Guideline Value for Gandhiji Street (Lakshmipuram)

Gandhiji Street (Lakshmipuram) guideline value

The current guideline value of Gandhiji Street (Lakshmipuram) is Rs 1,600 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village, under the Madhavaram SRO, and is classified as Residential Class II Type - I.

How the guideline value of Gandhiji Street (Lakshmipuram) has changed

The guideline value for Gandhiji Street (Lakshmipuram) has undergone several revisions over the years. In the 2012 revision, the value was set at Rs 1,500 per sq.ft. This figure decreased to Rs 1,005 per sq.ft in the 2017 revision, marking a decline of 33%. However, the 2024 revision saw a significant increase, bringing the guideline value back up to Rs 1,600 per sq.ft, which represents a 59% increase from the 2017 figure.

Overall, comparing the 2012 revision to the 2024 revision, the guideline value has seen a modest increase of 7%. It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2023 for this street.

Guideline values in Madhavaram

In Madhavaram, there are a total of 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, which is equal to the guideline value of Gandhiji Street (Lakshmipuram).

• Gandhiji Street (Ward-29): Rs 1,600 per sq.ft (2024)
• Gandhimathi Street (Ward-1): Rs 1,300 per sq.ft (2024)
• Gandhi Nagar: Rs 2,200 per sq.ft (2024)
• Ganapathy Thottam (Ward-30): Rs 2,200 per sq.ft (2024)
• Ganapathy Nagar (Ward 24): Rs 2,200 per sq.ft (2024)
• Ganapathy Nagar Main Rd (Ward No.3): Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Gandhiji Street (Lakshmipuram)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value amounts to Rs 16,00,000. The stamp duty is charged at 7%, totaling Rs 1,12,000, while the registration fee is 2%, amounting to Rs 32,000. Therefore, the total cost for stamp duty and registration fees together would be Rs 1,44,000. It is important to note that the 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 details.

Which Sub Registrar Office covers Gandhiji Street (Lakshmipuram)?

The Sub Registrar Office that covers Gandhiji Street (Lakshmipuram) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for further assistance.

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

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

Frequently asked questions

What is the current guideline value of Gandhiji Street (Lakshmipuram)?

The current guideline value of Gandhiji Street (Lakshmipuram) is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then increased to Rs 1,600 per sq.ft in 2024. This reflects a 59% increase from 2017 to 2024 and an overall increase of 7% from 2012 to 2024.

What are the stamp duty and registration fees for property in Gandhiji Street (Lakshmipuram)?

For a 1,000 sq.ft plot, the total guideline value is Rs 16,00,000. The stamp duty at 7% is Rs 1,12,000, and the registration fee at 2% is Rs 32,000, totaling Rs 1,44,000 for both fees.

Which Sub Registrar Office covers Gandhiji Street (Lakshmipuram)?

The Madhavaram Sub Registrar Office covers Gandhiji Street (Lakshmipuram) and is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

What is the land classification of Gandhiji Street (Lakshmipuram)?

Gandhiji Street (Lakshmipuram) is classified as Residential Class II Type - I, indicating its suitability for residential development.