Guideline Value for Suba Lakshmi Nagar

Suba Lakshmi Nagar guideline value

The current guideline value of Suba Lakshmi Nagar is Rs 1,000 per sq.ft, effective from 1 July 2024. This area is located in Chettimedu village, under the Redhills SRO, with a land classification of Residential Special Type - I.

How the guideline value of Suba Lakshmi Nagar has changed

In the 2017 revision, the guideline value was Rs 335 per sq.ft. This increased to Rs 500 per sq.ft in the 2023 revision, marking a change of 49%. The most recent revision in 2024 raised the value to Rs 1,000 per sq.ft, reflecting a significant increase of 100% from the previous year. The register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 199%. The current rate of Rs 1,000 per sq.ft is below the median guideline value of Rs 1,002 per sq.ft for the 26 streets in Chettimedu under the Redhills SRO.

Guideline values in Chettimedu

In Chettimedu, the guideline values for 2024 range from Rs 1,000 to Rs 1,008 per sq.ft. Suba Lakshmi Nagar's guideline value is below the median of Rs 1,002 per sq.ft. The following are the guideline values for other streets in Chettimedu:

• Sri Uma Mageshwari Nagar: Rs 1,006 per sq.ft (2024)
• Sri Nagar: Rs 1,002 per sq.ft (2024)
• Sri Dhanya lakshmi Nagar: Rs 1,000 per sq.ft (2024)
• S. Radhakrishnan Nagar: Rs 1,000 per sq.ft (2024)
• Sornambigai Nagar: Rs 1,000 per sq.ft (2024)
• Santhose Colony: Rs 1,000 per sq.ft (2024)

Stamp duty and registration fee for property in Suba Lakshmi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,000 per sq.ft, the total guideline value would be Rs 10,00,000. The stamp duty at 7% would be Rs 70,000, and the registration fee at 2% would be Rs 20,000, making the total fees Rs 90,000. Please note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Suba Lakshmi Nagar?

The Sub Registrar Office that covers Suba Lakshmi 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 more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Chettimedu. It is used to determine the stamp duty and registration fees that need to be paid, ensuring that all transactions comply with the legal requirements set by the government.

When a property is sold, the guideline value serves as a benchmark for the transaction. Buyers and sellers should be aware of the current guideline value to ensure they are paying the correct fees and to avoid any legal issues during the registration process.

Frequently asked questions

What is the current guideline value of Suba Lakshmi Nagar?

The current guideline value of Suba Lakshmi Nagar is Rs 1,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2017, the guideline value has increased from Rs 335 per sq.ft to Rs 1,000 per sq.ft in 2024, which is a total increase of 199% over the years.

What is the median guideline value in Chettimedu?

The median guideline value in Chettimedu for 2024 is Rs 1,002 per sq.ft, with Suba Lakshmi Nagar's value being below this median.

Where can I find the registration office for Suba Lakshmi Nagar?

The registration office for Suba Lakshmi Nagar is the Redhills Sub Registrar Office, 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 2% of the guideline value. For example, for a 1,000 sq.ft plot at Rs 1,000 per sq.ft, the total fees would be Rs 90,000.