Guideline Value for LAKSHMI AVENUE 2ND STREET

Lakshmi Avenue 2nd Street guideline value

The current guideline value of Lakshmi Avenue 2nd 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 2nd Street has changed

The guideline value for Lakshmi Avenue 2nd Street has seen several revisions over the years. In 2012, the value was Rs 900 per sq.ft, which decreased to Rs 603 per sq.ft in 2017. The value then increased significantly by 49% to Rs 900 per sq.ft in 2023, and further rose by 10% to the current figure of Rs 990 per sq.ft in 2024. There are no figures available for the revisions in 2002, 2003, and 2007 for this street.

Overall, from 2012 to 2024, the guideline value has increased by 10%. The most recent change from 2023 to 2024 reflects a 10% increase, indicating a steady adjustment in the guideline value for this street.

Guideline values in Kolathuvancheri

In Kolathuvancheri, there are 146 streets under the Chennai South Joint I SRO with a guideline value range from Rs 660 to Rs 4,600 per sq.ft, and the median value is Rs 1,650 per sq.ft. The guideline value for Lakshmi Avenue 2nd Street is below this median.

• Lakshmi Avenue 1st 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 2nd 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 to Rs 89,100. It is important to 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 2nd Street?

The Sub Registrar Office that covers Lakshmi Avenue 2nd 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 transactions in Kolathuvancheri. It serves as a benchmark for determining the stamp duty and registration fees applicable to a property sale. Buyers and sellers should be aware that the guideline value is used to calculate these costs, ensuring transparency in property transactions.

When a property is sold, the guideline value helps to ascertain the minimum value at which the property can be registered. This ensures that the transaction reflects a fair value in accordance with government regulations, preventing undervaluation during the sale process.

Frequently asked questions

What is the current guideline value of Lakshmi Avenue 2nd Street?

The current guideline value of Lakshmi Avenue 2nd Street is Rs 990 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

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 increased 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 2nd Street?

The land classification for Lakshmi Avenue 2nd Street is Residential Class IV Type - II.

Which Sub Registrar Office covers this area?

The Chennai South Joint I Sub Registrar Office covers Lakshmi Avenue 2nd Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

How is stamp duty calculated for properties in this area?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 9,90,000, the stamp duty would be Rs 69,300 at 7%.