Guideline Value for LAKSHMI MODERN CITY

Lakshmi Modern City guideline value

The current guideline value of Lakshmi Modern City, located in Cheranancheri village, is Rs 1,980 per sq.ft. This value is effective from 1 July 2024 and is classified under Mixed Special Type - III by the Avadi SRO.

How the guideline value of Lakshmi Modern City has changed

Over the years, the guideline value of Lakshmi Modern City has seen several revisions. The register has no figure for this street for the years 2002, 2003, 2007, 2012, and 2017. In the 2023 revision, the guideline value was Rs 1,800 per sq.ft, which increased by 10% to Rs 1,980 per sq.ft in the 2024 revision.

This change reflects a significant adjustment in the guideline value, moving from Rs 1,800 in 2023 to Rs 1,980 in 2024. The current value is now above the median of Rs 1,540 per sq.ft for the 31 streets in Cheranancheri under the Avadi SRO.

Guideline values in Cheranancheri

In Cheranancheri village, the guideline values for various streets range from Rs 274 to Rs 3,000 per sq.ft, with a median value of Rs 1,540 per sq.ft. Lakshmi Modern City's 2024 figure of Rs 1,980 per sq.ft is above this median.

• Lakshmi Green City: Rs 1,540 per sq.ft (2024)
• Mangalya City: Rs 2,400 per sq.ft (2024)
• Kanthammal Nagar: Rs 440 per sq.ft (2024)
• Ganapathy Nagar: Rs 330 per sq.ft (2024)
• Poonamallee Farms: Rs 1,320 per sq.ft (2024)
• Poonamallee Farms Phase - II: Rs 1,320 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshmi Modern City

For a 1,000 sq.ft plot at the current rate of Rs 1,980 per sq.ft, the guideline value amounts to Rs 19,80,000. The stamp duty at 7% would be Rs 1,38,600, and the registration fee at 2% would be Rs 39,600, bringing the total fees to Rs 1,78,200. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Lakshmi Modern City?

The Sub Registrar Office that covers Lakshmi Modern City is the Avadi Sub Registrar Office, located at Plot No.145, Vii Street, Modern City, Thandurai Village, Avadi Taluk, Tiruvallur District, Chennai registration zone. To find your SRO, visit find your SRO.

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

The guideline value is an essential factor in the registration process when buying or selling property in Cheranancheri. It determines the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately in the official records.

When a property is sold, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives due revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Lakshmi Modern City?

The current guideline value of Lakshmi Modern City is Rs 1,980 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,800 per sq.ft in 2023 to Rs 1,980 per sq.ft in 2024, reflecting a 10% increase. The register has no figure for this street for the years 2002, 2003, 2007, 2012, and 2017.

What is the median guideline value in Cheranancheri?

The median guideline value in Cheranancheri is Rs 1,540 per sq.ft. Lakshmi Modern City's current value is above this median.

What fees are associated with buying property in Lakshmi Modern City?

When buying property, the stamp duty is 7% of the guideline value, and the registration fee is 2%. For a property valued at Rs 19,80,000, the total fees would amount to Rs 1,78,200.

Where can I find the Sub Registrar Office for Lakshmi Modern City?

The Avadi Sub Registrar Office covers Lakshmi Modern City and is located at Plot No.145, Vii Street, Modern City, Thandurai Village, Avadi Taluk, Tiruvallur District, Chennai registration zone.