Guideline Value for LAKSHMI AVENUE

Lakshmi Avenue guideline value

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

How the guideline value of Lakshmi Avenue has changed

The guideline value for Lakshmi Avenue has undergone several revisions over the years. In the 2012 revision, the value was set at Rs 900 per sq.ft. This figure remained unchanged until the 2017 revision, which saw a significant decrease to Rs 603 per sq.ft, reflecting a drop of 33%. The value then increased to Rs 900 per sq.ft in the 2023 revision, before rising to Rs 990 per sq.ft in the 2024 revision, marking a 10% increase.

From the 2017 revision to the 2023 revision, the guideline value increased by 49%. Overall, comparing the 2012 revision to the 2024 revision, there has been a 10% increase in the guideline value. It is important to note that the register has no figures for 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 that carry a 2024 guideline value ranging from Rs 660 to Rs 4,600 per sq.ft, with a median value of Rs 1,650 per sq.ft. The guideline value of Lakshmi Avenue is below this median.

• Lakshmi Avenue 1st Street: Rs 990 per sq.ft (2024)
• Lakshmi Avenue 2nd Street: 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

For a 1,000 sq.ft plot at the current guideline value of Rs 990 per sq.ft, the total guideline value amounts to Rs 9,90,000. The stamp duty is charged at 7%, which totals Rs 69,300, and the registration fee at 2% amounts to Rs 19,800. Together, the total cost for stamp duty and registration fee would be Rs 89,100. It is important to note that 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 Avenue?

The Sub Registrar Office that covers Lakshmi Avenue 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 aspect when buying or selling property in Kolathuvancheri. It serves as a benchmark for determining the minimum value at which a property can be registered. This value is used to calculate the stamp duty and registration fees, ensuring that all transactions are conducted fairly and transparently.

When a buyer decides to purchase a property, the guideline value helps in assessing the correct amount of stamp duty and registration fees payable. It is essential for both buyers and sellers to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Lakshmi Avenue?

The current guideline value of Lakshmi Avenue 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 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?

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

How does the guideline value compare to other streets in Kolathuvancheri?

The guideline value of Lakshmi Avenue is below the median value of Rs 1,650 per sq.ft for the 146 streets in Kolathuvancheri, which range from Rs 660 to Rs 4,600 per sq.ft.

Where can I find the Sub Registrar Office for Lakshmi Avenue?

The Sub Registrar Office for Lakshmi Avenue 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.