Guideline Value for Sankar Nagar, Lakshmipuram (Ward-26)

Sankar Nagar, Lakshmipuram (Ward-26) guideline value

The current guideline value of Sankar Nagar, Lakshmipuram (Ward-26) is Rs 1,300 per sq.ft, effective from 1 July 2024. This area is part of Madhavaram village and falls under the Madhavaram SRO, classified as Residential Class III Type - I.

How the guideline value of Sankar Nagar, Lakshmipuram (Ward-26) has changed

The guideline value for Sankar Nagar has seen several revisions over the years. In 2012, the guideline value was Rs 1,200 per sq.ft, which decreased to Rs 804 per sq.ft in 2017, marking a decline of 33%. The value then increased significantly to Rs 1,200 per sq.ft in 2023, and further rose to Rs 1,300 per sq.ft in 2024, reflecting an 8% increase.

From 2017 to 2023, the guideline value increased by 49%. Overall, from 2012 to 2024, the guideline value has increased by 8%. It is important to note that there are no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Madhavaram

Madhavaram village features a diverse range of guideline values, with 1,946 streets under the Madhavaram SRO carrying a 2024 figure ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median for these streets is Rs 1,600 per sq.ft, placing Sankar Nagar's 2024 figure below that median.

• Sankar Nagar: Rs 2,200 per sq.ft (2024)
• Sankaralingam st (Ward No.25): Rs 1,300 per sq.ft (2024)
• Sanjay Nagar, Ponniammanmedu (Ward-23): Rs 1,300 per sq.ft (2024)
• Sanjay Nagar Extension: Rs 2,200 per sq.ft (2024)
• Sanjay Nagar: Rs 2,200 per sq.ft (2024)
• Samy Nagar, Ponniammanmedu (Ward-24): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Sankar Nagar, Lakshmipuram (Ward-26)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value amounts to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, totaling Rs 1,17,000. 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 Sankar Nagar, Lakshmipuram (Ward-26)?

The Sub Registrar Office covering Sankar Nagar, Lakshmipuram (Ward-26) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. To find your SRO, visit find your SRO.

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

The guideline value is a crucial factor during property registration in Madhavaram. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value serves as a benchmark for the transaction. Buyers and sellers must be aware of this value as it influences the overall costs involved in the registration process.

Frequently asked questions

What is the current guideline value of Sankar Nagar, Lakshmipuram (Ward-26)?

The current guideline value of Sankar Nagar, Lakshmipuram (Ward-26) is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, then increased to Rs 1,200 per sq.ft in 2023, and finally to Rs 1,300 per sq.ft in 2024.

What is the classification of land in Sankar Nagar?

Sankar Nagar is classified as Residential Class III Type - I under the Madhavaram SRO.

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

For a property valued at Rs 13,00,000, the stamp duty is Rs 91,000 and the registration fee is Rs 26,000, totaling Rs 1,17,000.

Where can I find the Sub Registrar Office for Sankar Nagar?

The Sub Registrar Office for Sankar Nagar, Lakshmipuram (Ward-26) is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.