Guideline Value for Lakshmi Street

Lakshmi Street guideline value

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

How the guideline value of Lakshmi Street has changed

The guideline value for Lakshmi Street has undergone several revisions over the years. The register does not have figures for the years 2002, 2003, 2007, 2012, and 2017. The 2023 revision set the value at Rs 2,000 per sq.ft, which was an increase from the previous revisions. The most recent 2024 revision raised the guideline value to Rs 2,200 per sq.ft, reflecting a change of +10% from the 2023 figure.

In summary, the guideline value for Lakshmi Street has increased from Rs 2,000 per sq.ft in 2023 to Rs 2,200 per sq.ft in 2024. This increase is part of the broader adjustments made across various streets in the Madipakkam-1 area.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets registered 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 Street's 2024 figure below this median.

• Lalithambal Street: Rs 1,650 per sq.ft (2024)
• Lalithambal Street/Karthikeyapuram 2nd Cross Street: Rs 3,850 per sq.ft (2024)
• Lakshmi Nagar Main Road: Rs 2,200 per sq.ft (2024)
• Leela Vathi Ammal Street: Rs 2,200 per sq.ft (2024)
• Lakshmi Nagar/Iswarya Street/Sheela Nagar: Rs 2,750 per sq.ft (2024)
• L.G. Nagar: Rs 2,200 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 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. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Lakshmi Street?

The Sub Registrar Office that covers Lakshmi 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 further assistance.

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 of property transactions in Madipakkam-1. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the sale or purchase of property.

When a property is sold or purchased, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the transaction is registered accurately in accordance with the prevailing regulations.

Frequently asked questions

What is the current guideline value of Lakshmi Street?

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

How has the guideline value changed recently?

The guideline value increased from Rs 2,000 per sq.ft in 2023 to Rs 2,200 per sq.ft in 2024, reflecting a change of +10%.

What is the land classification for Lakshmi Street?

Lakshmi Street is classified under Residential Class II Type - I land classification.

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

For a 1,000 sq.ft plot 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.

Where is the Sub Registrar Office for Lakshmi Street located?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.