Guideline Value for LAKSHMI NAGAR 6th Street

LAKSHMI NAGAR 6th Street guideline value

The current guideline value for LAKSHMI NAGAR 6th Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Maduravoyal village under the Virugambakkam SRO, with a land classification of Residential Class V Type - I.

How the guideline value of LAKSHMI NAGAR 6th Street has changed

The guideline value for LAKSHMI NAGAR 6th Street has seen several revisions over the years. Starting from Rs 96 per sq.ft in 2002, it increased to Rs 106 per sq.ft in 2003, marking a 10% rise. The value then rose significantly to Rs 300 per sq.ft in 2007, which was an increase of 183%. Following this, the value surged to Rs 2,000 per sq.ft in 2012, reflecting a remarkable 567% increase. However, it dropped to Rs 1,340 per sq.ft in 2017, a decrease of 33%. The value then increased to Rs 2,000 per sq.ft in 2023, followed by a further rise to the current value of Rs 2,200 per sq.ft in 2024, which is a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 2,192%. The register has no figure for this street for the years not mentioned above.

Guideline values in Maduravoyal

In Maduravoyal, there are 636 streets under the Virugambakkam SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 6,050 per sq.ft. The median value for these streets is Rs 3,050 per sq.ft, placing LAKSHMI NAGAR 6th Street's 2024 figure below that median.

• LAKSHMI NAGAR 5th Street: Rs 2,200 per sq.ft (2024)
• LAKSHMI NAGAR 7th Street: Rs 2,200 per sq.ft (2024)
• LAKSHMI NAGAR - Anna Street: Rs 2,200 per sq.ft (2024)
• LAKSHMI NAGAR 4th Street: Rs 2,200 per sq.ft (2024)
• LAKSHMI NAGAR - Chithi Vinayagar Koil Street: Rs 2,200 per sq.ft (2024)
• LAKSHMI NAGAR - Church Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in LAKSHMI NAGAR 6th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total fees together to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers LAKSHMI NAGAR 6th Street?

The Sub Registrar Office that covers LAKSHMI NAGAR 6th Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. For more information, you can find your SRO.

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

The guideline value is a crucial factor when it comes to the registration of property transactions in Maduravoyal. It serves as a benchmark for determining the minimum price at which a property can be registered, ensuring that the transaction is conducted at a value recognized by the government.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees. Buyers should be aware that these fees are based on the guideline value or the sale price, whichever is higher, thereby influencing the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of LAKSHMI NAGAR 6th Street?

The current guideline value of LAKSHMI NAGAR 6th Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 96 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 2,192% over this period.

What is the median guideline value for streets in Maduravoyal?

The median guideline value for streets in Maduravoyal is Rs 3,050 per sq.ft, which is higher than the current value of LAKSHMI NAGAR 6th Street.

What are the stamp duty and registration fees for property in LAKSHMI NAGAR 6th Street?

For a property valued at Rs 22,00,000, the stamp duty is Rs 1,54,000 and the registration fee is Rs 44,000, totaling Rs 1,98,000.

Which Sub Registrar Office covers LAKSHMI NAGAR 6th Street?

The Virugambakkam Sub Registrar Office covers LAKSHMI NAGAR 6th Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.