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

Sarathy Nagar, Lakshmipuram (Ward-26) guideline value

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

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

The guideline value for Sarathy Nagar, Lakshmipuram (Ward-26) has undergone several revisions over the years. In 2012, the guideline value was Rs 2,000 per sq.ft, which decreased to Rs 1,340 per sq.ft in the 2017 revision. However, the most recent revision in 2024 saw an increase to Rs 2,200 per sq.ft. Notably, there are no figures for the years 2002, 2003, 2007, and 2023 in the register for this street.

From 2012 to 2017, the guideline value decreased by 33%. Conversely, from 2017 to 2024, there was a significant increase of 64%. Overall, from 2012 to 2024, there has been a slight increase of 10% in the guideline value.

Guideline values in Madhavaram

In Madhavaram, the guideline values for 2024 range from Rs 1,300 to Rs 7,500 per sq.ft, with a median value of Rs 1,600 per sq.ft. The guideline value for Sarathy Nagar, Lakshmipuram (Ward-26) is above this median, reflecting its standing among the various streets in the area.

• Sarathy Nagar Extension: Rs 2,200 per sq.ft (2024)
• Sarathy Nagar 4th Street, Lakshmipuram (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 2nd St., Lakshmipuram (Ward-26): Rs 2,200 per sq.ft (2024)
• Sarathy Nagar 1st Street (Ward 26): Rs 2,200 per sq.ft (2024)
• Saravana Nagar: Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Sarathy Nagar, 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, bringing the total charges to 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 information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sarathy Nagar, Lakshmipuram (Ward-26)?

The Sub Registrar Office that covers Sarathy Nagar, 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 details.

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

The guideline value is a crucial factor when buying or selling property in Madhavaram. It serves as a benchmark for determining the stamp duty and registration fees, which are calculated based on the guideline value or the sale price, whichever is higher.

When engaging in property transactions, it is essential to be aware of the guideline value, as it directly impacts the overall costs involved in the registration process. Buyers and sellers should ensure they are informed about the current guideline values to avoid any surprises during the registration of their property.

Frequently asked questions

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

The current guideline value of Sarathy Nagar, 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 seen several changes: it was Rs 2,000 per sq.ft in 2012, decreased to Rs 1,340 per sq.ft in 2017, and then increased to Rs 2,200 per sq.ft in 2024.

What are the stamp duty and registration fees for properties in Sarathy Nagar?

For a property valued at Rs 22,00,000, the stamp duty is Rs 1,54,000 and the registration fee is Rs 44,000, totaling Rs 1,98,000.

Which office handles the registration for Sarathy Nagar?

The Madhavaram Sub Registrar Office handles the registration for Sarathy Nagar, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

What is the land classification for Sarathy Nagar, Lakshmipuram (Ward-26)?

Sarathy Nagar, Lakshmipuram (Ward-26) is classified as Residential Class I Type - I, indicating its suitability for residential purposes.