Guideline Value for Dhanalakshmi Colony

Dhanalakshmi Colony guideline value

The current guideline value of Dhanalakshmi Colony, located in Maduravoyal village under the Virugambakkam SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class V Type - I land classification.

How the guideline value of Dhanalakshmi Colony has changed

The guideline value for Dhanalakshmi Colony has seen several revisions over the years. In 2002, the value was Rs 92 per sq.ft, which increased to Rs 101 per sq.ft in 2003. Following this, the value rose significantly to Rs 300 per sq.ft in 2007, and then further increased to Rs 2,000 per sq.ft in 2012. However, it decreased to Rs 1,340 per sq.ft in 2017. The value then rose to Rs 2,000 per sq.ft in 2023, and currently stands at Rs 2,200 per sq.ft as of the 2024 revision.

The changes between these revisions are notable. From 2002 to 2003, the increase was +10%. The value surged by +197% from 2003 to 2007, followed by a remarkable +567% from 2007 to 2012. However, there was a decrease of -33% from 2012 to 2017. The value then saw a significant increase of +49% from 2017 to 2023, and finally, a rise of +10% from 2023 to 2024. Overall, from 2002 to 2024, the guideline value has increased by +2291%.

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 Dhanalakshmi Colony is below this median.

• Dhanalakshmi Nagar 10th Street: Rs 2,200 per sq.ft (2024)
• Dhanalakshmi Nagar 11th Street: Rs 2,200 per sq.ft (2024)
• Dhanalakshmi Nagar 12th Street: Rs 2,200 per sq.ft (2024)
• Dhanalakshmi Nagar 13th Street: Rs 2,200 per sq.ft (2024)
• Dhanalakshmi Nagar 14th Street: Rs 2,200 per sq.ft (2024)
• Dhanalakshmi Nagar 15th Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Dhanalakshmi Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. It is important to note that duty is charged on the higher of the guideline value and the sale price.

You can also use the stamp duty and registration fee calculator for more accurate calculations.

Which Sub Registrar Office covers Dhanalakshmi Colony?

The Dhanalakshmi Colony is covered by 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 when registering a property in Maduravoyal. It determines 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 serves as a benchmark for calculating the stamp duty and registration fees. Buyers should be aware that these fees are charged on the higher of the guideline value or the sale price, ensuring compliance with the regulations set by the Registration Department.

Frequently asked questions

What is the current guideline value of Dhanalakshmi Colony?

The current guideline value of Dhanalakshmi Colony is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has undergone several revisions, increasing from Rs 92 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, reflecting a total increase of +2291% over this period.

What are the stamp duty and registration fees for properties in Dhanalakshmi Colony?

For a property valued at Rs 22,00,000 in Dhanalakshmi Colony, the stamp duty would be Rs 1,54,000, and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Which Sub Registrar Office is responsible for Dhanalakshmi Colony?

The Virugambakkam Sub Registrar Office is responsible for Dhanalakshmi Colony, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the land classification for Dhanalakshmi Colony?

Dhanalakshmi Colony falls under the Residential Class V Type - I land classification, indicating its use for residential purposes.