Guideline Value for Sarathy Nagar 2nd St., Lakshmipuram (Ward-26)

Sarathy Nagar 2nd St., Lakshmipuram (Ward-26) guideline value

The current guideline value of Sarathy Nagar 2nd St., Lakshmipuram (Ward-26) is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is classified under Residential Class I Type - I and falls under Madhavaram village, governed by the Madhavaram SRO.

How the guideline value of Sarathy Nagar 2nd St., Lakshmipuram (Ward-26) has changed

The guideline value for Sarathy Nagar 2nd St. has seen several revisions over the years. The earliest recorded figure is from 2012, where the value was Rs 2,000 per sq.ft. This was followed by a decline to Rs 1,340 per sq.ft in the 2017 revision, reflecting a decrease of 33%. However, the most recent revision in 2024 shows a significant increase to Rs 2,200 per sq.ft, marking a rise of 64% from the 2017 figure.

Overall, comparing the values from 2012 to 2024, there has been a modest increase of 10%. It is important to note that the guideline value register does not have figures for the years 2023, 2007, 2003, and 2002 for this street.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO that carry a 2024 guideline value, ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value in this area is Rs 1,600 per sq.ft, placing Sarathy Nagar 2nd St.'s current value above the median.

• Sarathy Nagar 1st Street (Ward 26): Rs 2,200 per sq.ft (2024)
• Sarathy Nagar 3rd St, Lakshmipuram (Ward-26): Rs 2,200 per sq.ft (2024)
• Sarathy Nagar 4th Street, Lakshmipuram (Ward-26): Rs 2,200 per sq.ft (2024)
• Sarathi Nagar (Raja Avenue): Rs 2,200 per sq.ft (2024)
• Sarathy Nagar Extension: Rs 2,200 per sq.ft (2024)
• Sarathi Nagar (Maragathammal Avenue): Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Sarathy Nagar 2nd St., Lakshmipuram (Ward-26)

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, making the total charges Rs 1,98,000. 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 Sarathy Nagar 2nd St., Lakshmipuram (Ward-26)?

The Sub Registrar Office that covers Sarathy Nagar 2nd St., Lakshmipuram (Ward-26) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Madhavaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring transparency in property dealings.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees. This ensures that both buyers and sellers are aware of the financial implications of their transactions based on the established guideline value.

Frequently asked questions

What is the current guideline value of Sarathy Nagar 2nd St., Lakshmipuram?

The current guideline value of Sarathy Nagar 2nd St., Lakshmipuram (Ward-26) is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, and then increased to Rs 2,200 per sq.ft in 2024. This reflects a 64% increase from 2017 to 2024 and an overall 10% increase from 2012 to 2024.

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

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000. The duty is charged on the higher of the guideline value or the sale price.

Which Sub Registrar Office covers Sarathy Nagar 2nd St.?

The Madhavaram Sub Registrar Office covers Sarathy Nagar 2nd St., Lakshmipuram (Ward-26). It is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

What is the land classification of Sarathy Nagar 2nd St.?

Sarathy Nagar 2nd St. is classified under Residential Class I Type - I, indicating its suitability for residential purposes.