Guideline Value for Lakshmiamman Nagar

Lakshmiamman Nagar guideline value

The current guideline value of Lakshmiamman Nagar, located in Selavoyal village under the Madhavaram SRO, is Rs 1,900 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class III Type - I.

How the guideline value of Lakshmiamman Nagar has changed

Over the years, the guideline value of Lakshmiamman Nagar has seen several revisions. The 2012 revision set the value at Rs 1,800 per sq.ft, which was then reduced to Rs 1,206 per sq.ft in 2017. Following this decline, the value increased significantly to Rs 1,800 per sq.ft in 2023, and further rose to Rs 1,900 per sq.ft in the 2024 revision, marking a 6% increase from the previous year.

From 2017 to 2023, there was a notable increase of 49%. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 6%. It is important to note that there are no recorded figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Selavoyal

In Selavoyal, there are 170 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,900 to Rs 3,300 per sq.ft as per the 2024 revision. The median guideline value for the area is Rs 2,200 per sq.ft, placing Lakshmiamman Nagar's 2024 figure below this median.

• Lakshmiamman Koil Street: Rs 2,200 per sq.ft (2024)
• Manali High Road: Rs 2,200 per sq.ft (2024)
• Mettu Street: Rs 2,200 per sq.ft (2024)
• Milk Colony Road / Palpannai Road: Rs 2,200 per sq.ft (2024)
• M.R. Dharmalingam Salai: Rs 1,900 per sq.ft (2024)
• Munusamy Street: Rs 1,900 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshmiamman Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,900 per sq.ft, the total guideline value amounts to Rs 19,00,000. The stamp duty at 7% would be Rs 1,33,000, and the registration fee at 2% would be Rs 38,000, bringing the total cost to Rs 1,71,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Lakshmiamman Nagar?

The Lakshmiamman Nagar area falls under 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 Selavoyal

The guideline value plays a crucial role during the registration of property transactions in Selavoyal. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value is used to assess the transaction value for taxation purposes. Buyers should be aware that the stamp duty is calculated based on the higher value between the guideline value and the actual sale price of the property.

Frequently asked questions

What is the current guideline value of Lakshmiamman Nagar?

The current guideline value of Lakshmiamman Nagar is Rs 1,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,800 per sq.ft in 2012 to Rs 1,206 per sq.ft in 2017, then to Rs 1,800 per sq.ft in 2023, and finally to Rs 1,900 per sq.ft in 2024.

What is the land classification of Lakshmiamman Nagar?

Lakshmiamman Nagar is classified as Residential Class III Type - I, indicating its designation for residential purposes.

What are the stamp duty and registration fees for property in Lakshmiamman Nagar?

The stamp duty is charged at 7%, and the registration fee is 2% of the guideline value or sale price, whichever is higher. For example, for a 1,000 sq.ft plot, the total cost would be Rs 1,71,000.

Where is the Madhavaram Sub Registrar Office located?

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