Guideline Value for Lakshmi Narayan Annex

Lakshmi Narayan Annex guideline value

The current guideline value of Lakshmi Narayan Annex is Rs 1,300 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village, under the Madhavaram SRO, and is classified as Residential Class III Type - I.

How the guideline value of Lakshmi Narayan Annex has changed

The guideline value for Lakshmi Narayan Annex has seen several revisions over the years. In 2012, the guideline value was set at Rs 1,200 per sq.ft. This figure decreased to Rs 804 per sq.ft in the 2017 revision. However, from 2017 to 2024, the guideline value increased significantly to Rs 1,300 per sq.ft, marking a 62% rise. Overall, from 2012 to 2024, the guideline value has increased by 8%.

It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2023 for this street. The changes in the guideline value reflect the fluctuations in property classification and market conditions over time.

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 guideline value for these streets is Rs 1,600 per sq.ft, which means that the guideline value for Lakshmi Narayan Annex is below this median.

• Lakshmi Narayana Avenue (Ward-29): Rs 1,300 per sq.ft (2024)
• Lakshmi Narayana Avenue (Ward-26): Rs 1,300 per sq.ft (2024)
• Lakshmi Narayana perumal Koil st (Ward No.28): Rs 1,300 per sq.ft (2024)
• Lakshmi Nagar, Ponniammanmedu (Ward-24): Rs 1,300 per sq.ft (2024)
• Lakshmi Nagar (Ponniamman Medu): Rs 2,700 per sq.ft (2024)
• Lakshmipuram Thirumal Nagr (Ward 29): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshmi Narayan Annex

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value amounts to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, bringing the total cost for these fees to Rs 1,17,000. It is essential to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Lakshmi Narayan Annex?

The Lakshmi Narayan Annex is covered by the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. To find your SRO, you can visit find your SRO.

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

The guideline value plays a crucial role in property transactions in Madhavaram. It is used to determine the stamp duty and registration fees that buyers need to pay when purchasing a property. The guideline value is set by the government and is subject to periodic revisions based on various factors.

When selling a property, the guideline value can also influence the sale price, as it provides a benchmark for both buyers and sellers. It is essential to be aware of the current guideline value to ensure compliance with legal requirements during the registration process.

Frequently asked questions

What is the current guideline value of Lakshmi Narayan Annex?

The current guideline value of Lakshmi Narayan Annex is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2012, the guideline value has changed from Rs 1,200 per sq.ft to Rs 804 per sq.ft in 2017, and then increased to Rs 1,300 per sq.ft in 2024. This reflects a significant increase of 62% from 2017 to 2024.

What are the other streets in Madhavaram with similar guideline values?

Other streets in Madhavaram with a guideline value of Rs 1,300 per sq.ft include Lakshmi Narayana Avenue (Ward-29), Lakshmi Narayana Avenue (Ward-26), Lakshmi Narayana perumal Koil st (Ward No.28), and Lakshmi Nagar, Ponniammanmedu (Ward-24).

How is stamp duty calculated in Lakshmi Narayan Annex?

Stamp duty in Lakshmi Narayan Annex is calculated based on the guideline value or the sale price, whichever is higher. For example, for a plot of 1,000 sq.ft at the current guideline value, the total stamp duty would be Rs 91,000.

Where can I find the Sub Registrar Office for Lakshmi Narayan Annex?

The Sub Registrar Office covering Lakshmi Narayan Annex is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO by visiting the relevant link.