Guideline Value for Guru Lakshmi Nagar

Guru Lakshmi Nagar guideline value

The current guideline value of Guru Lakshmi Nagar, located in Madipakkam-1 village under the Velacheri SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class II Type - I land classification.

How the guideline value of Guru Lakshmi Nagar has changed

The guideline value for Guru Lakshmi Nagar has undergone several revisions over the years. The most recent revision in 2024 set the value at Rs 2,200 per sq.ft, which is an increase from Rs 2,000 per sq.ft in 2023, marking a 10% rise. Prior to that, the 2017 revision recorded the value at Rs 1,340 per sq.ft, indicating a significant increase of 49% to 2023. Overall, from 2017 to 2024, the guideline value has increased by 64%.

It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO, with 2024 guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median value for these streets is Rs 2,750 per sq.ft, placing Guru Lakshmi Nagar's 2024 figure below the median.

• Guru Lakshmi Nagar Cros: Rs 2,200 per sq.ft (2024)
• Gunalamman Koil Street: Rs 2,200 per sq.ft (2024)
• Haribala Nagar Extn: Rs 1,650 per sq.ft (2024)
• Govindaswamy Nagar Extension: Rs 2,200 per sq.ft (2024)
• Govindaswamy Nagar 9th Street: Rs 2,200 per sq.ft (2024)
• Govindaswamy Nagar 8th Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Guru Lakshmi Nagar

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

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

Which Sub Registrar Office covers Guru Lakshmi Nagar?

The Guru Lakshmi Nagar area is covered by the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find more information about your SRO here.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a crucial factor in the registration process when buying or selling property in Madipakkam-1. It serves as a benchmark for calculating the stamp duty and registration fees, ensuring that these charges are based on the official valuation rather than the negotiated sale price.

When a property transaction occurs, the guideline value helps in determining the legal fees associated with the registration process. Buyers and sellers should be aware of the current guideline value to ensure compliance with local regulations and to avoid any discrepancies during the transaction.

Frequently asked questions

What is the current guideline value of Guru Lakshmi Nagar?

The current guideline value of Guru Lakshmi Nagar is Rs 2,200 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed recently?

From the 2023 revision to the 2024 revision, the guideline value increased by 10%, from Rs 2,000 per sq.ft to Rs 2,200 per sq.ft.

What was the guideline value in 2017?

The guideline value for Guru Lakshmi Nagar in 2017 was Rs 1,340 per sq.ft. This value increased significantly to Rs 2,000 per sq.ft in 2023.

What are the other streets in Madipakkam-1 with similar guideline values?

Other streets in Madipakkam-1 with a guideline value of Rs 2,200 per sq.ft in 2024 include Guru Lakshmi Nagar Cros, Gunalamman Koil Street, Govindaswamy Nagar Extension, Govindaswamy Nagar 9th Street, and Govindaswamy Nagar 8th Street.

Where can I find the Sub Registrar Office for Guru Lakshmi Nagar?

The Velacheri Sub Registrar Office covers Guru Lakshmi Nagar and is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.