Guideline Value for Lakkumudas Lane

Lakkumudas Lane guideline value

The current guideline value of Lakkumudas Lane in Muthiyalpet village is Rs 8,800 per sq.ft, effective from 1 July 2024. This area falls under the Sowcarpet SRO and is classified as Commercial Class I Type - II.

How the guideline value of Lakkumudas Lane has changed

The guideline value for Lakkumudas Lane has seen significant changes over the years. In the 2007 revision, the value was Rs 3,000 per sq.ft, which increased to Rs 8,000 per sq.ft in the 2012 revision. However, there was a decrease to Rs 5,360 per sq.ft in the 2017 revision. The value then rose to Rs 8,000 per sq.ft in the 2023 revision, and is now Rs 8,800 per sq.ft as per the 2024 revision, marking a 10% increase from the previous year.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 193%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Muthiyalpet

Muthiyalpet village has a total of 357 streets under the Sowcarpet SRO, with guideline values ranging from Rs 3,800 to Rs 16,500 per sq.ft. The median guideline value in this area is Rs 4,400 per sq.ft, placing Lakkumudas Lane's 2024 figure above that median.

• Lakkumudas Street: Rs 8,800 per sq.ft (2024)
• Kutti Maistry Street: Rs 4,400 per sq.ft (2024)
• Kuppaiyer Street: Rs 4,400 per sq.ft (2024)
• Kumarappa Mudali Street: Rs 4,900 per sq.ft (2024)
• Kumarappa Maistry Street: Rs 6,000 per sq.ft (2024)
• Lawyer Chinna Thambi Mudali Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Lakkumudas Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 8,800 per sq.ft, the total guideline value would be Rs 88,00,000. The stamp duty at 7% would be Rs 6,16,000, and the registration fee at 2% would be Rs 1,76,000, totaling Rs 7,92,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Lakkumudas Lane?

The Sub Registrar Office that covers Lakkumudas Lane is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Muthiyalpet. It serves as the basis for calculating the stamp duty and registration fees, which are mandatory during the property registration process. Buyers and sellers must ensure that the guideline value is accurately reflected in the transaction to comply with local regulations.

When registering a property, the guideline value helps determine the minimum price at which a property can be sold. This ensures that both parties in the transaction are aware of the official valuation set by the authorities, thereby promoting transparency in property dealings.

Frequently asked questions

What is the current guideline value of Lakkumudas Lane?

The current guideline value of Lakkumudas Lane is Rs 8,800 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 3,000 per sq.ft in 2007 to Rs 8,800 per sq.ft in 2024, with various increases and decreases in between.

What is the land classification for Lakkumudas Lane?

Lakkumudas Lane is classified as Commercial Class I Type - II, indicating its suitability for commercial activities.

Where can I find the Sub Registrar Office for Lakkumudas Lane?

The Sowcarpet Sub Registrar Office is located at No.11, Davidson Street, Sowcarpet, Chennai-01, which covers Lakkumudas Lane.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value would incur a total of Rs 7,92,000 in fees.