Guideline Value for SETHULAKSHMI 2ND STREET

Sethulakshmi 2nd Street guideline value

The current guideline value of Sethulakshmi 2nd Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street 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 2nd Street has changed

The guideline value for Sethulakshmi 2nd Street has seen several revisions over the years. The 2012 revision set the value at Rs 3,000 per sq.ft, which was a decrease of 33% from the 2017 revision, where the value was Rs 2,010 per sq.ft. The next revision in 2023 increased the value to Rs 3,000 per sq.ft, followed by the latest revision in 2024, which raised it to Rs 3,300 per sq.ft, marking a 10% increase from the previous year.

From 2017 to 2023, there was a significant increase of 49%. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Manapakkam

In Manapakkam, there are 368 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 12,800 per sq.ft. The median value is Rs 2,530 per sq.ft, placing the guideline value of Sethulakshmi 2nd Street above this median.

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

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 for these fees to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can calculate your fees using the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sethulakshmi 2nd Street?

The Sub Registrar Office that covers Sethulakshmi 2nd Street 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. You can find your SRO for more information.

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

The guideline value is an essential factor in the registration process when buying or selling property in Manapakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the guideline value is compared to the sale price, and the duty is charged on the higher of the two. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Sethulakshmi 2nd Street?

The current guideline value of Sethulakshmi 2nd 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 changed from Rs 3,000 per sq.ft in 2023 to Rs 3,300 per sq.ft in 2024, a 10% increase. It was Rs 2,010 per sq.ft in 2017 and Rs 3,000 per sq.ft in 2012.

What is the land classification for Sethulakshmi 2nd Street?

The land classification for Sethulakshmi 2nd Street is Residential Class I Type - I, which indicates the type of residential development allowed in this area.

What are the stamp duty rates for property transactions?

The stamp duty rate is 7% of the guideline value or the sale price, whichever is higher. Additionally, there is a registration fee of 2% applicable on the same basis.

Where can I find the Sub Registrar Office for this area?

The Sub Registrar Office for Sethulakshmi 2nd Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find more information about it online.