Guideline Value for Lakshmi Avenue

Lakshmi Avenue guideline value

The current guideline value of Lakshmi Avenue in Madanandapuram village, under the Kunrathur SRO, is Rs 3,520 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Special Type - II.

How the guideline value of Lakshmi Avenue has changed

The guideline value for Lakshmi Avenue has seen several revisions over the years. In 2007, the value was Rs 600 per sq.ft, which increased significantly to Rs 3,200 per sq.ft in 2012, marking a substantial rise of 433%. However, from 2012 to 2017, the value decreased to Rs 2,144 per sq.ft, a drop of 33%. The value then rose again to Rs 3,200 per sq.ft in 2023, and in the latest revision for 2024, it increased by 10% to reach Rs 3,520 per sq.ft.

From 2017 to 2023, the guideline value increased by 49%. Overall, from 2007 to 2024, there has been a significant increase of 487%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Madanandapuram

Madanandapuram features a total of 94 streets under the Kunrathur SRO, with the 2024 guideline values ranging from Rs 2,530 to Rs 5,830 per sq.ft. The median guideline value for these streets is Rs 3,520 per sq.ft, which matches the current value for Lakshmi Avenue.

• Lakshmi Garden: Rs 3,520 per sq.ft (2024)
• Lakshmi Nagar: Rs 3,520 per sq.ft (2024)
• Kunrathur Main Road: Rs 5,830 per sq.ft (2024)
• Kumari Nagar: Rs 3,520 per sq.ft (2024)
• Lalitha Nagar: Rs 3,520 per sq.ft (2024)
• Madha Nagar: Rs 3,960 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshmi Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 3,520 per sq.ft, the total guideline value amounts to Rs 35,20,000. The stamp duty at 7% would be Rs 2,46,400, and the registration fee at 2% would be Rs 70,400, resulting in a total fee of Rs 3,16,800. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more information on fees.

Which Sub Registrar Office covers Lakshmi Avenue?

The Sub Registrar Office that covers Lakshmi Avenue is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. For more details, you can find your SRO.

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

The guideline value is a crucial factor during the registration of property transactions in Madanandapuram. It serves as the basis for calculating the stamp duty and registration fees that buyers must pay when purchasing property.

When selling property, the guideline value helps in determining the minimum price at which the property can be sold. It ensures that the transaction is recorded accurately and that the appropriate taxes are collected by the government.

Frequently asked questions

What is the current guideline value of Lakshmi Avenue?

The current guideline value of Lakshmi Avenue is Rs 3,520 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 600 per sq.ft in 2007 to Rs 3,520 per sq.ft in 2024, showing an overall increase of 487%.

What are the stamp duty and registration fees for property in Lakshmi Avenue?

For a 1,000 sq.ft plot, the total guideline value is Rs 35,20,000, leading to a stamp duty of Rs 2,46,400 and a registration fee of Rs 70,400, totaling Rs 3,16,800.

Which office is responsible for registration in Lakshmi Avenue?

The Kunrathur Sub Registrar Office is responsible for registrations in Lakshmi Avenue, located at No.59, Road Street, Kundrathur, Chennai -600 069.

What is the land classification for Lakshmi Avenue?

The land classification for Lakshmi Avenue is Residential Special Type - II, indicating its designated use for residential purposes.