Guideline Value for Sri Mahalakshmi Nagar

Sri Mahalakshmi Nagar guideline value

The current guideline value of Sri Mahalakshmi Nagar is Rs 1,100 per sq.ft, effective from 1 July 2024. This area is located in Chembarambakkam village and falls under the Poonamallee SRO. The land classification for this street is Residential Class II Type - I.

How the guideline value of Sri Mahalakshmi Nagar has changed

The guideline value for Sri Mahalakshmi Nagar has undergone several revisions over the years. In 2012, the value was set at Rs 1,000 per sq.ft, which then decreased to Rs 670 per sq.ft in 2017. The value saw a significant increase of 49% to Rs 1,000 per sq.ft in 2023, followed by a further increase of 10% to the current value of Rs 1,100 per sq.ft in 2024. The register has no figures for the years 2002, 2003, and 2007 for this street.

Overall, from 2012 to 2024, the guideline value has increased by 10%. The changes indicate a fluctuation in the value, particularly with a notable rise from 2017 to 2023, followed by a consistent increase to the present value.

Guideline values in Chembarambakkam

In Chembarambakkam, there are 64 streets under the Poonamallee SRO that carry a 2024 guideline value ranging from Rs 550 to Rs 4,000 per sq.ft. The median value is Rs 1,100 per sq.ft, which aligns with the current guideline value of Sri Mahalakshmi Nagar.

• Sri Krishna Nagar: Rs 1,540 per sq.ft (2024)
• Srinivasa Palms @ Sembarambakkam: Rs 3,500 per sq.ft (2024)
• Sri Golden City J J Nagar: Rs 878 per sq.ft (2024)
• Sri Sai Nagar: Rs 1,100 per sq.ft (2024)
• Spotlight: Rs 2,700 per sq.ft (2024)
• Spartan Enclave: 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 1,100 per sq.ft, the total guideline value amounts to Rs 11,00,000. The stamp duty at 7% would be Rs 77,000, and the registration fee at 2% would be Rs 22,000, making the total cost for these fees Rs 99,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more information, 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 Poonamallee Sub Registrar Office, located at No.332 U + 9cc Malma Nagar Poonamallee Chennai - 600056. You can find your SRO for more details.

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

The guideline value is a crucial factor when registering property transactions in Chembarambakkam. It is used to determine the stamp duty and registration fees applicable to the property being bought or sold.

When you approach the registration office, the guideline value helps in assessing the official value of the property, ensuring that the correct fees are calculated based on this established rate.

Frequently asked questions

What is the current guideline value of Sri Mahalakshmi Nagar?

The current guideline value of Sri Mahalakshmi Nagar is Rs 1,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,000 per sq.ft in 2012 to Rs 670 per sq.ft in 2017, then increased to Rs 1,000 per sq.ft in 2023, and finally to Rs 1,100 per sq.ft in 2024.

What is the land classification for Sri Mahalakshmi Nagar?

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

Where can I find the registration office for Sri Mahalakshmi Nagar?

The registration office for Sri Mahalakshmi Nagar is the Poonamallee Sub Registrar Office, located at No.332 U + 9cc Malma Nagar Poonamallee Chennai - 600056.

How are stamp duty and registration fees calculated in Sri Mahalakshmi Nagar?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher, while the registration fee is charged at 2% of the guideline value. For example, for a plot valued at Rs 11,00,000, the fees would total Rs 99,000.