Guideline Value for LAKSHMI NAGAR - Venugopala Street

LAKSHMI NAGAR - Venugopala Street guideline value

The current guideline value for LAKSHMI NAGAR - Venugopala 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 - Venugopala Street has changed

The guideline value for LAKSHMI NAGAR - Venugopala Street has seen significant changes over the years. In 2002, the value was Rs 96 per sq.ft, which increased to Rs 106 per sq.ft in 2003. Following this, the value rose to Rs 300 per sq.ft in 2007, and then it saw a substantial increase to Rs 2,000 per sq.ft in 2012. However, it decreased to Rs 1,340 per sq.ft in 2017, before increasing again to Rs 2,000 per sq.ft in 2023.

The most recent revision in 2024 has set the guideline value at Rs 2,200 per sq.ft, representing a 10% increase from the 2023 figure. 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, with guideline values 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 - Venugopala Street below this median.

• LAKSHMI NAGAR - Venkateswara Street: Rs 2,200 per sq.ft (2024)
• LAKSHMI NAGAR - Suresh 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 - Venugopala 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 cost for these 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.

You can use our stamp duty and registration fee calculator for more information on calculating these costs.

Which Sub Registrar Office covers LAKSHMI NAGAR - Venugopala Street?

The Sub Registrar Office that covers LAKSHMI NAGAR - Venugopala Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. To find your specific SRO, you can visit find your SRO.

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

The guideline value is a crucial factor when registering property transactions in Maduravoyal. It serves as a benchmark for determining the minimum value on which stamp duty and registration fees are calculated, ensuring that the government receives the appropriate revenue from property transactions.

When buying or selling property, the guideline value must be considered, as it may affect the overall cost of the transaction. Buyers should be aware of the guideline value to ensure compliance with local regulations and to accurately assess the financial implications of their property dealings.

Frequently asked questions

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

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

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

Other streets in Maduravoyal that share the same guideline value of Rs 2,200 per sq.ft include Venkateswara Street, Suresh Street, Subas Chandra Bose Street, Sivanthi Adiththanar Street, Selva Viniyagar Koil Street, and Sasthri Street.

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

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

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

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