Guideline Value for Lakshmi Amman Koil Street (Ward-11)

Lakshmi Amman Koil Street (Ward-11) guideline value

The current guideline value of Lakshmi Amman Koil Street (Ward-11) is Rs 1,300 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village under the Madhavaram SRO and is classified as Residential Class III Type - I.

How the guideline value of Lakshmi Amman Koil Street (Ward-11) has changed

The guideline value for Lakshmi Amman Koil Street has seen several revisions over the years. The 2012 revision set the value at Rs 1,200 per sq.ft, which then decreased to Rs 804 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 1,200 per sq.ft in 2023, and then rose to Rs 1,300 per sq.ft in the 2024 revision, marking an 8% increase from the previous year.

From the 2017 revision to the 2023 revision, there was a substantial increase of 49%. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 8%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value is Rs 1,600 per sq.ft, placing Lakshmi Amman Koil Street's 2024 figure below that median.

• Lakshmi Amman Nagar: Rs 1,300 per sq.ft (2024)
• Lakshmi Avenue: Rs 1,300 per sq.ft (2024)
• Lakshmi Nagar: Rs 2,700 per sq.ft (2024)
• Kvt Garden Phase-III: Rs 2,700 per sq.ft (2024)
• K.V.T. Garden Phase-II: Rs 2,700 per sq.ft (2024)
• K.V.T. Garden Phase-I: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshmi Amman Koil Street (Ward-11)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value amounts to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, totaling Rs 1,17,000. 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 information.

Which Sub Registrar Office covers Lakshmi Amman Koil Street (Ward-11)?

The Sub Registrar Office that covers Lakshmi Amman Koil Street (Ward-11) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Madhavaram. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property transactions.

When a property is sold, the sale price is compared to the guideline value. The higher of the two amounts is used to determine the applicable stamp duty and registration fees, ensuring compliance with local regulations and fair revenue collection.

Frequently asked questions

What is the current guideline value of Lakshmi Amman Koil Street (Ward-11)?

The current guideline value of Lakshmi Amman Koil Street (Ward-11) is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, then to Rs 1,200 per sq.ft in 2023, and finally to Rs 1,300 per sq.ft in 2024.

What is the stamp duty rate for properties in Madhavaram?

The stamp duty rate for properties in Madhavaram is 7% of the guideline value or sale price, whichever is higher.

What is the registration fee for properties in Madhavaram?

The registration fee for properties in Madhavaram is 2% of the guideline value or sale price, whichever is higher.

Where can I find the Madhavaram Sub Registrar Office?

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