Guideline Value for Sri Mahalakshmi Nagar

Sri Mahalakshmi Nagar guideline value

The current guideline value of Sri Mahalakshmi Nagar is Rs 250 per sq.ft, effective from 1 July 2024. This area is located in Umaiyal Parancheri village and falls under the Sunguvarchattram SRO. The land classification is 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. In 2012, the value was set at Rs 250 per sq.ft. This remained unchanged until the 2017 revision, which decreased to Rs 167 per sq.ft, marking a 33% drop. However, from 2017 to 2023, the value increased by 50% to Rs 250 per sq.ft, and this figure has remained the same through the 2024 revision, showing no change from the previous year.

It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street. The overall change from the 2012 revision to the 2024 revision stands at 0%.

Guideline values in Umaiyal Parancheri

In Umaiyal Parancheri, there are 18 streets under the Sunguvarchattram SRO with a 2024 guideline value ranging from Rs 175 to Rs 500 per sq.ft. The median value for these streets is Rs 200 per sq.ft, placing Sri Mahalakshmi Nagar's 2024 guideline value above this median.

• Umaiyalpuram: Rs 250 per sq.ft (2024)
• Umaiyalpuram Extn: Rs 200 per sq.ft (2024)
• Rattinamkinaru Street: Rs 175 per sq.ft (2024)
• Pillayar Kovil Street: Rs 175 per sq.ft (2024)
• Perumal Kovil Street: Rs 200 per sq.ft (2024)
• Park City: Rs 500 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 250 per sq.ft, the total guideline value would be Rs 2,50,000. The stamp duty at 7% would amount to Rs 17,500, and the registration fee at 2% would be Rs 5,000, bringing the total fees to Rs 22,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Sri Mahalakshmi Nagar?

The Sub Registrar Office that covers Sri Mahalakshmi Nagar is the Sunguvarchattram Sub Registrar Office, located at Vadivamal Nagar Kandigai Road Caparo Company Opp, Sunguvarchatram, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Umaiyal Parancheri. It determines the minimum value at which the property can be registered, ensuring that the transaction is recorded accurately in accordance with government regulations.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. 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 250 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained at Rs 250 per sq.ft in 2023 and 2024, while it decreased to Rs 167 per sq.ft in 2017 from Rs 250 per sq.ft in 2012. Overall, there has been no change from 2012 to 2024.

What is the land classification of Sri Mahalakshmi Nagar?

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

What are the stamp duty and registration fees for property transactions?

The stamp duty is charged at 7% of the guideline value, and the registration fee is 2%. For example, for a property valued at Rs 2,50,000, the total fees would be Rs 22,500.

Where can I find the Sub Registrar Office for Sri Mahalakshmi Nagar?

The Sub Registrar Office for Sri Mahalakshmi Nagar is located at Vadivamal Nagar Kandigai Road Caparo Company Opp, Sunguvarchatram, Chengalpattu registration zone.