Guideline Value for Lakshmi Nagar/Iswarya Street/Sheela Nagar/

Lakshmi Nagar/Iswarya Street/Sheela Nagar/ guideline value

The current guideline value for Lakshmi Nagar/Iswarya Street/Sheela Nagar/ is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Madipakkam-1 village under the Velacheri SRO, classified as Residential Class I Type - III.

How the guideline value of Lakshmi Nagar/Iswarya Street/Sheela Nagar/ has changed

According to the guideline value register, there are no figures available for the years 2002, 2003, 2007, 2012, and 2017 for Lakshmi Nagar/Iswarya Street/Sheela Nagar/. The 2023 revision set the guideline value at Rs 2,500 per sq.ft, which was an increase from the previous revisions. The most recent revision in 2024 raised the guideline value to Rs 2,750 per sq.ft, marking a 10% increase from the 2023 figure.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO, with guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value for the area is Rs 2,750 per sq.ft, which is equal to the current figure for Lakshmi Nagar/Iswarya Street/Sheela Nagar/.

• Lakshmi Nagar Main Road: Rs 2,200 per sq.ft (2024)
• Lakshmi Nagar 9th Street: Rs 2,200 per sq.ft (2024)
• 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)

Stamp duty and registration fee for property in Lakshmi Nagar/Iswarya Street/Sheela Nagar/

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, making the total cost for these fees Rs 2,47,500. It is important to note that 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 precise calculations.

Which Sub Registrar Office covers Lakshmi Nagar/Iswarya Street/Sheela Nagar/?

The Lakshmi Nagar/Iswarya Street/Sheela Nagar/ area falls under the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. For more information, you can find your SRO.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Madipakkam-1. It serves as a benchmark for determining the minimum value of a property, ensuring that the transaction is recorded at a fair price.

When registering a property, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value for Lakshmi Nagar/Iswarya Street/Sheela Nagar/?

The current guideline value for Lakshmi Nagar/Iswarya Street/Sheela Nagar/ is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Lakshmi Nagar/Iswarya Street/Sheela Nagar/ has seen an increase from Rs 2,500 per sq.ft in 2023 to Rs 2,750 per sq.ft in 2024, which is a 10% rise. There are no figures available for the years 2002, 2003, 2007, 2012, and 2017.

What is the stamp duty rate in Tamil Nadu?

The stamp duty rate in Tamil Nadu is typically 7% of the guideline value or the sale price, whichever is higher. This rate applies to property transactions in the state.

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 the registration of properties in the area.

What factors influence the guideline value in Madipakkam-1?

The guideline value in Madipakkam-1 is influenced by various factors, including the location, land classification, and the overall market conditions. The current guideline values range from Rs 1,650 to Rs 5,500 per sq.ft, with the median value being Rs 2,750 per sq.ft.