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

Kalaimagal Nagar, Lakshmipuram (Ward-26) guideline value

The current guideline value of Kalaimagal Nagar, Lakshmipuram (Ward-26) is Rs 1,300 per sq.ft, effective from 1 July 2024. This area falls under Madhavaram village and is classified as Residential Class III Type - I, governed by the Madhavaram SRO.

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

The guideline value for Kalaimagal Nagar, Lakshmipuram has seen significant changes over the years. The 2017 revision recorded a guideline value of Rs 804 per sq.ft, while the latest 2024 revision has increased this to Rs 1,300 per sq.ft, marking a change of +62% over this period. There are no figures available for the revisions in 2023, 2012, 2007, 2003, and 2002.

In summary, the guideline value has risen from Rs 804 per sq.ft in 2017 to Rs 1,300 per sq.ft in 2024. This increase reflects the changes in the valuation of properties in this area, while the absence of figures for earlier revisions indicates a lack of recorded data for those years.

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, with a median value of Rs 1,600 per sq.ft. The guideline value for Kalaimagal Nagar, Lakshmipuram (Ward-26) is below this median.

• Kalaimagal Nagar Extension: Rs 1,300 per sq.ft (2024)
• Kalaimagal Nagar ( Ward No.26 ): Rs 1,300 per sq.ft (2024)
• Kalaignar St, Lakshmipuram (Ward-25): Rs 1,300 per sq.ft (2024)
• Kalkotta Shop (Ward-13): Rs 1,600 per sq.ft (2024)
• Kalpalayam (Ward-29): Rs 1,300 per sq.ft (2024)
• Kadappah Road ( Ward No.25 ): Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Kalaimagal 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, calculated at 7%, would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, bringing the total cost to Rs 1,17,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

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

The Madhavaram Sub Registrar Office covers Kalaimagal Nagar, Lakshmipuram (Ward-26). The office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process 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 transaction is recorded at a fair value.

When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that both the buyer and seller are aware of the financial obligations associated with the transaction, based on the established guideline value.

Frequently asked questions

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

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

How much has the guideline value changed since 2017?

Since the 2017 revision, the guideline value has increased from Rs 804 per sq.ft to Rs 1,300 per sq.ft in 2024, reflecting a change of +62%.

What is the land classification for Kalaimagal Nagar, Lakshmipuram (Ward-26)?

Kalaimagal Nagar, Lakshmipuram (Ward-26) is classified as Residential Class III Type - I.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is stamp duty calculated for properties in Madhavaram?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. In addition to stamp duty, a registration fee is also applicable.