Guideline Value for Lakshmi Amman 2nd Street

Lakshmi Amman 2nd Street guideline value

The current guideline value of Lakshmi Amman 2nd 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 2nd Street has changed

The guideline value for Lakshmi Amman 2nd Street has undergone several revisions over the years. The 2012 revision set the value at Rs 2,800 per sq.ft, which was then reduced to Rs 1,876 per sq.ft in the 2017 revision. Following that, the 2023 revision increased the value to Rs 2,800 per sq.ft, and the most recent 2024 revision has raised it to Rs 3,000 per sq.ft, marking a 7% increase from the previous year.

From 2012 to 2017, the value decreased by 33%, but from 2017 to 2023, it increased significantly by 49%. Overall, from 2012 to 2024, the guideline value has increased by 7%. There are no figures available for the revisions in 2002, 2003, and 2007 for this street.

Guideline values in Erukancherry

In Erukancherry, 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 2nd Street is above this median.

• Lakshmi Amman 1st 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 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,000 per sq.ft, the total 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, bringing the total charges to Rs 2,70,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for precise calculations.

Which Sub Registrar Office covers Lakshmi Amman 2nd Street?

The Sub Registrar Office that covers Lakshmi Amman 2nd 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 when registering property in Erukancherry. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from property transactions.

When buying or selling property, the guideline value will be used to calculate stamp duty and registration fees. It is essential for buyers and sellers to be aware of the current guideline value to ensure compliance with registration requirements.

Frequently asked questions

What is the current guideline value of Lakshmi Amman 2nd Street?

The current guideline value of Lakshmi Amman 2nd 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 back to Rs 2,800 per sq.ft in 2023, and finally to Rs 3,000 per sq.ft in 2024.

What is the classification of Lakshmi Amman 2nd Street?

Lakshmi Amman 2nd Street is classified as Residential Class I Type - I under the Madhavaram SRO.

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 stamp duty calculated for properties in Lakshmi Amman 2nd Street?

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