Guideline Value for Devi Nagar, Lakshmipuram (Ward-26)

Devi Nagar, Lakshmipuram (Ward-26) guideline value

The current guideline value of Devi Nagar, Lakshmipuram (Ward-26) is Rs 1,300 per sq.ft, effective from 1 July 2024. This area is classified under Residential Class III Type - I and falls under the Madhavaram SRO in Chennai zone, Tamil Nadu.

How the guideline value of Devi Nagar, Lakshmipuram (Ward-26) has changed

The guideline value for Devi Nagar, Lakshmipuram has seen several revisions over the years. The 2012 revision set the value at Rs 1,200 per sq.ft, which was followed by a decrease to Rs 804 per sq.ft in the 2017 revision. Subsequently, the 2023 revision increased the value to Rs 1,200 per sq.ft, and the latest revision in 2024 has raised it further to Rs 1,300 per sq.ft. It is important to note that there are no figures available for the years 2002, 2003, and 2007 for this street.

From 2012 to 2017, the guideline value decreased by 33%. However, from 2017 to 2023, there was a significant increase of 49%. The latest change from 2023 to 2024 reflects an increase of 8%, bringing the overall change from 2012 to 2024 to an increase of 8% as well.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median value for these streets is Rs 1,600 per sq.ft, making the guideline value of Devi Nagar, Lakshmipuram (Ward-26) below that median.

• Devi Nagar Annex: Rs 1,300 per sq.ft (2024)
• Devi Nagar (Ward-02): Rs 1,300 per sq.ft (2024)
• Devi Nagar (Ward-24): Rs 1,300 per sq.ft (2024)
• Devi Nagar ( Ward No.8 ): Rs 1,300 per sq.ft (2024)
• Dhanalakshmi Garden: Rs 1,300 per sq.ft (2024)
• Dhanalakshmi Nagar, Srisathya Sai Nagar (Ward-07): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Devi Nagar, Lakshmipuram (Ward-26)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value amounts to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, totaling Rs 1,17,000. Please note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Devi Nagar, Lakshmipuram (Ward-26)?

The Sub Registrar Office covering Devi Nagar, Lakshmipuram (Ward-26) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor during the registration of property transactions in Madhavaram. 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 a property, it is essential to consider the guideline value as it directly impacts the financial obligations involved in the transaction. Buyers should ensure that the sale price is at least equal to the guideline value to avoid any legal complications during registration.

Frequently asked questions

What is the current guideline value of Devi Nagar, Lakshmipuram (Ward-26)?

The current guideline value of Devi Nagar, Lakshmipuram (Ward-26) is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, then back to Rs 1,200 per sq.ft in 2023, and finally to Rs 1,300 per sq.ft in 2024.

What are the other streets in Madhavaram with the same guideline value?

Other streets in Madhavaram with the same guideline value of Rs 1,300 per sq.ft include Devi Nagar Annex, Devi Nagar (Ward-02), Devi Nagar (Ward-24), Devi Nagar (Ward No.8), Dhanalakshmi Garden, and Dhanalakshmi Nagar, Srisathya Sai Nagar (Ward-07).

What is the stamp duty for property in Devi Nagar, Lakshmipuram (Ward-26)?

The stamp duty for property in Devi Nagar, Lakshmipuram (Ward-26) is calculated at 7% of the guideline value. For a property valued at Rs 13,00,000, the stamp duty would be Rs 91,000.

Where can I find the Sub Registrar Office for Devi Nagar, Lakshmipuram (Ward-26)?

The Madhavaram Sub Registrar Office, which covers Devi Nagar, Lakshmipuram (Ward-26), is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.