Guideline Value for Lakshmi Amman Nagar

Lakshmi Amman Nagar guideline value

The current guideline value of Lakshmi Amman Nagar is Rs 1,300 per sq.ft, effective from 1 July 2024. This area 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 Nagar has changed

The guideline value for Lakshmi Amman Nagar has seen several revisions over the years. The 2012 revision set the value at Rs 1,200 per sq.ft, which then dropped 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 the current Rs 1,300 per sq.ft in 2024, marking an 8% increase from the previous year.

From 2017 to 2023, the guideline value increased by 49%. However, between the 2012 and 2017 revisions, there was a decrease of 33%. Overall, from 2012 to 2024, 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

Madhavaram village has a total of 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 in this area is Rs 1,600 per sq.ft, making the current value of Lakshmi Amman Nagar below this median.

• Lakshmi Amman Koil Street (Ward-11): 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)
• Lakshmi Nagar 1st St,Ponniammanmedu (Ward-24): Rs 1,300 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)

Stamp duty and registration fee for property in Lakshmi Amman Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value would be Rs 13,00,000. The stamp duty at 7% would amount to Rs 91,000, and the registration fee at 2% would be Rs 26,000, bringing the total fees to Rs 1,17,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can calculate your fees using the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Lakshmi Amman Nagar?

The Sub Registrar Office that covers Lakshmi Amman Nagar 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 Madhavaram

The guideline value is a crucial factor when registering property transactions in Madhavaram. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the sale or purchase of property.

When you buy or sell property, the registration office will use the guideline value to calculate the applicable fees, ensuring that the transaction is recorded accurately. This process helps maintain transparency and consistency in property dealings.

Frequently asked questions

What is the current guideline value of Lakshmi Amman Nagar?

The current guideline value of Lakshmi Amman Nagar 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 increased to Rs 1,200 per sq.ft in 2023, and is now Rs 1,300 per sq.ft in 2024.

What are the other streets in Madhavaram with similar guideline values?

Other streets in Madhavaram with a guideline value of Rs 1,300 per sq.ft include Lakshmi Amman Koil Street, Lakshmi Avenue, and Lakshmi Nagar 1st St, Ponniammanmedu.

What fees do I need to pay when buying property in Lakshmi Amman Nagar?

When buying property in Lakshmi Amman Nagar, you will need to pay stamp duty at 7% and a registration fee at 2% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Lakshmi Amman Nagar?

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