Guideline Value for LAKSHMI AVENUE 1ST STREET

Lakshmi Avenue 1st Street guideline value

The current guideline value of Lakshmi Avenue 1st Street is Rs 990 per sq.ft, effective from 1 July 2024. This street is located in Kolathuvancheri village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class IV Type - II.

How the guideline value of Lakshmi Avenue 1st Street has changed

The guideline value for Lakshmi Avenue 1st Street has undergone several revisions over the years. The 2012 revision set the value at Rs 900 per sq.ft, which then decreased to Rs 603 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 900 per sq.ft in 2023, and then to Rs 990 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

From the 2017 revision to the 2023 revision, there was a substantial increase of 49%. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%. It is important to note that there are no figures available for the revisions in the years 2002, 2003, and 2007 for this street.

Guideline values in Kolathuvancheri

In Kolathuvancheri, there are 146 streets under the Chennai South Joint I SRO, with guideline values ranging from Rs 660 to Rs 4,600 per sq.ft. The median guideline value for these streets is Rs 1,650 per sq.ft, indicating that the current value of Lakshmi Avenue 1st Street is below this median.

• Lakshmi Avenue 2nd Street: Rs 990 per sq.ft (2024)
• Lakshmi Avenue: Rs 990 per sq.ft (2024)
• Lachathipathi Nagar: Rs 1,870 per sq.ft (2024)
• Kumaran Nagar: Rs 1,320 per sq.ft (2024)
• Maduram Nagar: Rs 1,650 per sq.ft (2024)
• Maduram Nagar 1st Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshmi Avenue 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 990 per sq.ft, the total guideline value would be Rs 9,90,000. The stamp duty at 7% would amount to Rs 69,300, and the registration fee at 2% would be Rs 19,800, bringing the total cost for these fees to Rs 89,100. Please note that the duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Lakshmi Avenue 1st Street?

The Sub Registrar Office that covers Lakshmi Avenue 1st Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property in Kolathuvancheri. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction. This ensures that the government receives the appropriate revenue based on the value of the property being transferred.

When buying or selling property, it is essential to be aware of the guideline value as it can impact the overall cost of the transaction. Buyers should ensure that they are informed about the current values to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Lakshmi Avenue 1st Street?

The current guideline value of Lakshmi Avenue 1st Street is Rs 990 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 900 per sq.ft in 2012 to Rs 603 per sq.ft in 2017, then to Rs 900 per sq.ft in 2023, and finally to Rs 990 per sq.ft in 2024.

What is the land classification for Lakshmi Avenue 1st Street?

The land classification for Lakshmi Avenue 1st Street is Residential Class IV Type - II.

Where can I find more information about stamp duty and registration fees?

You can find more information about stamp duty and registration fees using the stamp duty and registration fee calculator.

Which Sub Registrar Office covers this area?

The Chennai South Joint I Sub Registrar Office covers Lakshmi Avenue 1st Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.