Guideline Value for SETHULAKSHMI 1ST MAIN ROAD

Sethulakshmi 1st Main Road guideline value

The current guideline value of Sethulakshmi 1st Main Road is Rs 3,300 per sq.ft, effective from 1 July 2024. This road is located in Manapakkam village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Sethulakshmi 1st Main Road has changed

Over the years, the guideline value of Sethulakshmi 1st Main Road has seen several revisions. The 2012 revision set the value at Rs 3,000 per sq.ft, which was a decrease of 33% from the Rs 2,010 per sq.ft recorded in the 2017 revision. The value remained at Rs 3,000 per sq.ft until the 2023 revision, which increased it to Rs 3,300 per sq.ft, marking a 10% rise. The most recent revision in 2024 again set the value at Rs 3,300 per sq.ft.

In summary, the guideline value has changed significantly from Rs 2,010 per sq.ft in 2017 to Rs 3,300 per sq.ft in 2024, representing an overall increase of 10% from the 2012 figure. The revisions for the years 2002, 2003, and 2007 have no figures recorded for this street.

Guideline values in Manapakkam

Within Manapakkam, there are 368 streets under the Chennai South Joint I SRO, with guideline values ranging from Rs 1,100 to Rs 12,800 per sq.ft. The median guideline value for the village is Rs 2,530 per sq.ft, indicating that the 2024 figure for Sethulakshmi 1st Main Road is above this median.

• Sethulakshmi 1st Street: Rs 3,300 per sq.ft (2024)
• Sethulakshmi 2nd Street: Rs 3,300 per sq.ft (2024)
• Sethulakshmi Avenue: Rs 3,300 per sq.ft (2024)
• Sethulakshmi Avenue Main Salai: Rs 3,300 per sq.ft (2024)
• Sethulakshmi Avenue Right 1st Cross Street: Rs 3,300 per sq.ft (2024)
• Sethulakshmi Avenue Right 2nd Cross Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Sethulakshmi 1st Main Road

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, while the registration fee at 2% would be Rs 66,000, bringing the total cost together to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Sethulakshmi 1st Main Road?

The Sub Registrar Office that covers Sethulakshmi 1st Main Road is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035, Chennai registration zone.

You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Manapakkam. It is used to determine the stamp duty and registration fees that need to be paid when buying or selling property in the area. This ensures that the government receives the appropriate revenue from property transactions.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This process helps maintain transparency and accountability in real estate transactions.

Frequently asked questions

What is the current guideline value of Sethulakshmi 1st Main Road?

The current guideline value of Sethulakshmi 1st Main Road 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 changed from Rs 3,000 per sq.ft in 2023 to Rs 3,300 per sq.ft in 2024, which is a 10% increase. It was Rs 2,010 per sq.ft in 2017, which means there has been a significant increase overall since then.

What is the land classification for Sethulakshmi 1st Main Road?

Sethulakshmi 1st Main Road is classified as Residential Class I Type - I. This classification indicates the type of development permitted in this area.

What are the stamp duty and registration fees based on the guideline value?

The stamp duty is charged at 7% of the guideline value, while the registration fee is charged at 2%. For example, for a 1,000 sq.ft plot at Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000, leading to a total cost of Rs 2,97,000 for duties and fees.

Which Sub Registrar Office covers this area?

The Chennai South Joint I Sub Registrar Office covers Sethulakshmi 1st Main Road, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.