Guideline Value for Sri Mahalakshmi Nagar

Sri Mahalakshmi Nagar guideline value

The current guideline value of Sri Mahalakshmi Nagar is Rs 2,640 per sq.ft, effective from 1 July 2024. This area is located in Perungalathur village and falls under the Padappai SRO. The land classification for this locality 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 significant changes over the years. In the 2017 revision, the value was set at Rs 1,608 per sq.ft, which increased to Rs 2,400 per sq.ft in the 2023 revision, marking a 49% increase. The latest revision in 2024 shows a further increase to Rs 2,640 per sq.ft, which is a 10% rise from the previous year.

Overall, from 2017 to 2024, the guideline value has increased by 64%. It is important to note that the register does not have figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Perungalathur

In Perungalathur, there are 411 streets under the Padappai SRO, with guideline values ranging from Rs 1,320 to Rs 5,500 per sq.ft. The median value for these streets is Rs 2,310 per sq.ft, placing the 2024 figure for Sri Mahalakshmi Nagar above this median.

• Sri Lingam Apartments: Rs 2,310 per sq.ft (2024)
• Sri Meenakshi Nagar: Rs 1,650 per sq.ft (2024)
• Sri Lakshmi Enclave: Rs 1,650 per sq.ft (2024)
• Sri Lakshmi Apartments: Rs 2,640 per sq.ft (2024)
• Sri Nidhi Nagar: Rs 1,980 per sq.ft (2024)
• Srinivasa Perumal Sannathi Street: Rs 2,640 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 2,640 per sq.ft, the total guideline value would be Rs 26,40,000. The stamp duty at 7% would amount to Rs 1,84,800, while the registration fee at 2% would be Rs 52,800, bringing the total fees to Rs 2,37,600. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sri Mahalakshmi Nagar?

Sri Mahalakshmi Nagar is covered by the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Perungalathur. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the transaction.

When a property is sold, the guideline value is compared to the sale price, and the higher amount is used to calculate the applicable duties and fees. This ensures that the government receives 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 2,640 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,608 per sq.ft in 2017 to Rs 2,400 per sq.ft in 2023, and then to Rs 2,640 per sq.ft in 2024. This represents an overall increase of 64% from 2017 to 2024.

What is the land classification for Sri Mahalakshmi Nagar?

Sri Mahalakshmi Nagar is classified as Residential Class I Type - I. This classification is important for understanding the land use and potential development in the area.

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

The registration office for Sri Mahalakshmi Nagar is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.

How is stamp duty calculated in Sri Mahalakshmi Nagar?

Stamp duty in Sri Mahalakshmi Nagar is calculated based on the higher of the guideline value or the sale price of the property. For example, for a 1,000 sq.ft plot at the guideline value of Rs 2,640 per sq.ft, the total guideline value would be Rs 26,40,000.