Guideline Value for Lakshmi Street

Lakshmi Street guideline value

The current guideline value of Lakshmi Street in Kodungaiyur village is Rs 2,700 per sq.ft, effective from 1 July 2024. This street falls under the Madhavaram SRO and is classified as Residential Class I Type - I.

How the guideline value of Lakshmi Street has changed

In the 2012 revision, the guideline value was set at Rs 2,500 per sq.ft. This figure decreased to Rs 1,675 per sq.ft in the 2017 revision, marking a decline of 33%. However, from 2017 to 2024, the guideline value increased significantly by 61%, bringing it to the current rate of Rs 2,700 per sq.ft.

It is important to note that the guideline value register has no figures for the years 2023, 2007, 2003, and 2002 for Lakshmi Street. Overall, the guideline value has seen a slight increase of 8% from 2012 to 2024.

Guideline values in Kodungaiyur

In Kodungaiyur, there are 1,318 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,900 to Rs 4,000 per sq.ft. The median value is Rs 2,700 per sq.ft, which is equal to the guideline value of Lakshmi Street.

• Lalbahadur Shastri Street: Rs 2,700 per sq.ft (2024)
• Lenin Street: Rs 2,700 per sq.ft (2024)
• Lenin Street (Krishnamoorthy Nagar): Rs 2,700 per sq.ft (2024)
• Lingasan Street: Rs 2,700 per sq.ft (2024)
• Lingesan Street (Krishnamoorthy Nagar): Rs 2,700 per sq.ft (2024)
• Lingesan Street (R.V. Nagar): Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshmi Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value would be Rs 27,00,000. The stamp duty at 7% would amount to Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total cost for these fees to Rs 2,43,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for more information on fees.

Which Sub Registrar Office covers Lakshmi Street?

The Sub Registrar Office covering Lakshmi Street is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for further assistance.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Kodungaiyur. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is sold, the guideline value is used to calculate the fees, ensuring that both the buyer and seller are aware of the financial obligations involved in the transfer of property ownership.

Frequently asked questions

What is the current guideline value of Lakshmi Street?

The current guideline value of Lakshmi Street 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 2012 to Rs 1,675 per sq.ft in 2017, and then increased to Rs 2,700 per sq.ft in 2024. There are no figures available for the years 2023, 2007, 2003, and 2002.

What is the land classification for Lakshmi Street?

Lakshmi Street is classified as Residential Class I Type - I under the guideline value register.

What are the stamp duty and registration fees for properties on Lakshmi Street?

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. The duty is charged on the higher of the guideline value or the sale price.

Which office handles property registrations for Lakshmi Street?

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