Guideline Value for Lakshmi Narayana Avenue (Ward-29)

Lakshmi Narayana Avenue (Ward-29) guideline value

The current guideline value of Lakshmi Narayana Avenue (Ward-29) is Rs 1,300 per sq.ft, effective from the 2024 revision. This street is located in Madhavaram village, under the Madhavaram SRO, and is classified as Residential Class III Type - I.

How the guideline value of Lakshmi Narayana Avenue (Ward-29) has changed

The guideline value for Lakshmi Narayana Avenue has undergone several revisions over the years. In the 2012 revision, the value was set at Rs 1,200 per sq.ft, which decreased to Rs 804 per sq.ft in the 2017 revision, marking a significant drop of 33%. However, the most recent revision in 2024 saw a substantial increase to Rs 1,300 per sq.ft, reflecting a rise of 62% from the 2017 figure.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 8%. It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2023 in the register for this street.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO that have a guideline value for 2024, 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, placing Lakshmi Narayana Avenue's 2024 figure below this median.

• Lakshmi Narayana Avenue (Ward-26): Rs 1,300 per sq.ft (2024)
• Lakshmi Narayan Annex: 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 Narayana Avenue (Ward-29)

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, totaling Rs 1,17,000. Please note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Lakshmi Narayana Avenue (Ward-29)?

The Sub Registrar Office that covers Lakshmi Narayana Avenue (Ward-29) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Madhavaram. It serves as a benchmark for calculating the stamp duty and registration fees, which are essential components of the property transaction.

When a property is registered, the guideline value is used to determine the applicable fees, ensuring that both the buyer and seller are aware of the financial implications of the transaction. This transparency helps in facilitating smoother property dealings in the region.

Frequently asked questions

What is the current guideline value of Lakshmi Narayana Avenue (Ward-29)?

The current guideline value of Lakshmi Narayana Avenue (Ward-29) is Rs 1,300 per sq.ft, effective from the 2024 revision.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, and then increased to Rs 1,300 per sq.ft in 2024. Overall, there has been an 8% increase from 2012 to 2024.

What is the land classification of Lakshmi Narayana Avenue (Ward-29)?

Lakshmi Narayana Avenue (Ward-29) is classified as Residential Class III Type - I, indicating its suitability for residential development.

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

For a property valued at Rs 13,00,000, the stamp duty would be Rs 91,000, and the registration fee would be Rs 26,000, totaling Rs 1,17,000. These fees are calculated based on the guideline value or the sale price, whichever is higher.

Which office handles property registrations in Madhavaram?

The Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060, handles property registrations in Madhavaram.