Guideline Value for Lakshmi Nagar 1st St ( Ward No.24 )

Lakshmi Nagar 1st St ( Ward No.24 ) guideline value

The current guideline value for Lakshmi Nagar 1st St (Ward No.24) is Rs 2,700 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village and falls under the Madhavaram SRO. The land classification for this area is Residential Special Type - I.

How the guideline value of Lakshmi Nagar 1st St ( Ward No.24 ) has changed

Over the years, the guideline value for Lakshmi Nagar 1st St has seen several revisions. The 2012 revision set the value at Rs 2,500 per sq.ft, which was a decrease of 33% from the Rs 1,675 per sq.ft recorded in the 2017 revision. The 2023 revision increased the value to Rs 2,500 per sq.ft, and the latest 2024 revision has raised it to Rs 2,700 per sq.ft, marking an 8% increase from the previous year.

From the 2012 revision to the 2024 revision, the overall change has been an increase of 8%. Notably, there are no figures available for the years 2002, 2003, and 2007 for this street in the register.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO with a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median value is Rs 1,600 per sq.ft, placing the 2024 guideline value of Lakshmi Nagar 1st St above this median.

• Lakshmi Nagar 1st St,Ponniammanmedu (Ward-24): Rs 1,300 per sq.ft (2024)
• Lakshmi Nagar 2nd St ( Ward No.24 ): Rs 2,700 per sq.ft (2024)
• Lakshmi Nagar 6th Cross St ( Ward No.24 ): Rs 2,700 per sq.ft (2024)
• Lakshmi Nagar: Rs 2,700 per sq.ft (2024)
• Lakshmi Avenue: Rs 1,300 per sq.ft (2024)
• Lakshmi Nagar (Ponniamman Medu): Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshmi Nagar 1st St ( Ward No.24 )

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 fees to Rs 2,43,000. It is important to note that duty is charged on the higher of the guideline value and the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Lakshmi Nagar 1st St ( Ward No.24 )?

The Sub Registrar Office covering Lakshmi Nagar 1st St (Ward No.24) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more details.

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

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

When buying or selling property, the guideline value helps both parties understand the fair pricing of the property. It is essential for buyers to be aware of these values to ensure compliance with registration requirements and to avoid any legal complications.

Frequently asked questions

What is the current guideline value for Lakshmi Nagar 1st St?

The current guideline value for Lakshmi Nagar 1st St (Ward No.24) 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 2,500 per sq.ft in 2023 to Rs 2,700 per sq.ft in 2024, reflecting an 8% increase. It was Rs 1,675 per sq.ft in 2017 and Rs 2,500 per sq.ft in 2012.

What is the land classification for Lakshmi Nagar 1st St?

The land classification for Lakshmi Nagar 1st St (Ward No.24) is Residential Special Type - I, indicating its suitability for residential development.

What are the stamp duty and registration fees for property in this area?

For a property valued at Rs 27,00,000, the stamp duty would be Rs 1,89,000 and the registration fee would be Rs 54,000, totaling Rs 2,43,000.

Where is the Sub Registrar Office located for this area?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060, and it covers Lakshmi Nagar 1st St (Ward No.24).