Guideline Value for Astalakshmi Nagar 1st Street

Astalakshmi Nagar 1st Street guideline value

The current guideline value of Astalakshmi Nagar 1st Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Maduravoyal village, under the Virugambakkam SRO, and is classified as Residential Class I Type - I.

How the guideline value of Astalakshmi Nagar 1st Street has changed

The guideline value for Astalakshmi Nagar 1st Street has seen several revisions over the years. In 2002, the guideline value was Rs 398 per sq.ft. This increased to Rs 500 per sq.ft in 2003, followed by a rise to Rs 600 per sq.ft in 2007. The value then jumped significantly to Rs 3,500 per sq.ft in 2012, but decreased to Rs 2,345 per sq.ft in 2017. The most recent revisions show an increase to Rs 3,500 per sq.ft in 2023, and finally, the current value of Rs 3,850 per sq.ft in 2024.

Between these revisions, notable changes include a 26% increase from 2002 to 2003, a 20% increase from 2003 to 2007, and a remarkable 483% increase from 2007 to 2012. However, there was a 33% decrease from 2012 to 2017, followed by a 49% increase from 2017 to 2023, and a 10% increase from 2023 to 2024. Overall, from 2002 to 2024, the guideline value has increased by 867%.

Guideline values in Maduravoyal

In Maduravoyal, there are 636 streets under the Virugambakkam SRO with a 2024 guideline value ranging from Rs 2,200 to Rs 6,050 per sq.ft. The median value for these streets is Rs 3,050 per sq.ft, placing Astalakshmi Nagar 1st Street above this median.

• Astalakshmi Nagar 1st Main Road: Rs 3,850 per sq.ft (2024)
• Astalakshmi Nagar 20th Street: Rs 3,850 per sq.ft (2024)
• Astalakshmi Nagar 21st Street: Rs 3,850 per sq.ft (2024)
• Astalakshmi Nagar 19th Street: Rs 3,850 per sq.ft (2024)
• Astalakshmi Nagar 22nd Street: Rs 3,850 per sq.ft (2024)
• Astalakshmi Nagar 18th Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Astalakshmi Nagar 1st Street

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 be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, totaling 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.

You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Astalakshmi Nagar 1st Street?

The Sub Registrar Office that covers Astalakshmi Nagar 1st Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for further assistance.

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

The guideline value is a crucial factor when registering property transactions in Maduravoyal. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the registration process is transparent and standardized.

When buying or selling property, the guideline value helps in calculating the applicable stamp duty and registration fees. This ensures that both buyers and sellers are aware of the financial implications of the transaction based on the established guideline values.

Frequently asked questions

What is the current guideline value of Astalakshmi Nagar 1st Street?

The current guideline value of Astalakshmi Nagar 1st Street 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 from Rs 398 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 867% over the years.

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

For a property valued at Rs 38,50,000, the stamp duty would be Rs 2,69,500 and the registration fee would be Rs 77,000, totaling Rs 3,46,500.

Which Sub Registrar Office handles registrations for Astalakshmi Nagar 1st Street?

The Virugambakkam Sub Registrar Office handles registrations for Astalakshmi Nagar 1st Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the land classification for Astalakshmi Nagar 1st Street?

Astalakshmi Nagar 1st Street is classified as Residential Class I Type - I, indicating its suitability for residential purposes.