Guideline Value for Lakshmi Nagar 9th Street

Lakshmi Nagar 9th Street guideline value

The current guideline value of Lakshmi Nagar 9th Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Madipakkam-1 village under the Velacheri SRO and falls under the Residential Class II Type - I land classification.

How the guideline value of Lakshmi Nagar 9th Street has changed

The register has no figures for the years 2002, 2003, 2007, 2012, and 2017 for Lakshmi Nagar 9th Street. In the 2023 revision, the guideline value was Rs 2,000 per sq.ft, which was an increase from the previous revisions. The 2024 revision shows a guideline value of Rs 2,200 per sq.ft, reflecting a 10% increase from the 2023 figure.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1823 streets under the Velacheri SRO, with guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value in this area is Rs 2,750 per sq.ft, placing Lakshmi Nagar 9th Street's 2024 figure below that median.

• Lakshmi Nagar 8th Street: Rs 2,200 per sq.ft (2024)
• Lakshmi Nagar 7th Street: Rs 2,200 per sq.ft (2024)
• Lakshmi Nagar 6th Street: Rs 2,200 per sq.ft (2024)
• Lakshmi Nagar 5th Street: Rs 2,200 per sq.ft (2024)
• Lakshmi Nagar 4th Street: Rs 2,200 per sq.ft (2024)
• Lakshmi Nagar 4th Cross Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshmi Nagar 9th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, totaling Rs 1,98,000. Note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Lakshmi Nagar 9th Street?

The Sub Registrar Office that covers Lakshmi Nagar 9th Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a crucial factor when registering property transactions in Madipakkam-1. It serves as the benchmark for calculating stamp duty and registration fees, ensuring that both buyers and sellers adhere to the legal requirements set by the Registration Department.

When a property is sold, the guideline value helps in determining the minimum value at which the property can be registered. This ensures transparency in property transactions and helps in maintaining a standard across the real estate market.

Frequently asked questions

What is the current guideline value of Lakshmi Nagar 9th Street?

The current guideline value of Lakshmi Nagar 9th Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Lakshmi Nagar 9th Street has changed from Rs 2,000 per sq.ft in 2023 to Rs 2,200 per sq.ft in 2024, marking a 10% increase. The register has no figures for the years 2002, 2003, 2007, 2012, and 2017.

What is the median guideline value in Madipakkam-1?

The median guideline value in Madipakkam-1 is Rs 2,750 per sq.ft. The guideline value for Lakshmi Nagar 9th Street is below this median.

What are the stamp duty and registration fees for properties in Lakshmi Nagar 9th Street?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000. Duty is charged on the higher of the guideline value or the sale price.

Where is the Velacheri Sub Registrar Office located?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. This office handles registrations for properties in Lakshmi Nagar 9th Street.