Guideline Value for Muthulakshmi Salai (L.B. Road)

Muthulakshmi Salai (L.B. Road) guideline value

The current guideline value for Muthulakshmi Salai (L.B. Road) is Rs 12,700 per sq.ft, effective from 1 July 2024. This street is located in Kottur village under the Adayar SRO, and it falls under the Commercial Class I Type - II land classification.

How the guideline value of Muthulakshmi Salai (L.B. Road) has changed

The guideline value for Muthulakshmi Salai (L.B. Road) has undergone several revisions over the years. In 2003, the guideline value was Rs 3,848 per sq.ft. This figure increased to Rs 6,000 per sq.ft in 2007, marking a 56% rise. The value then saw a significant increase to Rs 11,500 per sq.ft in 2012, which was a 92% increase from the previous revision. However, in 2017, the value dropped to Rs 7,705 per sq.ft, reflecting a decrease of 33%. The guideline value then rose to Rs 11,500 per sq.ft in 2023, a 49% increase. The most recent revision in 2024 set the value at Rs 12,700 per sq.ft, a 10% increase from 2023.

It is important to note that there are no figures available for Muthulakshmi Salai (L.B. Road) in the 2002 revision. Overall, from 2003 to 2024, the guideline value has increased by 230%.

Guideline values in Kottur

Kottur village has a total of 114 streets under the Adayar SRO, with guideline values for 2024 ranging from Rs 3,300 to Rs 15,400 per sq.ft. The median guideline value in this area is Rs 6,100 per sq.ft, placing Muthulakshmi Salai (L.B. Road) above this median.

• Naidu Street: Rs 9,400 per sq.ft (2024)
• Naidu Street Balakrishnan Lane: Rs 5,500 per sq.ft (2024)
• Naidu Street Extension: Rs 9,400 per sq.ft (2024)
• New Street: Rs 6,100 per sq.ft (2024)
• Mannappan Street: Rs 3,300 per sq.ft (2024)
• Malligaipoo Nagar Slum: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Muthulakshmi Salai (L.B. Road)

For a 1,000 sq.ft plot at the current guideline value of Rs 12,700 per sq.ft, the total guideline value would be Rs 1,27,00,000. The stamp duty at 7% would amount to Rs 8,89,000, while the registration fee at 2% would be Rs 2,54,000. Together, the total cost for stamp duty and registration fee would be Rs 11,43,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Muthulakshmi Salai (L.B. Road)?

The Sub Registrar Office that covers Muthulakshmi Salai (L.B. Road) is the Adayar Sub Registrar Office, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20. You can find your SRO for further assistance.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Kottur. It serves as a benchmark for calculating the stamp duty and registration fees, which are mandatory costs involved in property transactions.

When a property is sold, the guideline value is compared to the sale price, and the higher amount is used to determine the applicable duties and fees. This ensures that the government receives its due revenue based on the value of the property being transferred.

Frequently asked questions

What is the current guideline value for Muthulakshmi Salai (L.B. Road)?

The current guideline value for Muthulakshmi Salai (L.B. Road) is Rs 12,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2003, the guideline value has increased from Rs 3,848 per sq.ft to Rs 12,700 per sq.ft in 2024, reflecting an overall increase of 230% over this period.

What are the other streets in Kottur and their guideline values?

Other streets in Kottur have varying guideline values. For example, Naidu Street is valued at Rs 9,400 per sq.ft, while Mannappan Street and Malligaipoo Nagar Slum are both valued at Rs 3,300 per sq.ft in 2024.

What fees are associated with buying property in Muthulakshmi Salai (L.B. Road)?

When purchasing property in Muthulakshmi Salai (L.B. Road), buyers should expect to pay stamp duty at 7% and a registration fee at 2% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Muthulakshmi Salai (L.B. Road)?

The Sub Registrar Office for Muthulakshmi Salai (L.B. Road) is the Adayar Sub Registrar Office, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20.