Guideline Value for SETHULAKSHMI AVENUE

Sethulakshmi Avenue guideline value

The current guideline value of Sethulakshmi Avenue, located in Manapakkam village, is Rs 3,300 per sq.ft, effective from 1 July 2024. This area falls under the Chennai South Joint I SRO and is classified as Residential Class I Type - I.

How the guideline value of Sethulakshmi Avenue has changed

The guideline value for Sethulakshmi Avenue has undergone several revisions over the years. In 2012, the guideline value was Rs 3,000 per sq.ft, which decreased to Rs 2,010 per sq.ft in 2017. Following this, the value saw a significant increase to Rs 3,000 per sq.ft in 2023, and then to Rs 3,300 per sq.ft in 2024, marking a 10% increase from the previous year.

From 2017 to 2023, there was a notable increase of 49%. Overall, from 2012 to 2024, the guideline value has increased by 10%. The register has no figure 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, with a median value of Rs 2,530 per sq.ft. Sethulakshmi Avenue's 2024 figure of Rs 3,300 per sq.ft is above this median.

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

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 charges 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.

You can also use our stamp duty and registration fee calculator for more precise calculations.

Which Sub Registrar Office covers Sethulakshmi Avenue?

Sethulakshmi Avenue falls under 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. To find your specific SRO, you can visit this link.

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 serves as a benchmark for calculating the stamp duty and registration fees, ensuring that these charges are based on a standardized value set by the government.

When buying or selling property, the guideline value is used to determine the minimum value at which the property can be registered. This means that if the sale price is lower than the guideline value, the stamp duty will be calculated based on the guideline value instead of the sale price.

Frequently asked questions

What is the current guideline value of Sethulakshmi Avenue?

The current guideline value of Sethulakshmi Avenue 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 2012 to Rs 2,010 per sq.ft in 2017, then increased to Rs 3,000 per sq.ft in 2023, and finally to Rs 3,300 per sq.ft in 2024.

What is the land classification of Sethulakshmi Avenue?

Sethulakshmi Avenue is classified as Residential Class I Type - I.

What is the registration office for Sethulakshmi Avenue?

The registration office for Sethulakshmi Avenue 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.

How is stamp duty calculated for properties in this area?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a property with a guideline value of Rs 33,00,000 would incur a stamp duty of Rs 2,31,000 at a rate of 7%.