Guideline Value for Sri Mahalakshmi Nagar

Sri Mahalakshmi Nagar guideline value

The current guideline value of Sri Mahalakshmi Nagar is Rs 1,540 per sq.ft, effective from 1 July 2024. This area is located in Thiruverkadu village, under the Kunrathur 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. In 2007, the value was Rs 447 per sq.ft, which increased significantly to Rs 1,400 per sq.ft in 2012. However, it then decreased to Rs 938 per sq.ft in 2017. The 2023 revision marked another increase to Rs 1,400 per sq.ft, followed by the latest revision in 2024, which set the value at Rs 1,540 per sq.ft. Notably, there are no figures available for the years 2002 and 2003 in the register for this street.

From 2017 to 2023, the value increased by 49%, and from 2023 to 2024, it rose by 10%. Overall, from 2007 to 2024, the guideline value has increased by 245%.

Guideline values in Thiruverkadu

In Thiruverkadu, there are 178 streets under the Kunrathur SRO that carry a 2024 guideline value, ranging from Rs 1,430 to Rs 3,520 per sq.ft. The median value for these streets is Rs 1,540 per sq.ft, which is equal to the guideline value of Sri Mahalakshmi Nagar.

• Sri Krishna Nagar Ist Avenue Extention: Rs 1,540 per sq.ft (2024)
• Sri Kasthuri Gardens: Rs 1,805 per sq.ft (2024)
• Sri Iyyappa Nagar / Annuxe: Rs 1,540 per sq.ft (2024)
• Sri Ganapathy Nagar: Rs 1,540 per sq.ft (2024)
• Sri Padmavathy Nagar: Rs 1,540 per sq.ft (2024)
• Sri Devi Nagar Pillaiar Koil Street: Rs 1,540 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 1,540 per sq.ft, the total guideline value would be Rs 15,40,000. The stamp duty at 7% would amount to Rs 1,07,800, and the registration fee at 2% would be Rs 30,800, leading to a total of Rs 1,38,600. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Sri Mahalakshmi Nagar?

The Sub Registrar Office that covers Sri Mahalakshmi Nagar is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Thiruverkadu. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the sale or purchase of property.

When a buyer or seller engages in a property transaction, the guideline value helps ensure that the transaction is recorded at a fair value, which is essential for legal and financial purposes.

Frequently asked questions

What is the current guideline value of Sri Mahalakshmi Nagar?

The current guideline value of Sri Mahalakshmi Nagar is Rs 1,540 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 447 per sq.ft in 2007 to Rs 1,540 per sq.ft in 2024, reflecting an overall increase of 245% over the years.

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

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, the total cost of these fees would be Rs 1,38,600.

Which office handles property registrations in Sri Mahalakshmi Nagar?

The Kunrathur Sub Registrar Office is responsible for property registrations in Sri Mahalakshmi Nagar, located at No.59, Road Street, Kundrathur, Chennai -600 069.

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

The guideline value is used to determine the stamp duty and registration fees during property transactions, ensuring that the sale is recorded at a fair value for legal and financial purposes.