Guideline Value for Ashtalakshmi Nagar

Ashtalakshmi Nagar guideline value

The current guideline value for Ashtalakshmi Nagar, located in Valasaravakkam village under the Virugambakkam SRO, is Rs 3,850 per sq.ft. This value is effective from 1 July 2024 and falls under Residential Class II Type - I land classification.

How the guideline value of Ashtalakshmi Nagar has changed

Over the years, the guideline value of Ashtalakshmi Nagar has seen significant changes. In 2002, the guideline value was Rs 436 per sq.ft. This figure increased to Rs 474 per sq.ft in 2003, marking a 9% rise. The value then rose substantially to Rs 1,100 per sq.ft in 2007, reflecting a 132% increase. Following this, the value jumped to Rs 3,500 per sq.ft in 2012, a remarkable 218% increase from the previous revision. However, there was a decrease to Rs 2,345 per sq.ft in 2017, which represented a 33% decline. The guideline value then increased to Rs 3,500 per sq.ft in 2023, showing a 49% rise. The most recent revision in 2024 set the value at Rs 3,850 per sq.ft, a 10% increase from the previous year.

It is important to note that there are no figures available for the revisions in years other than those specified. The overall increase from 2002 to 2024 is 783%.

Guideline values in Valasaravakkam

In Valasaravakkam, there are 774 streets under the Virugambakkam SRO, with 2024 guideline values ranging from Rs 2,750 to Rs 8,800 per sq.ft. The median guideline value for these streets is Rs 3,850 per sq.ft, which is the same as the current value for Ashtalakshmi Nagar.

• Ashtalakshmi Nagar 2nd Street: Rs 4,400 per sq.ft (2024)
• Astalakshmi Nagar 3rd Street: Rs 4,400 per sq.ft (2024)
• Astalakshmi Nagar Ivth Street: Rs 4,400 per sq.ft (2024)
• Arumuga Navalar Street: Rs 4,950 per sq.ft (2024)
• Aringnar Anna Avenue: Rs 2,750 per sq.ft (2024)
• Azhagiri 1st Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Ashtalakshmi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000. Together, the total cost for stamp duty and registration fees would be Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Ashtalakshmi Nagar?

The Sub Registrar Office that covers Ashtalakshmi Nagar is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Valasaravakkam. It serves as a benchmark for determining the minimum value of a property for registration purposes. Buyers and sellers must be aware that the guideline value can affect the overall costs associated with property transactions.

When a property is registered, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Ashtalakshmi Nagar?

The current guideline value of Ashtalakshmi Nagar is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 436 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 783% over this period.

What is the land classification for Ashtalakshmi Nagar?

Ashtalakshmi Nagar is classified under Residential Class II Type - I land classification.

Where can I find the Sub Registrar Office for Ashtalakshmi Nagar?

The Sub Registrar Office for Ashtalakshmi Nagar is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value would incur a total cost of Rs 3,46,500 for these fees.