Guideline Value for LAKSHMI NAGAR - Nehru Street

LAKSHMI NAGAR - Nehru Street guideline value

The current guideline value of LAKSHMI NAGAR - Nehru 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 - Nehru Street has changed

The guideline value for LAKSHMI NAGAR - Nehru Street has seen several revisions over the years. Starting from the 2002 revision, the value was Rs 96 per sq.ft. This increased to Rs 106 per sq.ft in 2003, marking a 10% rise. The value further rose significantly to Rs 300 per sq.ft in 2007, reflecting a 183% increase. The 2012 revision saw the value set at Rs 2,000 per sq.ft, a substantial increase of 567% from the previous figure. However, the 2017 revision brought a decrease to Rs 1,340 per sq.ft, which was a drop of 33%.

In the subsequent revisions, the value increased to Rs 2,000 per sq.ft in 2023, representing a 49% rise from 2017. The latest revision in 2024 has set the guideline value at Rs 2,200 per sq.ft, which is a 10% increase from the previous year. 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 value for these streets is Rs 3,050 per sq.ft, placing LAKSHMI NAGAR - Nehru Street's 2024 figure below that median.

• LAKSHMI NAGAR - M.G.R.Street: Rs 2,200 per sq.ft (2024)
• LAKSHMI NAGAR - Periyar Street: Rs 2,200 per sq.ft (2024)
• LAKSHMI NAGAR - Ponniamman Street: Rs 2,200 per sq.ft (2024)
• LAKSHMI NAGAR - Rajiv Gandhi Street: Rs 2,200 per sq.ft (2024)
• LAKSHMI NAGAR - Samayapurathamman Koil 1st Cross Street: Rs 2,200 per sq.ft (2024)
• LAKSHMI NAGAR - Samayapurathamman Koil street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in LAKSHMI NAGAR - Nehru 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, while 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. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers LAKSHMI NAGAR - Nehru Street?

The LAKSHMI NAGAR - Nehru 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 when buying or selling property in Maduravoyal. It is used to determine the stamp duty and registration fees that need to be paid at the time of registration. Buyers should be aware that the guideline value is the minimum value considered for these calculations.

When a property is sold, the actual sale price is compared to the guideline value. The higher of the two figures is used to calculate the applicable duties and fees, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of LAKSHMI NAGAR - Nehru Street?

The current guideline value of LAKSHMI NAGAR - Nehru 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, reflecting an overall increase of 2,192% over the years.

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

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

What are the other streets in Maduravoyal with the same guideline value?

Other streets in Maduravoyal with the same 2024 guideline value of Rs 2,200 per sq.ft include LAKSHMI NAGAR - M.G.R.Street, LAKSHMI NAGAR - Periyar Street, LAKSHMI NAGAR - Ponniamman Street, LAKSHMI NAGAR - Rajiv Gandhi Street, LAKSHMI NAGAR - Samayapurathamman Koil 1st Cross Street, and LAKSHMI NAGAR - Samayapurathamman Koil street.

Where can I find the Sub Registrar Office for LAKSHMI NAGAR - Nehru Street?

The Sub Registrar Office covering LAKSHMI NAGAR - Nehru Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.