Guideline Value for Kumaran Street / Nagar (Lakshmipuram)

Kumaran Street / Nagar (Lakshmipuram) guideline value

The current guideline value of Kumaran Street / Nagar (Lakshmipuram) is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village and falls under the Madhavaram SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Kumaran Street / Nagar (Lakshmipuram) has changed

The guideline value for Kumaran Street / Nagar (Lakshmipuram) has seen significant changes over the years. The 2012 revision set the value at Rs 1,500 per sq.ft. Following this, the 2024 revision increased the guideline value to Rs 2,200 per sq.ft, marking a change of +47% from the 2012 figure.

There are no figures available for the years 2002, 2003, 2007, 2017, and 2023 in the register for this street. Therefore, the only revisions with recorded figures are from 2012 and 2024.

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, placing Kumaran Street / Nagar (Lakshmipuram) above this median value.

• Kumaran street Main Rd. ( Ward No.1 ): Rs 2,200 per sq.ft (2024)
• Kumaran Street (Sri Lakshmi Nagar): Rs 1,600 per sq.ft (2024)
• Kumaran Street (Kuthira Kuthi Thazai) (Ward-01): Rs 1,600 per sq.ft (2024)
• Kumaran Street (Ward No.1): Rs 2,200 per sq.ft (2024)
• Kumaran St ( Ward No.28 ): Rs 2,200 per sq.ft (2024)
• Kumaran street Extension Rd ( Ward No.1 ): Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Kumaran Street / Nagar (Lakshmipuram)

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 amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, resulting in a total of Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Kumaran Street / Nagar (Lakshmipuram)?

The Sub Registrar Office that covers Kumaran Street / Nagar (Lakshmipuram) is the Madhavaram Sub Registrar Office, 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 is a critical factor during the registration of property transactions in Madhavaram. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction process.

When buying or selling property, it is essential to ensure that the transaction is registered at the guideline value to comply with legal requirements. This helps in establishing a clear record of ownership and the financial obligations associated with the property.

Frequently asked questions

What is the current guideline value for Kumaran Street / Nagar (Lakshmipuram)?

The current guideline value for Kumaran Street / Nagar (Lakshmipuram) is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value increased from Rs 1,500 per sq.ft in 2012 to Rs 2,200 per sq.ft in 2024, which is a change of +47%. There are no figures available for the years 2002, 2003, 2007, 2017, and 2023.

What is the land classification for Kumaran Street / Nagar (Lakshmipuram)?

The land classification for Kumaran Street / Nagar (Lakshmipuram) is Residential Class I Type - I. This classification indicates the type of residential development permitted in the area.

What are the stamp duty and registration fees for property transactions?

The stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is charged at 2%. For a 1,000 sq.ft plot, the total fees would amount to Rs 1,98,000.

Where is the Sub Registrar Office located for Kumaran Street / Nagar (Lakshmipuram)?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles the registration of properties in the area.