Guideline Value for Lakshmi Amman Koil Street

Lakshmi Amman Koil Street guideline value

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

How the guideline value of Lakshmi Amman Koil Street has changed

The guideline value for Lakshmi Amman Koil 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 set the value at Rs 3,000 per sq.ft.

From 2012 to 2017, there was a decrease of 33%. However, from 2017 to 2023, the value increased by 49%. The change from 2023 to 2024 reflects a 7% increase. Overall, from 2012 to 2024, the guideline value has increased by 7%.

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. Lakshmi Amman Koil Street's 2024 guideline value is above this median.

• Lakshmi Amman 3rd Street: Rs 3,000 per sq.ft (2024)
• Lakshmi Amman 2nd Street: Rs 3,000 per sq.ft (2024)
• Lakshmi Amman 1st 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 Koil Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,000 per sq.ft, the total guideline value would be Rs 30,00,000. The stamp duty at 7% would amount to Rs 2,10,000, and the registration fee at 2% would be Rs 60,000, making the total cost for these fees Rs 2,70,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Lakshmi Amman Koil Street?

The Sub Registrar Office that covers Lakshmi Amman Koil 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 a critical factor when registering property in Erukancherry. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring compliance with local regulations.

When a property is sold, the guideline value is used to calculate applicable stamp duties and registration fees, which are necessary for the legal transfer of property ownership. Buyers and sellers must be aware of these values to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Lakshmi Amman Koil Street?

The current guideline value of Lakshmi Amman Koil 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 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 for Lakshmi Amman Koil Street?

Lakshmi Amman Koil Street is classified as Residential Class I Type - I, indicating its designation for residential use.

What are the stamp duty and registration fees for properties here?

For a property valued at Rs 30,00,000, the total stamp duty would be Rs 2,10,000, and the registration fee would be Rs 60,000, totaling Rs 2,70,000.

Which office handles the registration for Lakshmi Amman Koil Street?

The Madhavaram Sub Registrar Office handles the registration for Lakshmi Amman Koil Street, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.