Guideline Value for Lakshmi Avenue

Lakshmi Avenue guideline value

The current guideline value of Lakshmi Avenue is Rs 2,700 per sq.ft, effective from 1 July 2024. This street is located in Kolathur village, under the Sembiam SRO, and is classified as Residential Class II Type - I.

How the guideline value of Lakshmi Avenue has changed

The guideline value for Lakshmi Avenue has seen several revisions over the years. Starting from the 2002 revision, the value was Rs 286 per sq.ft. It increased to Rs 311 per sq.ft in 2003, marking a 9% rise. The value then jumped significantly to Rs 900 per sq.ft in 2007, reflecting a 189% increase. Following that, the 2012 revision set the value at Rs 2,500 per sq.ft, which was a substantial 178% increase from the previous figure. However, in 2017, the value decreased to Rs 1,675 per sq.ft, showing a decline of 33%.

In the subsequent revisions, the guideline value rose to Rs 2,500 per sq.ft in 2023, and then to the current value of Rs 2,700 per sq.ft in 2024, which is an 8% increase. Overall, from 2002 to 2024, the guideline value has increased by 844%.

Guideline values in Kolathur

In Kolathur, there are 879 streets under the Sembiam SRO, with guideline values ranging from Rs 2,200 to Rs 6,000 per sq.ft. The median guideline value for these streets is Rs 3,300 per sq.ft, placing Lakshmi Avenue's 2024 figure below that median.

• Lakshmi Amman Koil Street: Rs 2,700 per sq.ft (2024)
• Lakshmi Ammal Nagar: Rs 2,700 per sq.ft (2024)
• Lakshmi Nagar 1st Street: Rs 2,700 per sq.ft (2024)
• Lake Street: Rs 2,700 per sq.ft (2024)
• Lake Avenue: Rs 2,700 per sq.ft (2024)
• Lakshmi Nagar 2nd Street: Rs 2,700 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 2,700 per sq.ft, the total guideline value amounts to Rs 27,00,000. The stamp duty at 7% would be Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total to Rs 2,43,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Lakshmi Avenue?

The Sembiam Sub Registrar Office covers Lakshmi Avenue, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Kolathur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees. Buyers should be aware that these costs are based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of Lakshmi Avenue?

The current guideline value of Lakshmi Avenue is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 286 per sq.ft in 2002 to Rs 2,700 per sq.ft in 2024, reflecting an overall increase of 844% over the years.

What is the land classification of Lakshmi Avenue?

Lakshmi Avenue is classified as Residential Class II Type - I under the Sembiam SRO.

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 27,00,000, leading to a stamp duty of Rs 1,89,000 and a registration fee of Rs 54,000, totaling Rs 2,43,000.

Which Sub Registrar Office covers Lakshmi Avenue?

The Sembiam Sub Registrar Office covers Lakshmi Avenue, located at 5, Papermills Road, Sembiam, Chennai - 600011.