Guideline Value for Lakshmi Avenue

Lakshmi Avenue guideline value

The current guideline value of Lakshmi Avenue is Rs 1,320 per sq.ft, effective from 1 July 2024. This street is located in Thirumudivakkam village, under the Padappai SRO, and is classified as Residential Special Type - I.

How the guideline value of Lakshmi Avenue has changed

Since the 2012 revision, the guideline value for Lakshmi Avenue has seen a notable increase. The 2012 revision set the value at Rs 1,200 per sq.ft, which was followed by a decrease to Rs 804 per sq.ft in the 2017 revision. However, from 2017 to 2023, the value rose significantly to Rs 1,200 per sq.ft, marking a 49% increase. The most recent revision in 2024 has set the value at Rs 1,320 per sq.ft, reflecting a 10% increase from the previous year.

There are no figures available for the revisions in 2002, 2003, and 2007 for Lakshmi Avenue. Overall, from 2012 to 2024, the guideline value has increased by 10%, demonstrating fluctuations over the years.

Guideline values in Thirumudivakkam

In Thirumudivakkam, there are 56 streets under the Padappai SRO that carry a 2024 guideline value ranging from Rs 660 to Rs 3,860 per sq.ft. The median value for these streets is Rs 1,320 per sq.ft, which is equal to the current guideline value of Lakshmi Avenue.

• Lakshmi Nagar: Rs 660 per sq.ft (2024)
• Kundrathur Road: Rs 1,320 per sq.ft (2024)
• Kulaswamini Ligasan Madha Nagar: Rs 660 per sq.ft (2024)
• Mahadevan Street: Rs 1,320 per sq.ft (2024)
• Maha Kavi Bharathi Nagar: Rs 1,320 per sq.ft (2024)
• Mahalakshmi Avenue: Rs 1,320 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 1,320 per sq.ft, the guideline value amounts to Rs 13,20,000. The stamp duty at 7% would be Rs 92,400, and the registration fee at 2% would be Rs 26,400, totaling Rs 1,18,800. It is important to note that the 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 further calculations.

Which Sub Registrar Office covers Lakshmi Avenue?

The Sub Registrar Office that covers Lakshmi Avenue is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Thirumudivakkam. It is used to determine the stamp duty and registration fees that need to be paid when buying or selling property. This value is set by the government and is updated periodically to reflect changes in the market.

When registering a property, the buyer must pay the stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Lakshmi Avenue?

The current guideline value of Lakshmi Avenue 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 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 finally to Rs 1,320 per sq.ft in 2024.

What is the land classification for Lakshmi Avenue?

Lakshmi Avenue is classified as Residential Special Type - I, indicating its suitability for residential development.

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

For a property valued at Rs 13,20,000, the stamp duty would be Rs 92,400 and the registration fee would be Rs 26,400, totaling Rs 1,18,800.

Where can I find the Sub Registrar Office for Lakshmi Avenue?

The Sub Registrar Office for Lakshmi Avenue is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.