Guideline Value for Lakshmi Amman 1st Street

Lakshmi Amman 1st Street guideline value

The current guideline value of Lakshmi Amman 1st Street is Rs 3,000 per sq.ft, effective from 1 July 2024. This street is located in Erukancherry village under the Madhavaram SRO and is classified as Residential Class I Type - I.

How the guideline value of Lakshmi Amman 1st Street has changed

In the 2012 revision, the guideline value for Lakshmi Amman 1st Street was set at Rs 2,800 per sq.ft. This figure saw a decrease of 33% in the 2017 revision, bringing it down to Rs 1,876 per sq.ft. The value then increased significantly by 49% to Rs 2,800 per sq.ft in the 2023 revision. Finally, the 2024 revision has set the guideline value at Rs 3,000 per sq.ft, reflecting a 7% increase from the previous year.

There are no figures available for the revisions in 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 7%.

Guideline values in Erukancherry

In Erukancherry village, there are 376 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,900 to Rs 3,800 per sq.ft, with a median value of Rs 2,500 per sq.ft. The guideline value for Lakshmi Amman 1st Street is above this median.

• Lakshmi Amman 2nd Street: Rs 3,000 per sq.ft (2024)
• Lakshmi Amman 3rd Street: Rs 3,000 per sq.ft (2024)
• Lakshmi Amman Koil Street: Rs 3,000 per sq.ft (2024)
• Lakshmiamman Nagar 1st Cross Street: Rs 3,000 per sq.ft (2024)
• Kuppusamy Dasan Street: Rs 2,200 per sq.ft (2024)
• Kuppusamy Dasan 1st Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshmi Amman 1st Street

For a 1,000 sq.ft plot at the current rate of Rs 3,000 per sq.ft, the guideline value amounts to Rs 30,00,000. The stamp duty at 7% would be Rs 2,10,000, and the registration fee at 2% would be Rs 60,000, totaling Rs 2,70,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator to estimate costs.

Which Sub Registrar Office covers Lakshmi Amman 1st Street?

The Sub Registrar Office that covers Lakshmi Amman 1st Street is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is an important factor in the registration process for property transactions in Erukancherry. It serves as the minimum value on which stamp duty and registration fees are calculated, ensuring that the property is registered at a fair value.

When buying or selling property, the guideline value helps determine the legal and financial obligations involved. Buyers should be aware of the current guideline value to understand the costs associated with their property transactions.

Frequently asked questions

What is the current guideline value of Lakshmi Amman 1st Street?

The current guideline value of Lakshmi Amman 1st Street is Rs 3,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,800 per sq.ft in 2012 to Rs 1,876 per sq.ft in 2017, then increased to Rs 2,800 per sq.ft in 2023, and finally to Rs 3,000 per sq.ft in 2024.

What is the land classification of Lakshmi Amman 1st Street?

Lakshmi Amman 1st Street is classified as Residential Class I Type - I, indicating its suitability for residential purposes.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is the stamp duty calculated for properties in Lakshmi Amman 1st Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 30,00,000 would incur a stamp duty of Rs 2,10,000 at 7%.