Guideline Value for Lakshmipuram Thirumal Nagr (Ward 29)

Lakshmipuram Thirumal Nagr (Ward 29) guideline value

The current guideline value of Lakshmipuram Thirumal Nagr (Ward 29) is Rs 1,300 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village under the Madhavaram SRO, and it is classified as Residential Class III Type - I.

How the guideline value of Lakshmipuram Thirumal Nagr (Ward 29) has changed

The guideline value for this street has undergone several revisions over the years. The 2012 revision set the value at Rs 1,200 per sq.ft, which was then reduced to Rs 804 per sq.ft in the 2017 revision. The latest revision in 2024 has increased the guideline value to Rs 1,300 per sq.ft, representing a significant increase of 62% from the 2017 figure. Overall, from the 2012 revision to the 2024 revision, the guideline value has seen a slight increase of 8%.

It is important to note that there are no figures available for the years 2023, 2007, 2003, and 2002 for this street in the register. Therefore, the changes in guideline value are only reflected in the years 2012, 2017, and 2024.

Guideline values in Madhavaram

In Madhavaram village, there are 1,946 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value in this area is Rs 1,600 per sq.ft, indicating that the guideline value of Lakshmipuram Thirumal Nagr (Ward 29) is below the median.

• Lakshmi Puram (Thiyagi Sankara Linganar Street): Rs 1,300 per sq.ft (2024)
• Lalbahadur Sasthiri Street (Lakshmipuram): Rs 1,300 per sq.ft (2024)
• Lalitha Garden Roads (Ward No.7): Rs 1,300 per sq.ft (2024)
• Lalitha Garden (Ward-07): Rs 1,300 per sq.ft (2024)
• Lalitha Nagar: Rs 1,300 per sq.ft (2024)
• Lalitha Nagar, Lakshmipuram (Ward-26): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Lakshmipuram Thirumal Nagr (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. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can calculate your fees using the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Lakshmipuram Thirumal Nagr (Ward 29)?

The Sub Registrar Office that covers Lakshmipuram Thirumal Nagr (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 an essential factor when registering property transactions in Madhavaram. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that transactions are recorded accurately in the official register.

When buying or selling property, the guideline value helps in calculating the applicable stamp duty and registration fees. This ensures that both buyers and sellers are aware of the financial obligations involved in the transaction.

Frequently asked questions

What is the current guideline value of Lakshmipuram Thirumal Nagr (Ward 29)?

The current guideline value of Lakshmipuram Thirumal Nagr (Ward 29) is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 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. This reflects an overall increase of 8% from 2012 to 2024.

What is the land classification of Lakshmipuram Thirumal Nagr (Ward 29)?

The land classification for Lakshmipuram Thirumal Nagr (Ward 29) is Residential Class III Type - I.

Where can I find the Sub Registrar Office for Lakshmipuram Thirumal Nagr (Ward 29)?

The Sub Registrar Office for this area is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find more details by following the link provided.

How is the stamp duty calculated for property transactions in Lakshmipuram Thirumal Nagr (Ward 29)?

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 13,00,000, the stamp duty would be Rs 91,000 at a rate of 7%.