Guideline Value for Lakshmiamman Nagar 1st Cross Street

Lakshmiamman Nagar 1st Cross Street guideline value

The current guideline value of Lakshmiamman Nagar 1st Cross Street is Rs 3,000 per sq.ft, effective from 1 July 2024. This street is located in Erukancherry village under the Madhavaram SRO, classified as Residential Class I Type - I.

How the guideline value of Lakshmiamman Nagar 1st Cross Street has changed

The guideline value for Lakshmiamman Nagar 1st Cross Street has seen several revisions over the years. The 2012 revision set the value at Rs 2,800 per sq.ft, which was a decrease of 33% from the 2017 revision of Rs 1,876 per sq.ft. In the subsequent revision in 2023, the value increased to Rs 2,800 per sq.ft, and the latest revision in 2024 raised it to Rs 3,000 per sq.ft, marking a 7% increase from the previous year.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 7%. It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street.

Guideline values in Erukancherry

In Erukancherry, there are 376 streets under the Madhavaram SRO that have a 2024 guideline value ranging from Rs 1,900 to Rs 3,800 per sq.ft, with a median value of Rs 2,500 per sq.ft. The guideline value for Lakshmiamman Nagar 1st Cross Street is above this median.

• Lakshmi Amman Koil Street: Rs 3,000 per sq.ft (2024)
• Lakshmi Amman 3rd Street: Rs 3,000 per sq.ft (2024)
• Lakshmi Amman 2nd Street: Rs 3,000 per sq.ft (2024)
• Lakshmi Amman 1st Street: Rs 3,000 per sq.ft (2024)
• Kuppusamy Dasan Street: Rs 2,200 per sq.ft (2024)
• Kuppusamy Dasan 1st Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshmiamman Nagar 1st Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,000 per sq.ft, the total guideline value amounts to Rs 30,00,000. The stamp duty at 7% would be Rs 2,10,000, and the registration fee at 2% would be Rs 60,000, totaling Rs 2,70,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Lakshmiamman Nagar 1st Cross Street?

The Sub Registrar Office covering Lakshmiamman Nagar 1st Cross Street 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 Erukancherry

The guideline value is a crucial factor in the registration process when buying or selling property in Erukancherry. It determines the minimum value at which the property must be registered, ensuring that the transaction is recorded at a fair value.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government collects the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Lakshmiamman Nagar 1st Cross Street?

The current guideline value of Lakshmiamman Nagar 1st Cross Street is Rs 3,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,800 per sq.ft in 2023 to Rs 3,000 per sq.ft in 2024, which is a 7% increase. From 2017 to 2023, there was a 49% increase from Rs 1,876 per sq.ft to Rs 2,800 per sq.ft.

What is the land classification for Lakshmiamman Nagar 1st Cross Street?

Lakshmiamman Nagar 1st Cross Street is classified as Residential Class I Type - I, indicating its suitability for residential development.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles registrations for properties in the area.

How is the stamp duty calculated for properties in this area?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 30,00,000, the stamp duty would be Rs 2,10,000 at a rate of 7%.