Guideline Value for LAKSHMI AMMAL STREET

Lakshmi Ammal Street guideline value

The current guideline value of Lakshmi Ammal Street is Rs 1,600 per sq.ft, effective from 1 July 2024. This street is located in Korattur village under the Villivakkam SRO, classified as Residential Class III Type - III.

How the guideline value of Lakshmi Ammal Street has changed

The guideline value for Lakshmi Ammal Street has undergone several revisions over the years. The 2007 revision set the value at Rs 250 per sq.ft, which increased significantly to Rs 1,500 per sq.ft in 2012, marking a 500% increase. However, from 2012 to 2017, the value decreased to Rs 1,005 per sq.ft, reflecting a 33% drop. The most recent revision in 2024 brought the value back up to Rs 1,600 per sq.ft, representing a 59% increase from the 2017 figure.

It is important to note that there are no figures available for the years 2023, 2003, and 2002 for Lakshmi Ammal Street in the register.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median guideline value in this area is Rs 2,500 per sq.ft, placing Lakshmi Ammal Street's 2024 figure below that median.

• Lakeview Nagar (Kallikupppam): Rs 1,600 per sq.ft (2024)
• Lakeview Garden Extension: Rs 2,500 per sq.ft (2024)
• Lakeview Garden: Rs 2,500 per sq.ft (2024)
• K.V.R Nagar: Rs 1,300 per sq.ft (2024)
• Lakshmi Nagar: Rs 1,600 per sq.ft (2024)
• Kuppu Reddy Nagar / Streets (K.R Nagar): Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshmi Ammal Street

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 at 7% would be Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, making the total charges Rs 1,44,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Lakshmi Ammal Street?

The Sub Registrar Office that covers Lakshmi Ammal Street is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Korattur. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when a property is bought or sold.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Lakshmi Ammal Street?

The current guideline value of Lakshmi Ammal Street 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 250 per sq.ft in 2007 to Rs 1,600 per sq.ft in 2024, reflecting an overall increase of 540% over the years.

What is the land classification of Lakshmi Ammal Street?

Lakshmi Ammal Street is classified as Residential Class III Type - III according to the local guidelines.

What are the stamp duty and registration fees for properties on this street?

For a property valued at Rs 16,00,000, the stamp duty would be Rs 1,12,000 and the registration fee would be Rs 32,000, totaling Rs 1,44,000.

Which office handles property registrations for Lakshmi Ammal Street?

The Villivakkam Sub Registrar Office handles property registrations for Lakshmi Ammal Street, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.