Guideline Value for Sri Mahalakshmi Nagar

Sri Mahalakshmi Nagar guideline value

The current guideline value of Sri Mahalakshmi Nagar, located in Attanthangal village under the Redhills SRO, is Rs 880 per sq.ft as per the 2024 revision effective from 1 July 2024. This area falls under the Residential Class I Type - I land classification.

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 guideline value was Rs 500 per sq.ft, which increased to Rs 800 per sq.ft in 2012. However, this value dropped to Rs 536 per sq.ft in 2017. The subsequent revision in 2023 raised the guideline value to Rs 800 per sq.ft, and the latest revision in 2024 set it at Rs 880 per sq.ft, marking a 10% increase from the previous year.

Overall, from 2007 to 2024, the guideline value has increased by 76%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Attanthangal

In Attanthangal, there are 80 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 440 to Rs 880 per sq.ft, with the median value being Rs 880 per sq.ft. Sri Mahalakshmi Nagar's 2024 guideline value aligns with this median.

• Sri Ganapathy Nagar: Rs 880 per sq.ft (2024)
• S.P.M. Nagar: Rs 550 per sq.ft (2024)
• TATA Nagar: Rs 550 per sq.ft (2024)
• Seetha Lakshmi Nagar: Rs 440 per sq.ft (2024)
• Sathya Nagar: Rs 880 per sq.ft (2024)
• Thiruvallur Nedunchalai: Rs 880 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 880 per sq.ft, the total guideline value amounts to Rs 8,80,000. The stamp duty at 7% would be Rs 61,600, and the registration fee at 2% would be Rs 17,600, bringing the total to Rs 79,200. It is important to note that the duty is charged on the higher of the guideline value or 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 Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for further assistance.

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

The guideline value plays a crucial role during the registration process of property transactions in Attanthangal. It is used to determine the stamp duty and registration fees that need to be paid, ensuring that the transaction is legally recognized and recorded.

When buying or selling property, the guideline value ensures that the transaction reflects a fair value based on government assessments. This helps in maintaining transparency and accountability in property dealings.

Frequently asked questions

What is the current guideline value of Sri Mahalakshmi Nagar?

The current guideline value of Sri Mahalakshmi Nagar is Rs 880 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 500 per sq.ft in 2007 to Rs 880 per sq.ft in 2024, with various revisions in between. The most recent increase was 10% from 2023 to 2024.

What is the land classification of Sri Mahalakshmi Nagar?

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

Where is the Redhills Sub Registrar Office located?

The Redhills Sub Registrar Office is located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

How are stamp duty and registration fees calculated?

Stamp duty is calculated at 7% of the guideline value or sale price, whichever is higher, while the registration fee is charged at 2%. For example, a 1,000 sq.ft plot at Rs 880 per sq.ft would incur a total of Rs 79,200 in fees.