahalakshmi Nagar has changed

The guideline value for Sri Mahalakshmi Nagar has seen significant changes over the years. The earliest recorded figure is from 2003, where the guideline value was Rs 74 per sq.ft. This increased to Rs 220 per sq.ft in 2007, marking a growth of 197%. By 2017, the value rose dramatically to Rs 1,340 per sq.ft, which represents a substantial increase of 509%. The 2023 revision set the value at Rs 2,000 per sq.ft, a 49% increase from the previous figure. The most recent revision in 2024 has further raised the guideline value to Rs 2,200 per sq.ft, reflecting a 10% increase from 2023.

It is important to note that there are no recorded figures for the revisions in 2002 and 2012 for this street. Overall, from 2003 to 2024, the guideline value has increased by an impressive 2873%.

Guideline values in Thiruneermalai

In Thiruneermalai, there are 316 streets under the Pammal SRO that carry a 2024 guideline value, ranging from Rs 1,320 to Rs 6,240 per sq.ft. The median value for these streets is Rs 2,420 per sq.ft, placing Sri Mahalakshmi Nagar's guideline value below the median.

• Sripuram 1st Street: Rs 3,080 per sq.ft (2024)
• Sripuram 2nd Street: Rs 3,080 per sq.ft (2024)
• Sripuram 3rd Street: Rs 3,080 per sq.ft (2024)
• Sri Ranganathan Nagar: Rs 2,420 per sq.ft (2024)
• Sri Ranganathaswamy 1st Street: Rs 2,420 per sq.ft (2024)
• Sri Ranganathaswamy 2nd Street: Rs 2,420 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 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, while the registration fee at 2% would be Rs 44,000, bringing the total fees to Rs 1,98,000. 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 our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Sri Mahalakshmi Nagar?

The Sub Registrar Office that covers Sri Mahalakshmi Nagar is the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, Chengalpattu registration zone.

For more information, you can find your SRO.

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

The guideline value is a crucial reference point used during the registration of property transactions in Thiruneermalai. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid, ensuring that the transaction is in compliance with local regulations.

When buying or selling property, the guideline value helps both parties understand the minimum value at which the property can be registered. This ensures transparency and fairness in property transactions within the region.

Frequently asked questions

What is the current guideline value of Sri Mahalakshmi Nagar?

The current guideline value of Sri Mahalakshmi Nagar is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Over the years, the guideline value has increased significantly, from Rs 74 per sq.ft in 2003 to Rs 2,200 per sq.ft in 2024, reflecting a total increase of 2873%.

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

The stamp duty is charged at 7% of the guideline value, while the registration fee is 2%. For a property valued at Rs 22,00,000, the total fees would amount to Rs 1,98,000.

Which Sub Registrar Office covers Sri Mahalakshmi Nagar?

The Pammal Sub Registrar Office covers Sri Mahalakshmi Nagar, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075.

What is the significance of the guideline value in property transactions?

The guideline value is used to determine the minimum value for property registration and is essential for calculating the applicable stamp duty and registration fees during property transactions.