Guideline Value for Bhagavathi Street (Lakshmiamman Nagar)

Bhagavathi Street (Lakshmiamman Nagar) guideline value

The current guideline value of Bhagavathi Street (Lakshmiamman Nagar) is Rs 1,900 per sq.ft, effective from 1 July 2024. This street is located in Erukancherry village, falling under the Madhavaram SRO. The land classification for this area is Residential Class V Type - I.

How the guideline value of Bhagavathi Street (Lakshmiamman Nagar) has changed

The guideline value for Bhagavathi Street (Lakshmiamman Nagar) has undergone several revisions over the years. The earliest recorded revision was in 2012, where the guideline value was Rs 1,800 per sq.ft. This was followed by a decrease to Rs 1,206 per sq.ft in 2017, marking a decline of 33%. In 2023, the value increased to Rs 1,800 per sq.ft, and in the latest revision for 2024, it rose to Rs 1,900 per sq.ft, reflecting a 6% increase from the previous year.

From 2017 to 2023, there was a significant increase of 49%. Overall, from 2012 to 2024, the guideline value has seen a modest increase of 6%. It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street.

Guideline values in Erukancherry

In Erukancherry village, there are 376 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,900 to Rs 3,800 per sq.ft, with a median value of Rs 2,500 per sq.ft. Bhagavathi Street (Lakshmiamman Nagar) is currently below this median value.

• Bhagavathi Amman Street: Rs 1,900 per sq.ft (2024)
• Bhagavathi Amman 1st Cross Street: Rs 1,900 per sq.ft (2024)
• Bhagavathi 1st Cross Street (Lakshmiamman Nagar): Rs 1,900 per sq.ft (2024)
• Bharathidasan 1st Street (V.V. Nagar): Rs 1,900 per sq.ft (2024)
• Bharathidasan 2nd Street: Rs 3,000 per sq.ft (2024)
• Bharathidasan 2nd Street (V.V. Nagar): Rs 3,000 per sq.ft (2024)

Stamp duty and registration fee for property in Bhagavathi Street (Lakshmiamman Nagar)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,900 per sq.ft, the total guideline value amounts to Rs 19,00,000. The stamp duty at 7% would be Rs 1,33,000, and the registration fee at 2% would be Rs 38,000, bringing the total to Rs 1,71,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Bhagavathi Street (Lakshmiamman Nagar)?

The Madhavaram Sub Registrar Office covers Bhagavathi Street (Lakshmiamman Nagar). The office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more details.

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

The guideline value is a crucial factor during the registration of property transactions in Erukancherry. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when buying or selling property.

When a property is registered, the guideline value is compared with the sale price, and the higher amount is used to calculate the applicable duties. This ensures that the registration process is aligned with the official valuation of properties in the area.

Frequently asked questions

What is the current guideline value of Bhagavathi Street (Lakshmiamman Nagar)?

The current guideline value of Bhagavathi Street (Lakshmiamman Nagar) is Rs 1,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,800 per sq.ft in 2012 to Rs 1,206 per sq.ft in 2017, then back to Rs 1,800 per sq.ft in 2023, and finally to Rs 1,900 per sq.ft in 2024. There are no figures available for the years 2002, 2003, and 2007.

What is the land classification for Bhagavathi Street (Lakshmiamman Nagar)?

The land classification for Bhagavathi Street (Lakshmiamman Nagar) is Residential Class V Type - I. This classification indicates the intended use of the land for residential purposes.

Where can I find the registration office for Bhagavathi Street (Lakshmiamman Nagar)?

The registration office for Bhagavathi Street (Lakshmiamman Nagar) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is the stamp duty calculated for properties in Erukancherry?

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 19,00,000, the stamp duty would be calculated at 7% of that amount, along with a registration fee of 2%.