Guideline Value for LAKSHMI NAGAR - Kamaraj street

LAKSHMI NAGAR - Kamaraj street guideline value

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

How the guideline value of LAKSHMI NAGAR - Kamaraj street has changed

Since 2002, the guideline value for LAKSHMI NAGAR - Kamaraj street has undergone significant changes. In 2002, the value was Rs 96 per sq.ft, which increased to Rs 106 per sq.ft in 2003, marking a 10% increase. The value saw a substantial rise to Rs 300 per sq.ft in 2007, reflecting a 183% increase. By 2012, the guideline value reached Rs 2,000 per sq.ft, resulting in a remarkable 567% increase from the previous revision. However, the value dropped to Rs 1,340 per sq.ft in 2017, indicating a decrease of 33%.

In 2023, the guideline value was Rs 2,000 per sq.ft, and it increased to Rs 2,200 per sq.ft in 2024, which is a 10% rise. Overall, from 2002 to 2024, the guideline value has increased by 2,192%.

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, with a median value of Rs 3,050 per sq.ft. The guideline value of LAKSHMI NAGAR - Kamaraj street is below this median.

• LAKSHMI NAGAR - Kaligambal Street: Rs 2,200 per sq.ft (2024)
• LAKSHMI NAGAR - Kandan Cross Street: Rs 2,200 per sq.ft (2024)
• LAKSHMI NAGAR - Kandan Street: Rs 2,200 per sq.ft (2024)
• LAKSHMI NAGAR - Jeeeva Street: Rs 2,200 per sq.ft (2024)
• LAKSHMI NAGAR - Kannaki Street: Rs 2,200 per sq.ft (2024)
• LAKSHMI NAGAR - Indira Gandhi Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in LAKSHMI NAGAR - Kamaraj 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, while the registration fee at 2% would be Rs 44,000, bringing the total fees 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.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers LAKSHMI NAGAR - Kamaraj street?

The Sub Registrar Office that covers LAKSHMI NAGAR - Kamaraj street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a crucial factor during property registration in Maduravoyal. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations during the transaction.

When a property is sold, the guideline value helps in calculating the applicable stamp duty and registration fees. This ensures that both parties are aware of the financial obligations associated with the transaction, based on the established guideline value.

Frequently asked questions

What is the current guideline value of LAKSHMI NAGAR - Kamaraj street?

The current guideline value of LAKSHMI NAGAR - Kamaraj street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Over the years, the guideline value has seen significant changes, starting from Rs 96 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 2,192%.

What is the land classification for LAKSHMI NAGAR - Kamaraj street?

LAKSHMI NAGAR - Kamaraj street is classified as Residential Class V Type - I.

Where is the Virugambakkam Sub Registrar Office located?

The Virugambakkam Sub Registrar Office is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is the stamp duty calculated for properties in LAKSHMI NAGAR - Kamaraj street?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current rate would incur a stamp duty of Rs 1,54,000.