Guideline Value for Ashtalakshmi Street

Ashtalakshmi Street guideline value

The current guideline value of Ashtalakshmi Street is Rs 1,650 per sq.ft, effective from 1 July 2024. This street is located in Chitlapakkam village and falls under the Tambaram Joint 1 SRO. The land classification for this area is Residential Class I Type - III.

How the guideline value of Ashtalakshmi Street has changed

The guideline value for Ashtalakshmi Street has seen several revisions over the years. The 2012 revision set the value at Rs 1,500 per sq.ft, which remained unchanged until the 2017 revision, where it dropped to Rs 1,005 per sq.ft, marking a decrease of 33%. However, the value increased significantly in the following years, reaching Rs 1,500 per sq.ft in the 2023 revision and then rising to Rs 1,650 per sq.ft in the 2024 revision, reflecting a 10% increase.

From the 2017 revision to the 2023 revision, the guideline value increased by 49%. Overall, comparing the 2012 revision to the current 2024 value shows a slight increase of 10%. The register does not provide figures for the revisions in 2002, 2003, and 2007 for this street.

Guideline values in Chitlapakkam

In Chitlapakkam, there are 548 streets under the Tambaram Joint 1 SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median value among these streets is Rs 1,650 per sq.ft, which is the same as the 2024 guideline value for Ashtalakshmi Street.

• Ashokan Street: Rs 3,300 per sq.ft (2024)
• AS.P.I Colony 1st street: Rs 1,650 per sq.ft (2024)
• AS.P.I Colony 2nd street: Rs 1,650 per sq.ft (2024)
• AS.P.I Colony 3rd street: Rs 1,650 per sq.ft (2024)
• Ayyappa Nagar: Rs 3,300 per sq.ft (2024)
• Aristattle Street: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Ashtalakshmi Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value amounts to Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total to Rs 1,48,500. 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 accurate calculations.

Which Sub Registrar Office covers Ashtalakshmi Street?

The Sub Registrar Office that covers Ashtalakshmi Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role when buying or selling property in Chitlapakkam. It is used to determine the stamp duty and registration fees payable during the property transaction. Buyers should be aware that the guideline value may differ from the actual sale price, and the higher value will be used to calculate the applicable duties.

When registering a property, it is essential to refer to the guideline value to ensure compliance with local regulations. This value is set by the Registration Department and reflects the legal framework for property transactions in the area.

Frequently asked questions

What is the current guideline value of Ashtalakshmi Street?

The current guideline value of Ashtalakshmi Street is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,650 per sq.ft in 2024, with notable fluctuations in between, including a drop to Rs 1,005 per sq.ft in 2017.

What are the other streets in Chitlapakkam with similar guideline values?

Other streets in Chitlapakkam with a guideline value of Rs 1,650 per sq.ft include AS.P.I Colony 1st street, AS.P.I Colony 2nd street, AS.P.I Colony 3rd street, and Aristattle Street.

Where is the Sub Registrar Office for Ashtalakshmi Street located?

The Sub Registrar Office for Ashtalakshmi Street is located at No.26, Mes Road, East Tambaram, Chennai-600059, under the Chengalpattu registration zone.

How is stamp duty calculated for properties in Chitlapakkam?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 16,50,000 would incur a stamp duty of Rs 1,15,500 at 7%.