Guideline Value for Astalakshmi Nagar 14th Street

Astalakshmi Nagar 14th Street guideline value

The current guideline value of Astalakshmi Nagar 14th 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 14th Street has changed

The guideline value for Astalakshmi Nagar 14th Street has undergone several revisions over the years. In 2002, the guideline value was Rs 398 per sq.ft, which increased to Rs 500 per sq.ft in 2003, marking a 26% rise. By 2007, the value saw a significant jump to Rs 600 per sq.ft, an increase of 20%. The value then surged dramatically to Rs 3,500 per sq.ft in 2012, reflecting a 483% increase. However, it decreased to Rs 2,345 per sq.ft in 2017, a drop of 33%. In 2023, the value rose again to Rs 3,500 per sq.ft, and the most recent revision in 2024 set the guideline value at Rs 3,850 per sq.ft, a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 867%. The register has no figure for the years not listed for this street.

Guideline values in Maduravoyal

In Maduravoyal, there are 636 streets under the Virugambakkam SRO, with guideline values ranging from Rs 2,200 to Rs 6,050 per sq.ft. The median guideline value in this area is Rs 3,050 per sq.ft, placing Astalakshmi Nagar 14th Street's 2024 figure above that median.

• Astalakshmi Nagar 11th Street: Rs 3,850 per sq.ft (2024)
• Astalakshmi Nagar 12th Street: Rs 3,850 per sq.ft (2024)
• Astalakshmi Nagar 13th Street: Rs 3,850 per sq.ft (2024)
• Astalakshmi Nagar 14th Street: Rs 3,850 per sq.ft (2024)
• Astalakshmi Nagar 15th Street: Rs 3,850 per sq.ft (2024)
• Astalakshmi Nagar 16th Street: Rs 3,850 per sq.ft (2024)
• Astalakshmi Nagar 17th Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Astalakshmi Nagar 14th 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 amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total fees together to Rs 3,46,500. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Astalakshmi Nagar 14th Street?

The Sub Registrar Office that covers Astalakshmi Nagar 14th 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 more information.

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

The guideline value is a crucial factor in property transactions in Maduravoyal, as it determines the minimum price at which a property can be registered. When a buyer purchases a property, the guideline value is used to calculate the applicable stamp duty and registration fees, ensuring compliance with legal requirements.

During the registration process, the buyer must pay the stamp duty based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions, reflecting the value of the property being transferred.

Frequently asked questions

What is the current guideline value for Astalakshmi Nagar 14th Street?

The current guideline value for Astalakshmi Nagar 14th 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, marking an overall increase of 867% over the years.

What is the land classification for Astalakshmi Nagar 14th Street?

The land classification for Astalakshmi Nagar 14th Street is Residential Class I Type - I, indicating its suitability for residential purposes.

Where can I find the Sub Registrar Office for this area?

The Virugambakkam Sub Registrar Office is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037, and it covers Astalakshmi Nagar 14th Street.

How is the stamp duty calculated for property transactions?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 38,50,000, the stamp duty would be calculated at 7% of that amount.