Guideline Value for Sri Nagalakshmi Avenue

Sri Nagalakshmi Avenue guideline value

The current guideline value of Sri Nagalakshmi Avenue, located in Chitthalapakkam village under the Selaiyur SRO, is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is classified as Residential Special Type - III.

How the guideline value of Sri Nagalakshmi Avenue has changed

The guideline value for Sri Nagalakshmi Avenue has seen several revisions over the years. In 2012, the guideline value was Rs 3,000 per sq.ft. This figure remained unchanged until the 2017 revision, which dropped the value to Rs 2,010 per sq.ft, marking a decrease of 33%. The value then rose significantly to Rs 3,000 per sq.ft in 2023, and further increased to Rs 3,300 per sq.ft in 2024, reflecting a 10% increase from the previous year.

Looking at the changes between the revisions, the value rose by 49% from Rs 2,010 per sq.ft in 2017 to Rs 3,000 per sq.ft in 2023. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%. It is important to note that there are no figures available for the years 2002, 2003, and 2007 for this street.

Guideline values in Chitthalapakkam

In Chitthalapakkam, there are 107 streets under the Selaiyur SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 5,000 per sq.ft. The median guideline value for these streets is Rs 2,900 per sq.ft, placing Sri Nagalakshmi Avenue's 2024 value above this median.

• Srinivasa Nagar: Rs 2,900 per sq.ft (2024)
• Sri Sarangabani Avenue: Rs 2,900 per sq.ft (2024)
• Sky Lab Avenue3 Extension: Rs 2,850 per sq.ft (2024)
• Sky Lab Avenue: Rs 2,900 per sq.ft (2024)
• TAMIL NADU HOUSING BOARD (E.W.S A Type & B Type): Rs 2,700 per sq.ft (2024)
• Tamilnadu Housing Board (L.I.G & H.I.G): Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Nagalakshmi Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, making the total cost for these fees Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sri Nagalakshmi Avenue?

The Sub Registrar Office that covers Sri Nagalakshmi Avenue is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO here.

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

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

When you register a property, the authorities will assess the guideline value to ensure that the appropriate fees are collected based on the value of the property being transferred. This ensures transparency and compliance with the regulations set forth by the Registration Department.

Frequently asked questions

What is the current guideline value of Sri Nagalakshmi Avenue?

The current guideline value of Sri Nagalakshmi Avenue is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,000 per sq.ft in 2012 to Rs 2,010 per sq.ft in 2017, then increased to Rs 3,000 per sq.ft in 2023, and finally to Rs 3,300 per sq.ft in 2024.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Which office handles property registrations for Sri Nagalakshmi Avenue?

The Selaiyur Sub Registrar Office handles property registrations for Sri Nagalakshmi Avenue, located at No.36, Bharathmatha Salai, Ruby Mansion, East Tambaram, Chennai - 600 073.

What is the land classification of Sri Nagalakshmi Avenue?

Sri Nagalakshmi Avenue is classified as Residential Special Type - III, indicating its designated use for residential purposes.