Guideline Value for Lakkumudas Street

Lakkumudas Street guideline value

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

How the guideline value of Lakkumudas Street has changed

The guideline value for Lakkumudas Street has seen several revisions over the years. In 2007, the value was Rs 3,000 per sq.ft, which increased significantly to Rs 8,000 per sq.ft in 2012, marking a 167% increase. However, it then decreased to Rs 5,360 per sq.ft in 2017, a drop of 33%. The value rose again to Rs 8,000 per sq.ft in 2023, and finally to Rs 8,800 per sq.ft in 2024, reflecting a 10% increase.

There are no figures available for the revisions in 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 193%.

Guideline values in Muthiyalpet

In Muthiyalpet, there are 357 streets under the Sowcarpet SRO with a 2024 guideline value ranging from Rs 3,800 to Rs 16,500 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, making Lakkumudas Street's 2024 figure above that median.

• Lakkumudas Lane: 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 Street

For a 1,000 sq.ft plot at the current guideline value of Rs 8,800 per sq.ft, the total guideline value amounts to 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, bringing the total fees together to Rs 7,92,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Lakkumudas Street?

The Sub Registrar Office covering Lakkumudas Street is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01. To find your SRO, you can visit find your SRO.

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

The guideline value is a critical factor in the registration process when buying or selling property in Muthiyalpet. It serves as a reference point for determining the stamp duty and registration fees applicable to the transaction.

When a property is registered, the guideline value will be used to calculate the duties and fees, ensuring that all transactions are in compliance with the regulations set by the Registration Department.

Frequently asked questions

What is the current guideline value of Lakkumudas Street?

The current guideline value of Lakkumudas Street 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 from Rs 3,000 per sq.ft in 2007 to Rs 8,800 per sq.ft in 2024, reflecting an overall increase of 193% over the years.

What are the stamp duty and registration fees for property in Lakkumudas Street?

For a property valued at Rs 88,00,000, the stamp duty would be Rs 6,16,000 and the registration fee would be Rs 1,76,000, totaling Rs 7,92,000.

Where is the Sowcarpet Sub Registrar Office located?

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

What is the land classification of Lakkumudas Street?

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