Guideline Value for Astalakshmi Nagar 22nd Street

Astalakshmi Nagar 22nd Street guideline value

The current guideline value for Astalakshmi Nagar 22nd 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 22nd Street has changed

The guideline value for Astalakshmi Nagar 22nd Street has seen several revisions over the years. In 2002, the value was Rs 398 per sq.ft, which increased to Rs 500 per sq.ft in 2003, marking a change of +26%. The value then rose to Rs 600 per sq.ft in 2007, an increase of +20%. The following revision in 2012 saw the value rise significantly to Rs 3,500 per sq.ft, a change of +483%. However, in 2017, the value decreased to Rs 2,345 per sq.ft, a drop of -33%. The most recent revisions show a substantial increase, with the value rising to Rs 3,500 per sq.ft in 2023 and then to Rs 3,850 per sq.ft in 2024, reflecting a change of +10%.

Overall, from 2002 to 2024, the guideline value has increased by +867%. There are no figures available for the revisions in years other than those mentioned above for this street.

Guideline values in Maduravoyal

In Maduravoyal, there are 636 streets under the Virugambakkam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 6,050 per sq.ft, with a median value of Rs 3,050 per sq.ft. The guideline value for Astalakshmi Nagar 22nd Street is above this median.

• Astalakshmi Nagar 21st Street: Rs 3,850 per sq.ft (2024)
• Astalakshmi Nagar 23rd Street: Rs 3,850 per sq.ft (2024)
• Astalakshmi Nagar 20th Street: Rs 3,850 per sq.ft (2024)
• Astalakshmi Nagar 24th Street: Rs 3,850 per sq.ft (2024)
• Astalakshmi Nagar 1st Street: Rs 3,850 per sq.ft (2024)
• Astalakshmi Nagar 25th Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Astalakshmi Nagar 22nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value amounts to 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, making the total cost for these fees Rs 3,46,500. It is important to note that 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 details.

Which Sub Registrar Office covers Astalakshmi Nagar 22nd Street?

The Sub Registrar Office that covers Astalakshmi Nagar 22nd 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 during the registration of property transactions in Maduravoyal. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the official valuation of the property. It is essential for buyers to be aware of this value to ensure compliance with legal requirements during the registration process.

Frequently asked questions

What is the current guideline value for Astalakshmi Nagar 22nd Street?

The current guideline value for Astalakshmi Nagar 22nd 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, showing an overall increase of +867% over the years.

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

For a 1,000 sq.ft plot, the stamp duty would be Rs 2,69,500 and the registration fee would be Rs 77,000, totaling Rs 3,46,500.

Which office handles property registrations for Astalakshmi Nagar 22nd Street?

The Virugambakkam Sub Registrar Office handles property registrations for Astalakshmi Nagar 22nd Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the land classification for Astalakshmi Nagar 22nd Street?

Astalakshmi Nagar 22nd Street is classified as Residential Class I Type - I, indicating its suitability for residential purposes.