Guideline Value for Lakshmi Amman Kovil Street

Lakshmi Amman Kovil Street guideline value

The current guideline value of Lakshmi Amman Kovil Street is Rs 1,320 per sq.ft, effective from 1 July 2024. This street is located in Naravarikuppam village, under the jurisdiction of the Redhills SRO. The land classification for this area is Residential Class III Type - I.

How the guideline value of Lakshmi Amman Kovil Street has changed

The guideline value for Lakshmi Amman Kovil Street has undergone several revisions over the years. In 2002, the value was set at Rs 3,471 per sq.ft, which then decreased to Rs 353 per sq.ft in 2003. Following this, the value increased to Rs 400 per sq.ft in 2007, then saw a significant rise to Rs 1,200 per sq.ft in 2012. However, it dropped to Rs 804 per sq.ft in 2017, before increasing to Rs 1,200 per sq.ft again in 2023. The most recent revision in 2024 has set the value at Rs 1,320 per sq.ft.

Between the revisions, there have been notable changes. From 2002 to 2003, the value decreased by 90%. The value then increased by 13% from 2003 to 2007, followed by a significant rise of 200% from 2007 to 2012. After that, there was a decrease of 33% from 2012 to 2017. The value increased by 49% from 2017 to 2023, and finally, there was a 10% increase from 2023 to 2024. Overall, the guideline value has decreased by 62% from 2002 to 2024.

Guideline values in Naravarikuppam

In Naravarikuppam, there are 112 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 1,320 to Rs 3,300 per sq.ft. The median value for these streets is Rs 1,650 per sq.ft, placing Lakshmi Amman Kovil Street's 2024 figure below this median.

• Kuppamani Thoppu: Rs 1,320 per sq.ft (2024)
• Madhavaram Redhills Road: Rs 3,300 per sq.ft (2024)
• Makkal Murpokku Manram Street: Rs 1,650 per sq.ft (2024)
• Market Street (G.N.T. Road): Rs 3,300 per sq.ft (2024)
• Kavangarai Street: Rs 1,320 per sq.ft (2024)
• Kattabomman Street: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshmi Amman Kovil Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,320 per sq.ft, the total guideline value would be Rs 13,20,000. The stamp duty at 7% would amount to Rs 92,400, and the registration fee at 2% would be Rs 26,400, leading to a total of Rs 1,18,800. 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 more details.

Which Sub Registrar Office covers Lakshmi Amman Kovil Street?

The Sub Registrar Office that covers Lakshmi Amman Kovil Street is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Naravarikuppam. It serves as a benchmark for determining the stamp duty and registration fees that must be paid at the time of registration.

When a property is sold, the guideline value helps ensure that the transaction is registered at a value that reflects the current market conditions. This ensures transparency and compliance with local regulations regarding property transactions.

Frequently asked questions

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

The current guideline value of Lakshmi Amman Kovil Street is Rs 1,320 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,471 per sq.ft in 2002 to Rs 1,320 per sq.ft in 2024, reflecting a 62% decrease overall across the revisions.

What are the stamp duty and registration fees for property in Lakshmi Amman Kovil Street?

For a 1,000 sq.ft property, the total guideline value is Rs 13,20,000, leading to a stamp duty of Rs 92,400 and a registration fee of Rs 26,400, totaling Rs 1,18,800.

Which office handles property registrations for Lakshmi Amman Kovil Street?

The Redhills Sub Registrar Office handles property registrations for Lakshmi Amman Kovil Street, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

What is the land classification for Lakshmi Amman Kovil Street?

The land classification for Lakshmi Amman Kovil Street is Residential Class III Type - I, which indicates the type of development permitted in the area.