Guideline Value for LAKSHMI NAGAR - Venkateswara Street

LAKSHMI NAGAR - Venkateswara Street guideline value

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

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

The guideline value for LAKSHMI NAGAR - Venkateswara Street has seen several revisions over the years. Starting from Rs 96 per sq.ft in 2002, the value increased to Rs 106 per sq.ft in 2003, marking a 10% rise. The value then surged significantly to Rs 300 per sq.ft in 2007, reflecting a 183% increase. In 2012, the guideline value was Rs 2,000 per sq.ft, which was a substantial increase of 567% from the previous revision. However, it dropped to Rs 1,340 per sq.ft in 2017, indicating a decrease of 33%.

In the subsequent revisions, the value rose to Rs 2,000 per sq.ft in 2023, representing a 49% increase from 2017. The most recent revision in 2024 set the guideline value at Rs 2,200 per sq.ft, a 10% increase from the previous year. The overall change from 2002 to 2024 is a remarkable increase of 2,192%.

Guideline values in Maduravoyal

In Maduravoyal, there are 636 streets under the Virugambakkam SRO with 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, indicating that the guideline value for LAKSHMI NAGAR - Venkateswara Street is below this median.

• LAKSHMI NAGAR - Suresh Street: Rs 2,200 per sq.ft (2024)
• LAKSHMI NAGAR - Venugopala Street: Rs 2,200 per sq.ft (2024)
• LAKSHMI NAGAR - Subas Chandra Bose Street: Rs 2,200 per sq.ft (2024)
• LAKSHMI NAGAR - Sivanthi Adiththanar Street: Rs 2,200 per sq.ft (2024)
• LAKSHMI NAGAR - Selva Viniyagar Koil Street: Rs 2,200 per sq.ft (2024)
• LAKSHMI NAGAR - Sasthri Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in LAKSHMI NAGAR - Venkateswara 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, bringing the total to Rs 1,98,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers LAKSHMI NAGAR - Venkateswara Street?

The LAKSHMI NAGAR - Venkateswara Street falls under the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for further assistance.

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

The guideline value is an essential factor during the registration of property transactions in Maduravoyal. It serves as a benchmark for calculating the stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property sales.

When buying or selling a property, the guideline value helps determine the minimum value at which the property can be registered. This ensures transparency in property transactions and helps prevent undervaluation.

Frequently asked questions

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

The current guideline value for LAKSHMI NAGAR - Venkateswara Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How much 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%.

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

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

Where can I find the Sub Registrar Office for this street?

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

How is stamp duty calculated for properties in LAKSHMI NAGAR - Venkateswara Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 at 7%.