Guideline Value for Lalithambal Street/Karthikeyapuram 2nd Cross Street

Lalithambal Street/Karthikeyapuram 2nd Cross Street guideline value

The current guideline value for Lalithambal Street/Karthikeyapuram 2nd Cross Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in the Madipakkam-1 village under the Velacheri SRO, classified as Residential Class I Type - I.

How the guideline value of Lalithambal Street/Karthikeyapuram 2nd Cross Street has changed

The guideline value for this street has seen several revisions over the years. The 2023 revision set the value at Rs 3,500 per sq.ft, while the latest 2024 revision increased it to Rs 3,850 per sq.ft, marking a change of +10%. Prior to these revisions, the register has no figure for the years 2017, 2012, 2007, 2003, and 2002.

In summary, the guideline value rose from Rs 3,500 per sq.ft in 2023 to Rs 3,850 per sq.ft in 2024. The absence of figures for earlier years indicates that the current value reflects significant changes in the property landscape for this area.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets 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 village is Rs 2,750 per sq.ft, placing Lalithambal Street/Karthikeyapuram 2nd Cross Street above that median.

• Lalithambal Street: Rs 1,650 per sq.ft (2024)
• Lakshmi Street: Rs 2,200 per sq.ft (2024)
• Leela Vathi Ammal Street: Rs 2,200 per sq.ft (2024)
• L.G. Nagar: Rs 2,200 per sq.ft (2024)
• L.G. Nagar Main Road: Rs 2,200 per sq.ft (2024)
• L.I.C. Nagar: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Lalithambal Street/Karthikeyapuram 2nd Cross Street

For a 1,000 sq.ft plot at the current rate of Rs 3,850 per sq.ft, the guideline value amounts to Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, totaling Rs 3,46,500. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Lalithambal Street/Karthikeyapuram 2nd Cross Street?

The Lalithambal Street/Karthikeyapuram 2nd Cross Street falls under the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value plays a crucial role in the registration process of property transactions in Madipakkam-1. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duty and registration fees.

When buying or selling property, the guideline value is essential for calculating the applicable stamp duty and registration fees. Buyers should be aware that these fees are based on the higher of the guideline value or the actual sale price of the property.

Frequently asked questions

What is the current guideline value for Lalithambal Street/Karthikeyapuram 2nd Cross Street?

The current guideline value for Lalithambal Street/Karthikeyapuram 2nd Cross Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,500 per sq.ft in 2023 to Rs 3,850 per sq.ft in 2024, marking a 10% increase. There are no figures available for the years 2017, 2012, 2007, 2003, and 2002.

What are the stamp duty and registration fees for properties in this area?

For a 1,000 sq.ft plot at the current guideline value, the stamp duty would be Rs 2,69,500, and the registration fee would be Rs 77,000, totaling Rs 3,46,500.

Which office handles registrations for this street?

The Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042, handles registrations for Lalithambal Street/Karthikeyapuram 2nd Cross Street.

How is the guideline value determined in Madipakkam-1?

The guideline value in Madipakkam-1 is determined based on various factors and serves as a minimum benchmark for property registration. It ensures that the government receives appropriate revenue from property transactions.