Guideline Value for Laxmi Vathana Street

Laxmi Vathana Street guideline value

The current guideline value of Laxmi Vathana Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Kottivakkam village, under the Adayar SRO, and is classified as Residential Class III Type - I.

How the guideline value of Laxmi Vathana Street has changed

The guideline value for Laxmi Vathana Street has seen several revisions over the years. In the 2017 revision, the value was Rs 2,010 per sq.ft, which increased to Rs 3,000 per sq.ft in the 2023 revision, reflecting a significant change of 49%. The current value of Rs 3,300 per sq.ft from the 2024 revision marks a 10% increase from the previous year.

Prior to the 2017 revision, the guideline value was Rs 3,000 per sq.ft in 2012, which was a decrease of 33% from Rs 2,200 per sq.ft in 2007. The overall change from 2007 to 2024 shows an increase of 50%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Kottivakkam

In Kottivakkam, there are 284 streets under the Adayar SRO, with guideline values ranging from Rs 1,700 to Rs 8,500 per sq.ft. The median guideline value for these streets is Rs 3,900 per sq.ft, making the current value of Laxmi Vathana Street below the median.

• Lakshmana Perumal Raja Street: Rs 4,400 per sq.ft (2024)
• Lakshmana Perumal Nagar Main road: Rs 4,400 per sq.ft (2024)
• Lakshmana Perumal Nagar Jaganathan Street: Rs 4,400 per sq.ft (2024)
• Lakshmana Perumal Nagar First Street: Rs 4,400 per sq.ft (2024)
• Lakshmana Perumal Nagar 5th Cross Street: Rs 4,400 per sq.ft (2024)
• Lakshmana Perumal Nagar 4th Cross Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Laxmi Vathana Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total cost to Rs 2,97,000. Please note that duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Laxmi Vathana Street?

The Sub Registrar Office that covers Laxmi Vathana Street is the Adayar Sub Registrar Office, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20. You can find your SRO for more information.

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

When buying or selling property in Kottivakkam, the guideline value plays a crucial role in determining the stamp duty and registration fees. This value is set by the government and is used as a benchmark for transactions, ensuring that the appropriate taxes are collected based on the property's worth.

It is important for buyers and sellers to be aware of the guideline value, as it can affect the overall transaction costs. The guideline value must be considered alongside the sale price, with the higher of the two being used to calculate the applicable duties and fees.

Frequently asked questions

What is the current guideline value of Laxmi Vathana Street?

The current guideline value of Laxmi Vathana Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 2,010 per sq.ft in 2017 to Rs 3,300 per sq.ft in 2024, with various revisions in between.

What is the land classification for Laxmi Vathana Street?

Laxmi Vathana Street is classified as Residential Class III Type - I.

Where can I find the Sub Registrar Office for Laxmi Vathana Street?

The Adayar Sub Registrar Office covers Laxmi Vathana Street and is located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20.

How is the stamp duty calculated for properties in Kottivakkam?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. This ensures that the appropriate taxes are collected during the registration process.