Guideline Value for Lamach Street

Lamach Street guideline value

The current guideline value of Lamach Street is Rs 4,950 per sq.ft, effective from 1 July 2024. This street is located in Valasaravakkam village and falls under the Virugambakkam SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Lamach Street has changed

In the 2012 revision, the guideline value was Rs 4,500 per sq.ft. This figure saw a decrease to Rs 3,015 per sq.ft in the 2017 revision, marking a decline of 33%. However, from 2017 to 2023, the value increased significantly to Rs 4,500 per sq.ft, reflecting a rise of 49%. The most recent revision in 2024 has further increased the value to Rs 4,950 per sq.ft, which is a 10% increase from the previous year.

The register has no figures for Lamach Street in the years 2002, 2003, and 2007. Overall, from 2012 to 2024, the guideline value has seen a modest increase of 10%.

Guideline values in Valasaravakkam

In Valasaravakkam, there are 774 streets under the Virugambakkam SRO, with guideline values ranging from Rs 2,750 to Rs 8,800 per sq.ft. The median value for these streets is Rs 3,850 per sq.ft, placing Lamach Street's 2024 figure above this median.

• Madurai Meenakshi Nagar - Arumuga Navalar Street: Rs 4,950 per sq.ft (2024)
• Madurai Meenakshi Nagar - Kadamban 1st Street: Rs 4,950 per sq.ft (2024)
• Madurai Meenakshi Nagar - Kadamban 2nd Street: Rs 4,950 per sq.ft (2024)
• Madurai Meenakshi Nagar - Kadamban Street: Rs 4,950 per sq.ft (2024)
• Madurai Meenakshi Nagar - Kandan 1st Cross Street: Rs 4,950 per sq.ft (2024)
• Madurai Meenakshi Nagar - Kandan 1st Street: Rs 4,950 per sq.ft (2024)

Stamp duty and registration fee for property in Lamach Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,950 per sq.ft, the total guideline value would be Rs 49,50,000. The stamp duty at 7% would amount to Rs 3,46,500, and the registration fee at 2% would be Rs 99,000, bringing the total to Rs 4,45,500. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Lamach Street?

The Sub Registrar Office that covers Lamach Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Valasaravakkam

The guideline value is a critical factor when registering property transactions in Valasaravakkam. It determines the minimum value at which a property can be registered, impacting the stamp duty and registration fees payable during the transaction.

When buying or selling property, it is essential to note that the guideline value may influence negotiations between buyers and sellers. However, the final sale price may differ, as the duty is charged based on the higher of the guideline value or the sale price.

Frequently asked questions

What is the current guideline value of Lamach Street?

The current guideline value of Lamach Street is Rs 4,950 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2012, the guideline value has changed from Rs 4,500 to Rs 3,015 in 2017, then back to Rs 4,500 in 2023, and finally to Rs 4,950 in 2024.

Where can I find the Sub Registrar Office for Lamach Street?

The Sub Registrar Office for Lamach Street is the Virugambakkam SRO, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

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

For a property valued at Rs 49,50,000, the stamp duty would be Rs 3,46,500, and the registration fee would be Rs 99,000, totaling Rs 4,45,500.

How does the guideline value affect property transactions?

The guideline value establishes the minimum price for property registration, influencing the stamp duty and registration fees. It is essential for buyers and sellers to consider this value during negotiations and transactions.