Guideline Value for SETHULAKSHMI AVENUE RIGHT 1ST CROSS STREET

Sethulakshmi Avenue Right 1st Cross Street guideline value

The current guideline value of Sethulakshmi Avenue Right 1st Cross 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 Avenue Right 1st Cross Street has changed

The guideline value for Sethulakshmi Avenue Right 1st Cross 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 from the Rs 2,010 per sq.ft recorded in 2017. The 2023 revision raised the value to Rs 3,000 per sq.ft, and the latest revision in 2024 increased it further to Rs 3,300 per sq.ft, marking a 10% increase from the previous year.

In summary, the changes between revisions show a significant increase from Rs 2,010 per sq.ft in 2017 to Rs 3,300 per sq.ft in 2024. The overall change from 2012 to 2024 is a 10% increase, reflecting a steady rise in the guideline value over the years.

Guideline values in Manapakkam

In 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 area is Rs 2,530 per sq.ft, placing the current value of Sethulakshmi Avenue Right 1st Cross Street above this median.

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

Stamp duty and registration fee for property in Sethulakshmi Avenue Right 1st Cross Street

For a 1,000 sq.ft plot at the current rate of Rs 3,300 per sq.ft, the 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, totaling Rs 2,97,000. It is important to note that the 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 more details.

Which Sub Registrar Office covers Sethulakshmi Avenue Right 1st Cross Street?

The Sub Registrar Office that covers Sethulakshmi Avenue Right 1st Cross Street is the Chennai South Joint I Sub Registrar Office. The address is Integrated Building For Offices Of The Commercial Taxes And Registrations Department, fanepet Nandanam, Chennai -600 035. For more information, you can find your SRO.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Manapakkam. It serves as a benchmark for determining the value of the property and is used to calculate the stamp duty and registration fees applicable to the transaction.

When a property is sold, the buyer must pay the stamp duty based on the higher of the guideline value or the sale price. This ensures that the government receives appropriate revenue from property transactions, reflecting the value of real estate in the area.

Frequently asked questions

What is the current guideline value of Sethulakshmi Avenue Right 1st Cross Street?

The current guideline value of Sethulakshmi Avenue Right 1st Cross Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Over the years, the guideline value has changed significantly, from Rs 2,010 per sq.ft in 2017 to Rs 3,300 per sq.ft in 2024. The value increased by 49% from 2017 to 2023 and by 10% from 2023 to 2024.

What are the stamp duty and registration fees for property in this street?

For a 1,000 sq.ft plot at the current guideline value, the total stamp duty and registration fees amount to Rs 2,97,000. This includes a stamp duty of Rs 2,31,000 and a registration fee of Rs 66,000.

Which office handles registrations for this area?

The Chennai South Joint I Sub Registrar Office handles registrations for Sethulakshmi Avenue Right 1st Cross Street. It is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, fanepet Nandanam, Chennai -600 035.

What is the land classification for Sethulakshmi Avenue Right 1st Cross Street?

The land classification for Sethulakshmi Avenue Right 1st Cross Street is Residential Class I Type - I. This classification indicates the type of development and usage permitted in the area.