Guideline Value for LAKSHMI NAGAR - Kannaki Street

LAKSHMI NAGAR - Kannaki Street guideline value

The current guideline value for LAKSHMI NAGAR - Kannaki Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Maduravoyal village, under the jurisdiction of the Virugambakkam SRO, and is classified as Residential Class V Type - I.

How the guideline value of LAKSHMI NAGAR - Kannaki Street has changed

The guideline value for LAKSHMI NAGAR - Kannaki Street has seen several revisions over the years. In 2002, the guideline value was Rs 96 per sq.ft, which increased to Rs 106 per sq.ft in 2003. Following this, there was a significant rise to Rs 300 per sq.ft in 2007, and then it surged to Rs 2,000 per sq.ft in 2012. However, it dropped to Rs 1,340 per sq.ft in 2017. The value then rose to Rs 2,000 per sq.ft in 2023, before reaching the current value of Rs 2,200 per sq.ft in 2024. The register has no figure for the years not mentioned in this summary.

Examining the changes, the guideline value increased by 10% from 2023 to 2024. The rise from 2017 to 2023 was 49%, while the value decreased by 33% from 2012 to 2017. Notably, there was a remarkable increase of 567% from 2007 to 2012, and a 183% increase from 2003 to 2007. Additionally, the value rose by 10% from 2002 to 2003. 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. The median guideline value for these streets is Rs 3,050 per sq.ft, placing LAKSHMI NAGAR - Kannaki Street's 2024 figure below that median.

• LAKSHMI NAGAR - Kandan Street: Rs 2,200 per sq.ft (2024)
• LAKSHMI NAGAR - Kandan Cross Street: Rs 2,200 per sq.ft (2024)
• LAKSHMI NAGAR - Kamaraj street: Rs 2,200 per sq.ft (2024)
• LAKSHMI NAGAR - Kaligambal Street: Rs 2,200 per sq.ft (2024)
• LAKSHMI NAGAR - Jeeeva Street: Rs 2,200 per sq.ft (2024)
• LAKSHMI NAGAR - M.G.R.Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in LAKSHMI NAGAR - Kannaki Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, leading to a total of Rs 1,98,000. It is important to note that the 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 NAGAR - Kannaki Street?

The LAKSHMI NAGAR - Kannaki Street is covered by 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 plays a crucial role during the registration of property transactions in Maduravoyal. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees.

When buying or selling property, the guideline value must be considered, as it directly impacts the costs associated with the transaction. Buyers should be aware that the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value for LAKSHMI NAGAR - Kannaki Street?

The current guideline value for LAKSHMI NAGAR - Kannaki 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 significantly from Rs 96 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, marking an overall increase of 2,192% over this period.

What is the land classification for LAKSHMI NAGAR - Kannaki Street?

LAKSHMI NAGAR - Kannaki Street is classified as Residential Class V Type - I.

What is the stamp duty rate applicable in this area?

The stamp duty rate applicable for property transactions in this area is 7% of the guideline value or sale price, whichever is higher.

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.